Excavator, also known as mechanical shovel, is a construction equipment, which is used to break ground, drill & drag rocks and lift loose debris away from the excavation point. It consists of a boom, bucket, dipper, and cab on rotating house and is available in different sizes depending on bucket size, boom length, arm height and operation speed. Presently, most digging machines are based on the principle of liquid science, where hydraulic fluid along with cylinders and motors are used to carry out all the movements and functions of machine. Such mechanical shovels are known as hydraulic excavators.
The global market is expected to witness a lucrative growth due rising construction expenditure, increasing urban population, accelerating economic growth and escalating adoption of excavators in several markets. The market is trending with growing demand for rental excavators, technological advancements and integration of internet of things (IOT) in construction industry. However, there are some growth hindering factors in the market including stringent regulations and increasing raw material prices.
China is holding the leading position in the market, due to rising infrastructure improvement and growing coal & metal mining activities.
“Global Excavator Market with Focus on China: Industry Analysis & Outlook (2019-2023)” by Koncept Analytics provides an extensive research and detailed analysis of the present market along with future outlook. Key players i.e. Hitachi, Ltd., Caterpillar Inc., AB Volvo and Komatsu Ltd. are being profiled along with their respective financial and growth strategies.