The Asia-Pacific region is expected to emerge as a world leader in the global excavator market over the forecast period. The construction of roads and infrastructure is expected to increase rapidly in developing countries. Growing industrialization across the region and increasing investments in infrastructure development would boost the excavator market in the Asia-Pacific region. The Asia-Pacific excavator market has witnessed substantial growth owing to rising investments in the construction sector, particularly in emerging countries including India, China, and South Korea. Additionally, the Asia-Pacific excavators market will witness considerable growth in the coming years due to increasing investment by the government as well as private organizations in infrastructure development. Based on the obtained data, the Asia-Pacific excavator market in developing countries such as India, China, and Indonesia is expected to experience the fastest growth over the forecast period. The infrastructure in the region is experiencing government and private investments as a part of the national development and urbanization strategies. Aside from that, the efforts of enhancement projects for development in Asia Pacific's rural regions are the primary drivers of the market. According to the report, "Asia-Pacific Excavator Market Research Report, 2029" published by Actual Market Research, the Asia Pacific excavator market is anticipated to grow with more than 8.07% CAGR from 2024–2029. Asia's economy is anticipated to grow by around 515%, which accounts for two-thirds of the global growth. It allows the region to be the world's most dynamic region by a considerable margin. Many countries in Asia face the challenge of an ageing population and declining productivity growth with a need for structural reforms. As the global economy is becoming increasingly digitalized and more transformations are occurring with recent advancements, it brings in more challenges related to the future of work. Asia has been embracing the digital revolution with a significant dissimilarity across the region. With the advancement in technology and the shift in the concentration of the governments towards the improvement of the infrastructure, the market for excavators is set to bloom in the Asia-Pacific market. Moreover, the economic stability and increasing income of several countries, including Nepal, Sri Lanka, and Bangladesh, in recent years have supported the development of roads, irrigation systems, airports, and hydropower plants, further adding to the demand for machinery.
Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globally
Download SampleOn the basis of types, Mini excavators are increasingly popular due to their compact size and versatility, making them ideal for urban construction projects and smaller job sites. Their growth is fueled by a surge in infrastructure development, particularly in countries like India and China, where mini excavators are becoming essential for tasks like trenching and landscaping. The crawler excavator segment is the dominating segment in the Asia-Pacific excavator market due to its higher capacity to carry weights and greater suitability for application in muddy conditions. They also allow safer and faster removal of debris, along with simple and easier digging procedures. The construction segment, which includes residential and commercial buildings, and the infrastructure segment, drives the Asia-Pacific vehicle market mainly. The increasing transformation activities in the construction and infrastructure of the region have been the main reason for the rapid growth of the excavator market in the region. Wheeled excavators are gaining traction for urban applications, where their mobility and reduced ground pressure are advantageous, especially in finished road areas. In construction, excavators are indispensable for tasks such as digging foundations, trenching, and site preparation. The ongoing growth in the construction industry, driven by rapid urbanization and government investments in infrastructure, has led to an increased demand for excavators. Major projects like the Belt and Road Initiative, Asian Highway Network, and Kunming-Singapore Railway have fueled the need for excavators. In 2021, China sold 274,357 excavators, a 4.6% year-on-year increase, with around 25 excavator manufacturers in the country, more than any other nation. India has also seen a surge in excavator sales, with 34,000 units sold in 2021, a 54.5% year-on-year increase, as excavators have become the fastest-selling construction equipment due to large-scale infrastructure projects. The demand for excavators in mining has been bolstered by the increase in major projects related to road and port construction, as well as the extraction of minerals and resources. Technological advancements, such as the development of specialized excavators for specific mining tasks, have improved operational efficiency and safety in mining operations. In agriculture, excavators are increasingly employed for tasks like land clearing, irrigation, and soil preparation. Their ability to handle heavy-duty work efficiently has made them valuable in modern agricultural practices. The integration of advanced hydraulic systems and the development of compact models have expanded their usability in agricultural settings, allowing farmers to improve productivity and manage their land more effectively. Considering the individual countries, Japan rules the Asia-Pacific market for excavators, while the overall market is dominated by the smaller countries of the region put together. Despite Japan's significant contribution to the market, the share has been observed to fall marginally over the years, and the share is expected to fall by approximately 20% by the end of the forecast period. The Indian excavator market has shown impressive growth over the years, with the highest growth rate. Apart from the major countries, the contributions of the other smaller countries in the region are immense.
COVID-19 Impacts: The global crisis due to the novel corona-virus has resulted in a slowdown of economic activity worldwide. The region has seen the closure or postponement of major construction projects, which will impede the growth of the excavators market for a short period of time. However, the growing industrialization rate across the region and the increasing adoption of modern lifestyles are projected to increase the demand for excavators across the Asia-Pacific market. Considered In the Report • Geography: Asia-Pacific • Historical year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecasted year: 2029 Countries covered: • Japan • China • India • Australia • Rest of Asia-Pacific
Aspects Covered In the Report • Market Size By Value for the historic time period (2018-2021) • Market Size By Value for the forecast time period (2023-2027) • Market Share by Application (Construction, Mining, utility & agriculture) • Market Share by Machine Type (Mini Excavator, Crawler, Wheeled, Others) • Market Share by Country (2018, 2021 & 2027F) The approach of the report: We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free. Intended Audience 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.
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