India Crawler Excavator Market Size
India Crawler Excavator Market to surpass USD 137 million by 2031 from USD 80.1 million in 2021 at a CAGR of 5.5% in the coming years, i.e., 2021-2031
Crawler excavator is a type of earthmoving equipment that can handle hydraulic breakers, shears, and grapples as well as load trucks, lift pipes, and dig trenches. These machines come in a variety of sizes, from the "small" that can fit through a backyard gate to those used in mining and having operational weights of at least 25,000 pounds. There are several different types of excavators, including crawler excavators, wheeled excavators, towed excavators, and rail excavators. However, they are all made up of a cab, boom, dipper, and bucket. A tracked vehicle that travels on crawler tracks is a crawler excavator.
Market Highlights
India Crawler Excavator Market is expected to project a notable CAGR of 5.5% in 2031.
The market's growth is primarily driven by investments from developed nations, favorable government policies, FDIs, a shift in emphasis toward local manufacturing, and impending advances in the mining and construction sectors. In addition, India's expanding urban population is advancing the market.
India Crawler Excavator Market: Segments
The Large (above 30 tons) segment is expected to grow with the highest CAGR during 2021-31
Based on Excavator Type and Operating Weight, the India Crawler Excavator Market is fragmented into Mini (>6 tons), Small (6-15 tons), Medium (15-30 tons), and Large (above 30 tons). Excavators that weigh more than 30 tons are primarily utilized for mining in addition to heavy construction activity, and they are anticipated to dominate the market during the projection period. These excavators are also more cobhmpetitively priced and have superior metallurgy and design. They provide clients with a longer lifecycle, less downtime, and lower operating costs. These factors will likely cause the Large Excavators (above 30 tones) market to see rapid growth.
The >201 HP segment is expected to grow with the highest CAGR during 2021-31
India Crawler Excavator Market is classified on the basis of Gross Power Output into 61-101 HP, 102-200 HP, and >201 HP. Due to the increasing number of mining activities that are anticipated to experience considerable expansion with the government's aim to construct 400 exploratory projects and allow 100 percent FDI in mining industries, the >201 HP category is predicted to hold the largest share of the market.
Market Dynamics
Drivers
The Growing Number of Government Initiatives
The demand for medium crawler excavators is increasing, ultimately impacting the growth of the Indian crawler excavator market. The government is concentrating on green construction projects to increase demand for crawler excavators that use less fuel and emit fewer pollutants. Government attempts to increase steel production to 300 Mt by 2030 suggest that there would be a future demand for huge excavators used in mining. Additionally, the construction industry would be further pushed, opening up growth potential in the market, by rising urbanization, fast-increasing investments in India's infrastructure sector, and other government strategic initiatives. About 400 mineral exploration projects are being implemented, which will double exploration activity and increase demand for crawler excavators throughout India.
Adoption of Advanced Analytics and Manufacturers making Operational Advances
Rentals are chosen by contractors due to the higher cost of purchasing and maintaining excavators; hence, the rental market will eventually grow in the Indian crawler excavator market. Using cutting-edge analytics, Caterpillar helped dealers estimate client demand more accurately and helped them increase part availability in the Indian excavator market. In order to increase the competitiveness and fuel economy of their telematics systems, manufacturers are also making operational advancements in the design of their excavator motors, hydraulic systems, constructions, and tracks.
Restraint
Scarcity of Labor and Lack of Training Machines are hampering the Industry's Growth
The expansion of the India Crawler Excavator Market is anticipated to be hampered by a number of issues, including a shortage of skilled workers, inadequate training resources, and so forth. Due to the thriving economy and increasing demand for construction equipment for new projects, notably road infrastructure projects, these issues may be resolved gradually.
India Crawler Excavator Market: Key Players
- Tata Hitachi Construction Machinery (THCM)
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
- Bharat Earth Movers Limited (BEML)
- Komatsu
- JCB
- Doosan Excavator
- Caterpillar
- SANY
- Volvo Construction Equipment
- Kobelco Construction Equipment India
- Hyundai Construction Equipment
- Other Prominent Players
Impact of COVID-19 on India Crawler Excavator Market
Rising investment in India is expected to expand rapidly in the upcoming years. However, the worldwide economic slowdown brought on by the global crisis brought on by the emergence of a novel coronavirus. Major building projects in the area have been halted or delayed, which will temporarily slow the expansion of the excavators market.
India Crawler Excavator Market is further segmented by region into:
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India
India Crawler Excavator Market report also contains analysis on:
India Crawler Excavator Market Segments:
- By Excavator Type and Operating Weight
- Mini (>6 tons)
- Small (6-15 tons)
- Medium (15-30 tons)
- Large (above 30 tons)
- By Application
- Construction
- Mining
- Agriculture
- Forestry
- Others
- By Gross Power Output
- 61-101 HP
- 102-200 HP
- >201 HP
- India Crawler Excavator Market Dynamics
- India Crawler Excavator Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
India Crawler Excavator Market Report Scope and Segmentation
| Report Attribute | Details |
| Market size value in 2021 | USD 80.1 million |
| Revenue forecast in 2031 | USD 137 million |
|
Growth Rate |
CAGR of 5.5% from 2021 to 2031 |
| Base year for estimation | 2020 |
| Quantitative units | Revenue in USD million and CAGR from 2021 to 2031 |
|
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Excavator Type and Operating Weight, Application, Gross Power Output, and Region |
| Key companies profiled | Tata Hitachi Construction Machinery (THCM), Bharat Earth Movers Limited (BEML), Komatsu, JCB, Doosan Excavator, Caterpillar, SANY, Volvo Construction Equipment, Kobelco Construction Equipment India, Hyundai Construction Equipment, and Other Prominent Players. |
Frequently Asked Questions (FAQ):
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