Excavator Market Insights

Excavator Market Insights

The Japanese excavator market is poised for growth as foreign investments find their way into other Asian markets due to the geographical position of Japan. A report released by Research & Markets provided a clear and present perspective on just how the Japanese crawler and mini excavator market is being pushed forward by the construction industry in the Asian and Asia Pacific region. Countries such as Malaysia, Thailand, Vietnam, and even Australia have ‘activated’ the construction industry to a degree despite the COVID – 19 pandemic which is driving the demand for standard and mini excavators across the region. From a business perspective Excavator and heavy machine producer Komatsu is leading the market for hydraulic excavators with a 24% share followed by Hitachi and Kobelco. Even demand for niche excavators that run on lithium batteries is growing as the excavator industry players lean towards green products that are compliant with stringent international environmental laws which include the IMO’s sulfur dioxide emission standards. Based on these elements manufacturers are becoming more innovative and are rapidly developing technologies that accelerate growth for the excavator market globally. OEMs are streamlining their respective business models that integrate new, refurbished, and used excavators with a rising excavator hire services niche industry to boot.

This scenario gives Japanese manufacturers such as Komatsu and Kubota a deeper tactical reach to supply mini and standard excavators to remote regions which enhances their bottom lines significantly. Refurbished mini excavators and as well as standard equipment sales have peaked and the sales of new equipment are also rising in tandem. The technological advancements and breakthroughs that facilitate the best smart industrial solutions offerings such as robotic automation, next-generation technologies, and Artificial Intelligence have boosted the industry significantly. According to the report, the excavator industry has become “savvy” and lately even the Internet of Things (IoT) and big data analytics are being injected into excavator applications.

Medium excavators or standard excavators are the primary products that move the industry on the ‘vendor’s spectrum’ and construction industry requirements vary in size and capacity for the various applications that excavators are used for. According to construction industry market surveyors, Japan’s medium crawler excavator market alone is expected to exceed USD 600 million by 2027 and this does not include the mini excavator segment. Most projects revolve around urban development projects which require excavation operations within residential and commercial buildings which have resulted in a rise in demand for the mini excavator segment due to space restrictions. Manufacturers are banking on innovation in order to increase the level of diversity for attachments and advancements in design, ergonomics, and Eco-friendliness in order to remain relevant and competitive across the board. From the mini excavators that weigh less than 6 tons to the larger excavators that weigh well over 30 tons, demand has not dampened as these machines are used for mining, agriculture, forestry work, and of course construction which covers small home improvement projects right up mega projects such as dam construction, high rise, and others.

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