Crawler Excavator Market Assessment (Japanese Models)
Based on the assessments by Research & Markets, the forecast for 2021-2027 indicates that Komatsu which is already leading the market will continue to lead the Hydraulic Excavators Market with as a good 24% slice of the pie. However, the market leader needs to be cautious and up its gameplay if it intends to remain on the top as their rivals Hitachi and Kobelco are not too far behind with a projected market share of between 22% and 20% respectively.
The industry is still expected to grow despite the current economic conditions that followed suit due to the COVID19 pandemic that has the entire world at its heels. The crawler excavator market size in Japan is expected to experience growth of CAGR 3.08% between 2021 and 2027. This growth factor is directly attributed to Japan’s plan to upgrade the Kansai region and set up the Osaka Training centre which would trigger demand for crawler excavators.
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The fact that ‘Eco construction” concept is at full swing in Japan will also kick up demand for crawler excavators that are eco-friendly in order to meet ‘established protocols’ between 2021 and 2027. The report took into consideration the entire Japan crawler excavator market’s dynamics for the forecast such as numerous growth enablers, industry restraints, and general market trends. The report streamlined sales volume and margins and a detailed segment analysis of the Japanese excavator market which provides a clear and present picture of where things are headed within the excavator market.
Among the primary highlights of the report is a scan of the Japanese government’s influence on the construction industry based on expenditure allocations on construction projects. Japan is known for transforming innovative inputs into justifiable and practical outputs and this scenario has excelled since 2018 and has had a profound impact on the growth of the excavator market in Japan.
Japanese manufacturers supply machines and equipment to every known country around the world due to their maturity and they have managed to establish a wholesome ecosystem that is able to manage demand for domestic and export markets effectively and efficiently. Demand for mini excavators have also risen based on the report and the fact that the electric mini excavator demand is expected to explode is indicated clearly. The mini excavator demand is not only growing in Japan, but across the globe.
Australia for instance, Mordor Intelligence reported that more than a hundred thousand new construction units were registered in 2020 which was almost a 20 % Y-o-Y increase comparatively to 2019. These stats are bound to have a positive impact on the construction industry and excavator hire rental services, thus industry players such as Japanese manufacturers will most certainly encounter positive growth as demand for construction machinery grows.
Moving away from an economic perspective and into development drivers specific to the excavator niche, manufacturers are rapidly improving hydraulic and engine control systems and elements such as automation and remote-control technologies are kicking up dust that will see the construction industry stay steadfast for the next decade.