The global crawler excavator market is projected to have a sluggish-paced CAGR of 2.7% from 2023 to 2033. The valuation of the market is estimated to cross USD 50,307.3 million in 2023.
The market value of the crawler excavator market is anticipated to reach a high of USD 65,665.2 million by the year 2033. A historical CAGR of 2.5% has been recorded by the experts of Future Market Insights for the concerned market.
Attributes | Details |
---|---|
Crawler Excavator Market Share (2022) | USD 49,080.3 million |
Crawler Excavator Market Share (2023) | USD 50,307.3 million |
Crawler Excavator Market Share (2033) | USD 65,665.2 million |
Crawler Excavator Market Share (2023 to 2033) | 2.7% |
The demand for crawler excavators is witnessing an unprecedented surge owing to the advancements made to the conventional designs, and the manufacturing of compact crawler excavators that have resulted in superior quality and high performance of the excavators.
It is anticipated by the expert analysts at FMI that the rapid expansion of mining projects across the globe is fuelling the need for using crawler excavators. Forestry and agricultural sectors are anticipated as major influences driving the crawler excavator market trends.
Furthermore, recent developments witnessed within the construction sector and the adoption of advanced machinery in the construction industry, coupled with rising automation are anticipated to be one of the major factors bolstering the growth of the crawler excavator market. Therefore, it is expected that the crawler excavator market is likely to witness slow, yet significant growth during the forecast period.
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It is analyzed by the experts at FMI that the crawler excavator market witnessed a massive slowdown in the past years. However, there is an increasing inclination toward the improvement and development of economies, which is bringing back the shape of the crawler excavators forum. A market valuation of USD 47.79 billion was estimated during the base year.
The forum has witnessed a gradual progression in terms of revenue as major players in the industry are identified to recuperate their positions through production expansions, utilization of capacities, and selling the crawler excavators over multiple online portals.
Crawler excavators are witnessed to become extensively popular due to their maximized usage in the mining and construction sites, with facilities being provided by them like faster removal of debris, ease of digging procedures, and the advent of fast-evolving technology is fueling the expansion of the market.
The rising need for managing waste in the manufacturing industries is likely to propel opportunities in the crawler excavator market. The immense construction activities observed in emerging countries like India and China are certain to boost the demand for these vehicles.
Furthermore, the gathering of waste from industrial sites, waste yards, and construction sites is raising the demand for automated heavy material handling systems like wheeled loaders, backhoe loaders, and others, thereby boosting the growth of the crawler excavator market.
In addition to that, governments in developing countries are implementing schemes for proper waste management, and this aspect is projected to significantly contribute to the growth of the crawler excavator market in the coming years.
It is identified that a number of elements are likely to stir the soup in the crawler excavator market and fuel the growth of the forum during the estimated study period. Besides the influential factors, the FMI analysts have also revealed some curbing elements that are likely to inhibit the growth of the market and slow down the pace of expansion in the coming years.
They are as follows:
DRIVERS:
Driving factors identified are:
RESTRAINTS:
Some of the deterrents identified are:
It is witnessed that short trail crawler excavators are continuing to gain popularity in the various end-use industries. The global short trail crawler excavator segment accounted for more than 32% of the volume share during the base year.
It is anticipated that by the end of the assessment year, the overall market sales are likely to reach nearly USD 76’000 units across the globe. The high adoption of short trail crawler excavators can be attributed to their cutting-edge features, cost-effectiveness, versatility, simple operation, reduced noise pollution, easy transportation, and high efficiency.
It is projected that there is a high preference for crawler excavators with medium (2.00-4.00) capacity. This segment is expected to dominate the bucket crawler excavator type category and the demand is projected to remain high throughout the assessment period.
It is projected that close to USD 93’000 units of medium capacity crawler excavators are likely to be sold globally in the coming five years. At present, the global sales of medium-capacity crawler excavators are expected to be around 40% of total volume shares.
It is analyzed by the experts at FMI that the crawler excavators operating with a weight of 22,650 Kg to 30,200 Kg are likely to continue finding higher applications in different sectors like construction, mining, and others. It is anticipated that in the coming five years, nearly USD 48.2’000 units of crawler excavators with the aforementioned operating weight are likely to get sold in the global market.
The exploration activities are doubling with the pace of time and there are nearly 400 mineral exploration projects coming up in recent years on various mineral commodities. This aspect is expected to fuel the demand for 22,650 Kg to 30,200 Kg crawler excavators and their implementation during the forecast period.
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It is anticipated that the Asia Pacific Excluding Japan was valued at USD 17.32 billion in the base year. The APEJ region is expected to spreadhead the global crawler excavator market during the forecast period. The APEJ market is projected to advance at a CAGR of 3.2% during the estimated period of study. The reasons that can be attributed to the rapid expansion of this region are as follows:
The North American regions are expected to have a substantial rise in market share over the estimated period of study. The analysts at FMI have revealed that North America generated a revenue of USD 9.62 billion in the base year and is likely to witness significant growth owing to:
How are New Entrants Leaving Footprints in the Crawler Excavator Market?
The startups in the crawler excavator market are adding a new edge to the properties of excavators by curating innovations beyond the imagination. They are continually upgrading the crawler excavators with advanced technology and driverless systems for ease of operation and adding unique perks that are further triggering the expansion of the global crawler excavator market. The new entrants are:
Top Start-Ups to Watch For:
Terex Corporate: Theis firm is gaining momentum and keeping its manufacturing processes in tandem with the growing need for crawler excavators in the construction and mining sector. They are a global manufacturer of lifting and material processing products and services delivering lifecycle solutions that maximize customer returns on investment.
HydroExcavators, LLC: This start-up company is using the process of hydro excavation, the environmentally protective process that injects highly pressurized water into a target area followed by soil and other objects with a customized, industrial-strength vacuum. This firm is widely extending its operation and leaving a footprint in the global crawler excavator market.
CASE: CASE expanded its product portfolio with the launch of the CX220C crawler excavator in India. The machine is equipped with a powerful and reliable FPT Industrial engine to ensure high productivity with low fuel consumption. It is suitable for stone quarries, road works, earthworks, and general construction.
Major Players Revolutionizing the Market
Manufacturers are making operational advances in their excavator motors, hydraulic crawler excavators, structures, tracks, and cab construction to improve their telematics fuel efficiency and competitiveness. With several global players, the need for product differentiation has led to the up-gradation of technology such as remote access, autonomous machines, and more.
Recent Developments Observed by FMI:
Report Attributes | Details |
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Forecast Period | 2023 to 2033 |
Historical Data Available for | 2018 to 2022 |
Market Analysis | USD Billion for Value |
Key Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East & Africa (MEA) |
Key Countries Covered | United States, Canada, Germany, United Kingdom, Nordic, Russia, BENELUX, Poland, France, Spain, Italy, Czech Republic, Hungary, Rest of EMEAI, Brazil, Peru, Argentina, Mexico, South Africa, Northern Africa, GCC Countries, China, Japan, South Korea, India, ASEAN, Thailand, Malaysia, Indonesia, Australia, New Zealand, Others |
Key Segments Covered | Product Type, Bucket Capacity, Operating Weight, End Use Vertical, Region |
Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Trend Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The United States, Japan, and China dominate the global crawler excavator market.
The market is forecast to register a CAGR of 2.7% through 2033.
During 2018 to 2022, the market grew at a CAGR of 2.5%.
Technological advancement disrupts the current market trends.
The global market size to reach USD 65,665.2 million by 2033.
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