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Top Players in Excavator Market are AB Volvo, Caterpillar Inc., Komatsu Ltd, Doosan Infracore Co. Ltd, Hitachi Construction Machinery Co. Ltd, C. Bamford Excavators Limited, Liebherr Group, CNH Industrial N.V, Hyundai Heavy Industries Co. Ltd, Terex Corporation
The global excavator market will witness considerable growth in the coming years due to increasing investment by private as well as government organizations in infrastructure development. According to a report published by Fortune Business Insights, the overallexcavatorsmarket is expected to grow from USD 44.12 Billion in 2018 to USD 63.14 Billion by 2026 at a CAGR of 4.7% during the forecast period.
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The rising demand for excavators across industrial, residential, and commercial sectors has created growth opportunities for the global market. Excavators are used widely in various sectors such as oil and gas, road construction, and mining. The rising demand for excavators, resulting from their applications across diverse domains will aid the growth of the global excavator market in the coming years.
List of the leading companies that are operating in the global excavator market are:
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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“Hitachi’s Launch of Hybrid Excavator Will Aid Overall Expansion of Market”
The global excavator market has benefited from increasing product launches. Demand for aesthetic improvements in government institutions has opened the doors for product innovations, mainly possible due to the high investment. In the wake of soaring demand for excavators around the world, several companies have introduced excavators based on new concepts. In 2017, Hitachi launched a new hydraulic excavator that can be operated with minimum fuel consumption. The company stated that its latest product will enable a 12% reduction in fuel consumption from its previous model. Fortune Business Insights states that innovations focusing on environmental preservation will have an edge over their counterparts. The report includes product launches similar to Hitachi’s newest innovation and gauges the impact of these launches on the global market.
“Volvo Successfully Overcomes ‘Heavy Battery’ Barrier in Excavators; Global Market to Benefit from Latest Upgrade”
The global excavator has been blessed with several product innovations. Despite growing advancements, end-users were not fully satisfied with the heavy battery that was accommodated in the excavator system. As it is impossible to eliminate the use of a battery, Volvo came up with a new concept wherein it turned the disadvantage of the heavy battery into an advantage. Volvo brought about several upgrades in the design of its latest excavator, thereby inculcating an optimum use of the heavy battery. Fortune Business Insights predicts that the newest concepts introduced by leading companies such as Volvo will enable the growth of the global excavator market.
Besides product innovations and launches, the report encompasses several other aspects that have a positive impact on the global market. A few of these aspects include company mergers, increasing investment, and technologically efficient devices. Additionally, the report focuses on the segmentation of the market based on factors such as product type, application, and regional demographics.
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