Excavator Market to Cross $28 Billion by 2021
Anticipated
stabilization in crude oil prices coupled with revival in construction and
mining sectors to buoy growth in global excavator market over the next five
years
According to TechSci Research report, “Global Excavator Market By Type (Mini vs. Heavy and Crawler vs. Wheeled), By
Region, Competition Forecast & Opportunities, 2011 – 2021’’, growth in the market is anticipated on
account of increasing urbanization, stabilization of crude oil prices and
anticipated recovery of the infrastructure sector, globally. Over the last five
years, prevalence of unfavorable micro- and macro-economic factors such as
inflation, exchange rate fluctuations, interest rates and liquidity conditions in
major developing as well as developed economies also impacted the global
excavators market.
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Excavator Market"
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Key reasons for decline in sales
of excavators across the globe during 2011-2015 were falling crude oil prices
and slowdown in construction and mining sectors across the globe during the
same period. Global crude oil prices declined from over US$104 per barrel in
2011 to US$50 per barrel in 2015, thereby impacting revenues of all major oil
dependent economies such as Saudi Arabia, Qatar, UAE, Bahrain, as well as North
Africa. Decline in crude oil prices translated into widening of fiscal deficits
and contraction of construction budgets of these countries, resulting in
slowdown of the construction sector, which impacted demand for excavators
across these countries.
Though Asia-Pacific
dominated the global excavator market, excavator sales in the region were
impacted by slowdown in the Chinese economy. Nevertheless, the country’s construction
market is poised to recover over the next five years. In May 2016, National
Development & Reform Commission along with Ministry of Transport (MoT) of
China, announced plans to invest US$ 723 billion into the country’s infrastructure
sector over the period of next three years. Recovery of the construction sector
in China is expected to boost demand for excavators in the coming years.
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“Demand for new
excavators by construction companies and EPC contractors declined dramatically
during 2014-2015, due to slowdown in the global economy. Unfavorable economic
scenario and slowdown in construction and infrastructure sectors compelled a number
of contractors across the globe to procure excavators on rent to reduce
overhead costs. Moreover, several excavator rental companies have been offering
discounts to attract more and more customers. Growing
preference of construction and mining companies towards renting excavators
rather than purchasing them has augmented growth in excavator rental business.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global
Excavator Market By Type (Mini vs. Heavy and Crawler vs. Wheeled), By Region,
Competition Forecast & Opportunities, 2011 – 2021” has evaluated the future growth
potential of excavator market and provides statistics and information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
evaluation. Besides, the report also identifies and analyzes emerging trends
along with essential drivers, challenges and opportunities in the global
excavator market.
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