The stabilisation of crude oil prices and a surge in the level of construction and mining projects is expected to increase the growth of the excavator market worldwide. This rise in sales is anticipated to boost the need for more excavator parts, with demand lasting for the next 5-years, which, in turn, will improve market revenue by billions.
THE EXCAVATOR PARTS AND EQUIPMENT MARKET
Market research suggests that excavators operate in both the residential and commercial construction and mining sector globally. These machines often work alongside other construction and mining equipment and enable the completion of projects with the removal of large and heavy objects. However, global financial turmoil resulted in the decline of infrastructure development and the slump in crude oil prices, which lead to the demand for excavator parts and equipment to decrease between 2011 and 2013.
Global demand for excavators began to stabilise in 2014, with the application for machinery and parts increasing. Projected future growth of the excavator parts and equipment market is expected to grow by 6% between 2016 and 2021, increasing revenue by $28 bn. This market growth is anticipated to occur as a significant number of infrastructure projects gain approval, and rapid expansion in emerging markets are expected to continue for many years.
WHO ARE THE MAJOR PLAYERS IN THE EXCAVATOR PARTS AND EQUIPMENT MARKET?
Reports indicate that Caterpillar, Komatsu, Hitachi and Kobelco are the primary manufacturers involved in the market and its anticipated growth. These manufacturers produce excavators in a wide range of sizes and capacities – mini, heavy, crawler and wheeled – with the heavier the unit, the greater its ability to lift. As such, excavators are made up of a drive base and a power arm that comes with an attachment for digging. These capabilities enable excavators to be of substantial benefit to mining and construction projects.