While the construction equipment accounts for nearly half the total cost incurred in any construction project, the global demand for earthmoving vehicles is projected to increase notably in the coming years—given the rapid expansion of urban and infrastructural landscape. Favorable government policies and tax benefits for infrastructure project developers will continue to drive earthmoving vehicles sales in the future. These insights are as per a latest market intelligence report by Future Market Insights (FMI) that sheds light on a global outlook of earthmoving vehicles market.
According to the study, broader trends sweeping the construction equipment industry are also the earthmoving equipment domain. Although, fully autonomous earthmoving equipment might still sound far-fetched, manufacturers such as Caterpillar and Komatsu are focusing on incorporation of advanced technology to meet the evolving demands of the construction industry. The FMI study opines that adoption of 3D terrain models and GPS tracking systems has been instrumental in increasing overall productivity and efficiency while mitigating challenges associated with high labor costs and longer turnaround time.
“Drone photography is projected to become a key component of project planning and monitoring by earthmoving vehicles operators for surface modelling of site topography. In the case of earthworks, drone photography will help in creating a dataset-rich bank linked with GPS-connected devices and RFID tagged materials, further letting earthmoving vehicles operators and construction managers real-time decision-making capabilities”, Senior Analyst, Future Market Insights.
The FMI study, while bullish on future prospects of earthmoving equipment, opines that high initial investment and operating expenditure, stringent emission control enforcements, and increased renting of earthmoving equipment can offset gains, especially in cost-sensitive markets.
FMI offers key insights on the global earthmoving vehicles market, on the basis of products such as excavators, loaders, trenchers, motor graders, and backhoe.
Concentrated Demand for Crawler Excavators in APEJ; Manufacturers Step-up Market Presence with NPD Strategies
The global crawler excavator market is projected to exhibit a notable growth trajectory, with a favorable adoption scenario in construction and mining sectors of APEJ. Showcasing an estimated volume CAGR of approximately 3.2%, through 2026, demand for crawler excavator will remain the highest in APEJ. However, lack of skilled labor force and high pricing of such equipment could prove to be critical threat points to the sales crawler evacuators, in the emerging markets of APEJ.
Top manufactures of crawler excavators, on the other hand, are catering to productivity and efficiency demand of the construction sector with increased investments in cutting-edge technological innovations, thereby facilitating faster digging and removal of debris. With industries rapidly gravitating toward environmentally-sound equipment, in line with the stringent emission regulations, manufacturers are developing environment-friendly equipment.
The global crawler excavators market showcases a highly competitive landscape, with key players such as Caterpillar, Liebherr, Komatsu, Hitachi, and John Deere dominating the market. While investments in research and developments will remain a key forward market strategy to expand the product offerings, manufacturers of crawler excavators are expected to enter in strategic collaborations with component providers, present rental value propositions, and key focus on emerging markets.
The FMI study offers several actionable insights on the companies operating in the crawler excavators market along with detailed analysis of investment opportunities for the market players to flourish. Click here for more details.