Increasing purchasing power of the people has led to higher spending in the construction sector owing to the quick and substantial returns.
New York, NY -- (SBWIRE) -- 06/22/2017 -- A hydraulic excavator is a bulky vehicle that is utilized and designed for excavation and demolition purposes. Moreover, hydraulic excavators can be used efficiently for moving large amount of minerals and materials from one place to other. Hydraulic excavators are also termed as diggers, 3600 excavators or JCBs. Hydraulic excavators consist of various devices, which include chassis, bucket and boom and it is moved via wheels or tracks. Hydraulic excavators are mainly used for construction activities such as foundation digging, drilling shafts and grading. All the movements and functions of the hydraulic excavators are done by the help of hydraulic cylinders, fluids and motors. Hydraulic excavators find applications in mining, infrastructure and other similar sectors.
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Modern hydraulic excavators come in a wide range of sizes. Smaller sized are termed as compact or mini excavators. Large sized excavators are termed as crawler hydraulic excavators. Hydraulic excavators have various advantages such as they are available widely in the market and can be purchased new as well as used, and they are available in various sizes, which makes the users choose appropriate one to work on defined tasks within a project area and can also be shifted from one place to another by the help of trucks. However, the hydraulic excavators are very expensive and use a large amount of fuel. They are also difficult to repair owing to the large size and moving parts.
Globally, the market for hydraulic excavators experienced a decline in the recent past. This was mainly due to the economic turndown in last years, but with the growing urbanization, the demand for the hydraulic excavators is gaining momentum again.
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Global Hydraulic Excavators Market: Segmentation
Globally, the hydraulic excavators market can be segmented on the basis of type, power rating and application.
Based on the type, the global hydraulic excavators market can be segmented into
Crawler Hydraulic Excavators
Mini Hydraulic Excavators
Based on the power rating, the global hydraulic excavators market can be segmented into
Low (0-250 HP)
Medium (250-500 HP)
High (Above 500 HP)
Based on the application, the global hydraulic excavators market can be segmented into
Global Hydraulic Excavators Market: Dynamics
Increasing purchasing power of the people has led to higher spending in the construction sector owing to the quick and substantial returns. Further, owing to the rising infrastructural investments in the developing countries such as China and India, the demand for hydraulic excavators is growing at a very strong pace and it is also expected to continue in the near future. The aforementioned factors are expected to propel the demand for hydraulic excavators around the globe and thus in turn driving the global hydraulic excavators market.
On the other hand, there are some challenges faced by the construction equipment industry, which include high cost, economic slowdown and stringent government and environmental emission norms. These factors are expected to restrain the growth of global hydraulic excavators market.
Global Hydraulic Excavators Market: Region-wise Outlook
Hydraulic excavators market is dominated by Asia-Pacific followed by North America and Europe. Owing to the rising infrastructural investments and urbanization in the developing countries such as India and China, the region witnesses strong growth in demand for hydraulic excavators. This in turn, will boost the demand for hydraulic excavators in the Asia-Pacific region. European countries such as Germany, U.K. and France are expected to exhibit steady growth in the global hydraulic excavators market in the near future. The market in the Middle East & Africa also witnesses favourable growth with rise in demand for the equipment, prominently by Turkey followed by Saudi Arabia and the U.A.E.
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Global Hydraulic Excavators Market: Market Participants
Some of the examples of the market participants in the global hydraulic excavators market include Caterpillar, Deere & Company and Hitachi Construction Machinery Co., Ltd., Bobcoat Company, Komatsu America Corp., Hyundai Heavy Industries Co. Ltd., CNH Global NV, Doosan Construction Equipment, HY-MAC and ENMTP, among others.