Top 5 Vendors in the Global Hydraulic Excavator Market from 2017 to 2021: Technavio
Technavio has announced the top five leading vendors in their recent global
hydraulic excavator market report. This market research
report also lists 41 other prominent vendors that are expected to impact
the market during the forecast period.
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Technavio has published a new report on the global hydraulic excavator market from 2017-2021. (Graphic: Business Wire)
Competitive vendor landscape
According to this research analysis, the rapid growth of the construction
sector in China has led to the growth of new vendors in
the excavator market. Riding on the construction boom and favorable
policies from China, these vendors have become global giants. Some of
the major vendors in the industry are Caterpillar, Hitachi
Construction Machinery, Komatsu, Volvo Construction Equipment, XCMG,
SANY, Doosan, Terex, KOBELCO, Metso, and CNH.
“Competition among vendors is fierce owing to the slowdown in the
market and increased competition from Chinese players that are expanding
into other markets due to the economic downturn in their home market.
Many Chinese players are investing in technologies and have drastically
improved their machine performance and reliability on par with their
developed counterparts,” says Likhitha Bandla, a lead construction
analyst from Technavio.
Many MNCs are shifting their focus toward innovations to withstand the
competition. For instance, companies like Komatsu are leveraging
technologies to improve their product offerings and value. Komatsu
recently launched an IT-based service that can help to improve
operational efficiency through a 3D model of a construction site linked
to the excavator for better accuracy. The competition in the market is
projected to intensify as many companies are investing in emerging
economies in anticipation of future growth prospects
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challenges, trends, and more.
Technavio heavy
industry market research analysts identify the following
key vendors:
Caterpillar
Caterpillar manufactures and sells construction and mining equipment,
diesel and natural gas engines, industrial gas turbines, and
diesel-electric locomotives worldwide. The company principally operates
through its three product segments — construction industries, resource
industries, and energy and transportation. Caterpillar has a variety of
excavator models with various attachments and a wide range of
capacities. These models also vary from region to region.
Hitachi Construction Machinery
Hitachi Construction Machinery designs, manufactures, and markets
construction equipment, transportation
equipment, and other machines and services. It is a subsidiary
of Hitachi. The company manufactures and supplies a range of excavators.
The product range includes excavators such as mini excavators, medium
excavators, large excavators and loading shovels, wheeled excavators,
and on barge excavators.
Komatsu
Komatsu is primarily engaged in the design, manufacturing, and selling
of a wide range of construction and mining equipment, utilities,
forestry machines, and industrial machinery. Komatsu provides its
products and services through two operating segments, consisting of
construction, mining, and utility equipment; and industrial machinery
and others.
Volvo Construction Equipment
The company develops, manufactures, and markets equipment for
construction and related industries under the brands Volvo, SDLG, and
Terex Trucks. The company offers a wide range of excavators consisting
of crawler excavators, wheeled excavator, and compact excavators.
Xuzhou Construction Machinery Group (XCMG)
Xuzhou Construction Machinery Group (XCMG) has remained on the front
line of the Chinese construction machinery industry. XCMG is the fifth
biggest construction machinery organization in the world. The company
has five international research centers, 200 large spare part centers,
and 12 large manufacturing bases worldwide. It offers a wide range of
crawler and wheeler excavators of different capacities.
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
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at media@technavio.com.
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