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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Technavio heavy industry market research analysts identify the following key vendors:
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 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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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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