Global excavator demand will exceed $50 billion in 2021, according to a new report.
The report by the US-based consultancy Freedonia, says that demand for excavators is expected to grow 9.9%/year through 2021, reaching a total value of $50.6 billion, approximating the average market pace.
Growth in the segment will be supported by advances in global building and non-building construction spending; increasing mining and forestry sector production, bolstered by rising commodity prices; expanding natural gas output and minor gains in crude oil production.?? These and other trends are presented in Global Construction Machinery, 6th Edition.
The development of more sophisticated excavators will contribute to segment gains. As more fuel-efficient machines are developed, their cost will rise. In response, construction, surface mining, and energy companies will replace outdated excavators with better-performing machines that use less fuel, offer greater mobility, are easier to maintain, and are compatible with a larger number of attachments. More fuel-efficient and hybrid models will also be introduced to reduce operating costs.
Global demand for all types of construction machinery is projected to increase 9.6%/year through 2021 to $250 billion, a major improvement over the losses posted during the 2011-2016 period.
