HYBRID EXCAVATORS MARKET REPORT OVERVIEW
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The global hybrid excavators market size was USD 757.9 million in 2021 and is projected to touch USD 3257.01 million by 2031, exhibiting a CAGR of 15.7% during the forecast period.
A hybrid excavator is a machine that uses two or more different power sources to provide motion. In a hybrid excavator a diesel internal combustion engine is combined with electric motors and generators. They look very alike with conventional excavators but in terms of operation, energy output is converted into hydraulic and electrical energies. The transmission losses and energy conversion are compact and kinetic energy of the upper structure of the machine is renewed. They have the different features and helpful in using less fuel and lower CO2 emissions. They are simple and cost-effective solutions that can help users to reduce the cost per ton.
Hybrid excavators are used to excavate, move, rotate, mobilize, load, and discharge the objects. Machines used in construction requires frequent variations in speed of the engine and require large amounts of energy in very short durations of time. They are used in mining, road building, and construction etc. They use electrons and ions to discharge and very effective and efficient storage and recovery of the renewed power. The demand for hybrid excavators is rising due to the environmental benefits as they consume less fuel and emit lower carbon emissions. The rise in infrastructural projects is projected to drive the market in the forecast period.
COVID-19 Impact: Halt on Infrastructural Activities to Hinder Market Growth
The global COVID-19 pandemic has been unprecedented and staggering, with hybrid excavators experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the hybrid excavators market growth and demand returning to pre-pandemic levels once the pandemic is over.
The outbreak of COVID-19 is already being felt globally, and the global hybrid excavators market is noticeably impacted. In 2020, COVID-19 had a negative impact on the market. Several countries went into lockdown. The application of such excavators comes from construction and mining activities. With the sudden pandemic, the construction and mining activities were forced to shut down due to labor shortage, supply chain issues, and financial problems. Therefore, the demand for related construction machines were also halted. The existing construction and infrastructural activities were paused temporarily stop the spread of virus which resulted in reduced demand for construction equipment.
LATEST TRENDS
"Rental Basis Offering of Machine to Push Growth"
The trend of offering machinery in the market on rental basis is expected to increase the demand for the product in the market. The trend of renting construction equipment is growing as the construction industry progresses. This factor is anticipated to produce profitable opportunities for the market as such type of equipment is comparatively expensive in nature. Most of the builders in the infrastructural activities prefer not to buy the machines, rather outsource the equipment. This is due to the high initial price of purchase is expected to encourage the contractors to rent the equipment. Government is also increasing the expenditure in public infrastructures which is expected to increase the demand for construction machinery on the rental basis.
HYBRID EXCAVATORS MARKET SEGMENTATION
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- By Type
According to type; the market is divided into above 30-ton, 20-30 ton, and below 30 ton.
20-30 ton holds the largest part in the type segment and it is expected to dominate the market. They are more compact than conventional ones and have less operating costs.
- By Application
Based on the application; the market is divided into mining, road building, construction, and others.
Mining hold the largest part in the application segment as it is used to mine various minerals such as gas, coal, uranium, and many more. They are used for digging and loading in the mining activities.
DRIVING FACTORS
"Growing Infrastructural and Urban Developments to Aid Market Growth"
The global hybrid excavators market growth is aided due to infrastructural development projects and rising urbanization. There has been a rise in development of infrastructural development projects such as roads, bridges, dams, buildings, public infrastructures, and many more. Developed and developing countries such as China, Japan, India, Australia, U.K., the U.S, U.A.E, and many more have growing construction of commercial buildings and high-rise buildings. Such countries have been making a shift from labor-centric approach and are shifting to modernized mechanization which is projected to drive the demand in the market. Rising urbanization and enhancing development of the existing urban areas are also expected to play a major role in driving demand.
"Environmental Benefits Associated to Drive Demand "
There has been an increase in hybrid excavators due to the environmental benefits it provides as it uses combination of two power sources. The discharge of electricity and recovery of the renewed power is done very efficiently. The machine combines its number of distinctive features to achieve the reduced fuel consumption and lower carbon emissions. It is gaining traction due to the benefits included such as regeneration of electric power, low engine idle, energy assistance for power on demand, and smaller engines.
RESTRAINING FACTORS
"High Costs of Machines to Decline Market Demand"
The applications of hybrid excavators can be seen in construction and mining industries, however, there are some factors that can act as restraints in the market such as high costs of such machine can create a disinclination to buy such equipment. High purchasing power, installation costs, and maintenance costs restraints contractors to buy the machines. Such factors can drive people to opt out from buying and it is expected to create decline in the demand for the market.
HYBRID EXCAVATORS MARKET REGIONAL INSIGHTS
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"North America to Dominate the Market Due to Growing Infrastructural Developments "
North America has the largest part in the global hybrid excavators market share due to growing advancement in the construction industry and infrastructural developments. The region is expected to dominate the market owing to demolition of old places and infrastructure development products in countries such as U.S., Canada, Mexico, and others.
Asia Pacific is expected to grow owing to the rapid investments in rural and urban infrastructure such as construction of residential areas and commercial areas. Developing and developed countries such as India, China, and Japan are expected to drive the growth due to increasing infrastructural investments.
KEY INDUSTRY PLAYERS
"Key Players to Boost Demand Leading to Market Growth"
The report delivers information about the list of market players and their working in the industry. The information is collected and reported with proper research, new products, technological developments, acquisitions, mergers, and partnerships. Other aspects examined for the global hybrid excavators market include which companies are producing the maximum revenue, bringing inventions in products, costing and pricing of their products.
List of Market Players Profiled
- Caterpillar/Cat (U.S.)
- Komatsu (Japan)
- Hitachi (Japan)
- Kobelco (Japan)
- Takeuchi (Japan)
- Hyundai Heavy Industries (South Korea)
- Sumitomo (Japan)
- Sunward (Belgium)
INDUSTRY DEVELOPMENT
- June 2021: Volvo has launched its new powertrain for its EC300E hybrid excavator and has introduced the new technology in two new models in the 25 and 35 ton classes. The company has introduced three new excavators that can provide 17% fuel efficiency compared to conventional excavators.
REPORT COVERAGE
This research projects an intelligent report with rigorous studies that analyze the firms that exist in the market that affects the forecasting period. With thorough studies done, it also offers a comprehensive analysis by examining the factors like segmentation, segmentation, trends, growth, size, restraints, etc. This analysis is subject to change if the key players and projected analysis of market dynamics change.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 757.9 Million in 2021 |
Market Size Value By |
US$ 3257.01 Million by 2031 |
Growth Rate |
CAGR of 15.7% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type, Application & Region |
Frequently Asked Questions
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What value is the hybrid excavators market expected to touch by 2031?
The global hybrid excavators market is expected to reach USD 3257.01 million by 2031.
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What CAGR is the hybrid excavators market expected to exhibit by 2031?
The hybrid excavators market is expected to exhibit a CAGR of 15.7% by 2031.
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Which are the driving factors of the hybrid excavators market?
Drivers of this hybrid excavators market include growing infrastructural and urban developments and environmental benefits associated with the machines.
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Which are the top companies operating in the hybrid excavators market?
Caterpillar/Cat, Komatsu, Hitachi, Kobelco, Takeuchi, Hyundai Heavy Industries, Sumitomo, and Sunward are the market players in the hybrid excavators market.
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How big is the hybrid excavators market expected to touch by 2031?
The global hybrid excavators market size was USD 757.9 million in 2021 and is projected to touch USD 3257.01 million by 2031.