Dublin, Oct. 04, 2022 (GLOBE NEWSWIRE) -- The "North America Excavator Market Outlook 2027" report has been added to ResearchAndMarkets.com's offering. North America Excavator Market stood at around a USD 9.8 billion market size, which is anticipated to grow at more than 2.5% CAGR for 2022-2027.
In North America, the construction industry is the major contributor to the economy and is expected to grow more during the forecast period. The governments in the region are focusing more on boosting infrastructure in the transportation and power sectors.
The need for prosperity has channeled the finances towards the manufacturing of construction equipment, which will lead it to grow in the future. The excavator market is expected to expand significantly as construction investments increase. Excavators are hydraulic equipment that consists of a house and an undercarriage with a bucket attached to its arm.
An upswing in the number of large scale projects such as mining, road transportation, and port building and construction in the oil and gas sectors have led to a surge in demand for excavators. Excavator rental services are one of the major emerging trends that allow users to meet their requirements and get maximum utilization without heavy capital investments. Off-road vehicles and heavy equipment used for heavy operations tasks such as lifting, material handling, excavation, and others are primarily driven by residential, commercial, and industrial development; public-private partnerships; and regional economic growth. The excavator market is not wholly spread in the region and is concentrated in only certain countries.
Even though the region is highly developed, the demand for large-scale earth-moving equipment shows a constant increase. It is the world's largest dozer and grader market in volume terms; more than other major emerging markets, where such equipment would be sold in large numbers for new-build infrastructure projects. The CAGR of North America remains much the same when compared to the other regions. With the constant fluctuation in the market, the CAGR remains under 2% over the period. The majority share comes from the US, which occupies more than 3/4th of the market. Following the US are Canada and Mexico, both expected to have an increase shortly. From the obtained data, the top preferred brands of excavators as reflected by email buying requests originating from the United States are: Caterpillar (32%), Komatsu (12%), Hitachi (10%), and Doosan (9%). For instance, Volvo Construction Equipment is boosting its compact excavator range in North America with two new short-swing models: the ECR50 and ECR58. The 5-ton ECR50 is a new entry for Volvo in North America, while the 6-ton ECR58 gains performance updates from the D-series model.
The ECR50 and ECR58 are ideal for rental markets and owner-operators who need a short-swing compact excavator that can nimbly work across a range of applications, including utilities, landscaping, road construction, and more. Both excavators have a fuel-saving ECO mode, auto-idle and auto-engine shutdown as standard features. ECO mode can cut fuel consumption by up to 10%. Auto-engine shut down reduces idling, thereby lowering maintenance costs, which leads to potentially higher resale value and lower total cost of ownership.
On the other hand, Hitachi Construction Machinery Americas Inc. announced recently that the first medium-sized Hitachi ZX200-6 utility hydraulic excavator, built for the North American market, has shipped from Hitachi Construction Machinery Tsuchiura Works (Tsuchiura, Ibaraki Prefecture, Japan). The Hitachi ZX200-6 excavator is the first of many Hitachi-built and branded machines soon to be available throughout North America. COVID-19 Impact:
The COVID-19 pandemic threw a wrench into most industrial markets. Many segments saw an immediate drop in demand as governments enforced lockdown measures. GDP decreased sharply across the globe as well as for the region in the second quarter of 2020, and the industrial segment suffered an immediate drop in sales.
However, with the relaxation of restrictions and increased economic activity, GDP is recovering faster than expected. Increasing industrialization in the region is expected to drive higher excavator's market growth during the forecast period.
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the construction machinery and excavator industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
Aspects Covered In the Report
Market Size By Value for the historic time period (2016-2021)
Market Size By Value for the forecast time period (2022-2027)
Market Share by Application (Construction, Mining, utility & agriculture)
Market Share by Machine Type (Mini Excavator, Crawler, Wheeled, Others)
Market Share by Country (2016, 2021 & 2027F)
Major companies present in the market
Epiroc Construction Machinery Co. Ltd
Hitachi Construction Machinery Co. Ltd
J C Bamford Excavators Ltd
Sandvik Mining And Rock Technology
For more information about this report visit https://www.researchandmarkets.com/r/shv5g5
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