Global demand for excavators is forecast to advance 4.7% per year through 2023 to reach $54.8 billion.
According to the new study Global Construction Machinery, growth will be supported by:
- a trend toward more technologically advanced and more expensive models because of their higher fuel efficiency and their advanced information technology systems
- advances in global building and nonbuilding construction
- upcoming and recently implemented more stringent emissions standards that require the purchase of new, more expensive equipment
More information regarding the study is here: https://www.freedoniagroup.com/industry-study/global-construction-machinery-3728.htm
In light of these trends, many manufacturers have introduced more efficient models, including excavators from Caterpillar, Kobelco, and Komatsu that boast increased fuel efficiency over previous models. JCB and Volvo have both introduced electric mini excavators. Volvo has made a major investment into the development of all-electric excavators, and electric machinery appears to be the focus of Volvo’s construction equipment strategy.
Another major trend in the excavator market is technology that enhances the information available to the operator to make for more precise, efficient, and safe operation. Companies such as John Deere, Doosan, and Komatsu have incorporated technology systems of this type into new designs, with some manufacturers developing their own technology for these applications. For example, Komatsu’s Intelligent Machine Control program is a feature of the company’s latest models, while Doosan Infracore is expanding the scope of its DoosanCONNECT system across its global network.
Excavator demand is fairly consistent around the world because of its widespread use in construction. Certain countries have heightened levels of demand if they have a large amount of active, excavation-intensive infrastructure projects. Amidst an increase in infrastructure spending on large scale projects such as dams, excavators accounted for 39% of Turkish construction equipment demand in 2018, the highest percentage of any major country.
Contact Corinne Gangloff for an interview with the analyst Gleb Mytko.
Additional Machinery and Equipment studies can be viewed here: https://www.freedoniagroup.com/industry-category/mach/machinery-equipment.htm