Crawler Excavator Market

Introduction

The market for crawler excavators witnessed massive slowdown in its progress as a result of the spread of Covid-19 pandemic across the globe. But in the post covid world, there is an increasing inclination towards development and improving economies have been gradually changing the market trends. As recovery commences in 2021, major players are recuperating their positions through production expansion, capacity utilizations and online selling in 2021 keeping in view the covid-19 norms.

Leading corporations including Caterpillar Inc., Deere & Co., Hitachi, Ltd., KUBOTA Corporation, CNH Industrial N.V., Volvo Construction Equipment and Services, Inc., Doosan Bobcat Inc., Yanmar Co., Ltd., JCB, Inc., Nagano Industry Co., Ltd., KOBELCO Construction Machinery Co., Ltd., and others are making high investments in the establishment of research institutes in different regions to come up with improvements in their offerings. They are adopting business strategies such as sales contracts, strategic alliances, acquiring technical expertise, product approvals, patents and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilisations, technological advancements etc. to lead the global market for crawler excavators with largest market share.

For instance, Caterpillar Inc. announced the acquisition of select assets from San Francisco based robot and autonomy technology company Marble Robot Inc. The company has also hired employees from Marble Robot Inc. The acquisition was a part of the company's strategy towards automation and a commitment to deliver next generation jobsite solutions. The company plans to use the deep expertise of the ew employees to come out with solutions to meet the changing construction, quarry and waste industries.

In addition to this, Caterpillar Inc. announced the launch of  new 374 and 395 hydraulic excavators in Southern African regions. These excavators can be used in various applications in the mining environments. They can be used as a loading tool  on 40t to 60t articulated trucks and off-highway trucks in overburden stripping and for the extraction of various minerals.

Asia Pacific excluding Japan (APEJ) is expected to be the largest shareholder of the crawler excavator market during the forecast period owing to robust industrialization and urbanization in various developing  APEJ countries. North America and Europe stand next in the list of regions where the market is expected to witness growth and expansion during the forecast period. 

Global demand for crawler excavator is expected to remain influenced by the growth of surface mining, excavation, and construction sectors. Over the years, usage of crawler excavators has increased to a significant extent in this sectors. This is primarily owing to their superior functionality and efficiency as compared to the conventional systems. Future Market Insights (FMI) projects that the global crawler excavator market will exhibit a volume CAGR of 2.7% during the assessment period (2017-2026).

Crawler excavators are becoming increasingly popular in construction and mining sites. They allow faster and safer removal of debris. With the help of crawler excavator, digging procedures have become much simpler and easier. Moreover, the arrival of more technologically advanced crawler excavators is also driving their adoption across sectors. Some of the latest crawler excavators have a wider application range. Effective use of the equipment also greatly increase reliability and efficiency of construction activities.

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Increased automation coupled with rapid adoption of next-gen construction equipment & technology is expected to reflect favourably on the global crawler excavators market. Manufacturers are also considering concepts such as driverless and self-managed vehicles. At the same time, emphasis is also being placed on improving speed and payloads capacity to meet the fast-evolving industry requirements. However, the high level of investment cost involved in installation of crawler excavator continues to hamper its adoption in small scale construction or mining activities. Also, the additional cost of maintenance might not make it a viable option for many. Preference for crawler excavation remains low for short-term construction projects as its rental cost can add substantially to the overall cost.

The crawler excavators required periodical servicing for proper functioning, which is usually mandated by regulatory authorities. Most customers prefer to rent crawler excavators as purchasing them usually proves to be a costly affair and unfeasible. As the mining industry movers towards smart technologies, key players should look towards providing integration of their crawler excavators with such systems.