Deere & Co. – a leading American manufacturer of construction equipment – recently entered a supplier partnership with Wacker Neuson – a German supplier and distributor of construction equipment. The company aims to provide compact excavators in Asia.
Fact.MR recently published a comprehensive study on excavator market, which opines that the excavator market will witness modest 3.2% volume y-o-y in 2019 over 2018.
The Fact.MR study finds that the demand for excavator will improve as the heavy construction equipment industry has been recovering from a major slump. Owing to the positive growth of the construction industry, especially in developing countries, excavator market is expected to witness steadily increasing growth in the future.
Construction Industry Accounts for over 70% Volume Share in Excavator Market
Excavators are commonly used in a wide range of sectors including construction, mining, agriculture, and forestry. However, according to the Fact.MR report, the construction industry is expected to hold the largest volume share – approximately 72% — by the end of 2019.
Manufacturers in the excavator market are focusing on introducing performance features that will suit the requirements of end-users from the construction industry to capitalize on the increasing demand for excavators as a construction equipment.
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Excavator market players are upgrading the design of excavators by incorporating advanced technologies to offer improved efficiency, which can help end-users to increase productivity and operators’ safety.
The Fact.MR report finds that the sales of excavators as a construction machinery were around 5.5x higher than its sales as a forestry & agricultural equipment in 2018. Higher demand for excavators in the construction industry is mainly spurred by roads and highway projects, and the study remains bullish of the potential rise in share of construction industry in global sales of excavators in the coming future.
Apart from its applications in the construction industry, excavators are also used in the agriculture industry and mining industry, which have been contributing greatly to growth of the excavator market.
Stringent Environmental Regulations Create Challenges for Excavator Manufacturers
Despite steady demand from construction industry, stringent environmental regulation and high quality standards for conventional excavators continue to create manufacturing challenges for market players.
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