A hydraulic excavator is a heavy machine used for the purpose of excavation and demolition. It is an important equipment used for construction purpose. It also used for digging of soil and loading dump trucks.
A major factor driving growth of the global hydraulic excavator market is increasing demand for product from end-users such as infrastructure, mining, and waste management. In addition, growing population resulting growth in infrastructure sector is an opportunity to fuel growth of the target market. However, high cost of machine is a major factor restraining growth of the target market.
The global hydraulic excavator market is segmented on the basis of type, power rating, and region. On the basis of type, the target market is segmented into crawler, wheeled, and mini/compact. The crawler segment is expected to witness highest growth in the target market during the forecast period. On the basis of power rating, the target market is segmented into 0-300 HP, 301-500 HP, and above 501 HP.
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On the basis of region, the global hydraulic excavator market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific market accounted for highest revenue share and is expected to register a highest growth rate in the target market over the forecast period, due to rapidly growing urbanization and increasing infrastructural activities in countries such as China, Japan, and India in the region. North America hydraulic excavator market is projected to contribute a significant share in terms of revenue to the target market in coming years. The Europe market is expected to register a significant growth rate in the target market during the forecast period, followed by Middle East and Africa market.
Key players operating in the target market include Caterpillar Inc., Deere & Company, Doosan Corporation, Hitachi Ltd., Hyundai Heavy Industries Co., Ltd., CNH Industrial N.V., Komatsu Ltd., AB Volvo, Sumitomo Heavy Industries, Ltd., and JCB Service.