The market for Crawler Excavator Market is expected to reach USD$ XX in 2027.
Globally, the crawler excavator market is expected to grow at a CAGR of 2.5% during the forecast period from 2019 to 2027. The increasing industrialization and urbanization across the globe are the primary factors driving the demand for crawler excavators. As industrialization spreads across emerging markets, the rural population is rapidly migrating from remote areas to cities in search of jobs and a better way of life.
This is encouraging governments across the globe to develop infrastructure and colonies to accommodate the rising urban population. Moreover, the growing trend of automation across the industry verticals, along with the adoption of next-generation construction equipment and machinery, is also serving as a major driver for the growth of the market.
The advancements in the technology and design of crawler excavators are also accelerating market growth. However, the high capital cost of the crawler excavators is acting as a major inhibitor to the growth of the market. Furthermore, the high maintenance cost is also restricting adoption.
The crawler excavator requires periodic servicing and maintenance for proper functioning. This significantly reduces the operational costs of the organization. Therefore, organizations are still reluctant to buy crawler excavators and prefer the renting option.
The crawler excavators market is divided into standard, hybrid, small trail, and super long front types based on the product market. The small trail crawler excavators market is estimated to grow significantly with a CAGR of more than 3.5% during the forecast period due to their increasing adoption among mining applications. The superior properties of the excavators, along with their high efficiency, make them a suitable option for mining applications.
In 2018, North America dominated the crawler excavators market, accounting for more than 30% of total revenue. The growth of the market is driven by the increasing industrialization and urbanization of the region. The rapidly growing construction activities in the region also aid in the growth of the market. Furthermore, the region's crawler excavators market is being accelerated by the increasing adoption of advanced pieces of machinery across the construction sector, as well as rising automation.
The prominent players in the crawler excavator market are Caterpillar, China SINOMACH Heavy Industries, CNH Industries, Deere & Company, Doosan Bobcat Inc., Hitachi Construction Machinery, Hyundai Construction Company, J. C. Bamford Excavators, Komatsu, Liebherr, RM-Terex, Sany Group, and Volvo Construction Equipment.
This research report presents the analysis of each segment from 2017 to 2027,considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2019 to 2027.
The crawler excavator market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global crawler excavator market based on product, capacity, application, and geography. Key segments covered in the report are as follows:
The market for Crawler Excavator Market is expected to reach USD$ XX in 2027.
The Crawler Excavator Market is expected to see significant CAGR growth over the coming years, at 2.5%.
The report is forecasted from 2019 -2027.
The base year of this report is 2018.
CNH Industries, Deere & Company, Doosan Bobcat Inc., Hitachi Construction Machinery. are some of the major players in the global market.