Global Hybrid Excavator Market – Introduction
- A hybrid excavator is an equipment that uses two or more distinct power sources to provide motion. Heavy equipment manufacturers offer hydraulic technology equipped hybrid excavators. Hydraulic hybrid excavator is a simple, reliable, and cost-effective solution that is expected to help end-users to significantly reduce the cost per ton.
- Hybrid excavator manufacturers are incorporating advanced and innovative features such as integrating its powertrain with a hybrid electrical system to significantly reduce fuel consumption and CO2 emissions
Rapid Urbanization and Rise in Infrastructure Development Projects to Drive the Hybrid Excavator Market
- Rise in infrastructure development projects which include roads, dams, bridges, and airports is projected to be a key driving factor for the hybrid excavator market. China, India, Japan, Australia, and UAE as well as other countries in Asia Pacific and Middle East & Africa are estimated to be prominent markets for hybrid excavators due to rise in construction of commercial buildings and skyscrapers. Shift from a labor-centric approach to modernization or mechanization is anticipated to be the major driving factor for the hybrid excavators market during the forecast period.
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Trend of Offering Hybrid Excavators on Rental Basis to Increase Rapidly in the Near Future
- The trend of offering hybrid excavators on a rental basis has been growing in a significant manner. This factor is projected to generate lucrative opportunities for the market in the near future. As these equipment are expensive in terms of pricing, most of the builders outsource a wide range of compaction equipment on a rental basis. On the other hand, high cost of hybrid excavators and costs incurred on installation and maintenance of these equipment are some of the major factors driving the rental business of hybrid excavators.
North America and Europe to Hold Major Share in the Hybrid Excavator Market
- Geographically, the global hybrid excavator market can be divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America and Europe held majority of market share in the global hybrid excavator market in 2018. The hybrid excavator market in North America and Europe is anticipated to expand in a rapid manner during the forecast period, due to rise in infrastructure development products and demolition of old sites in countries such as the U.S., Canada, Mexico, U.K., Germany, France, and other countries in Europe.
- The market in Asia Pacific and Middle East & Africa is projected to expand at a significant growth rate during the forecast period. Rapid urbanization, construction of roadways, dams and commercial complexes etc. in China, India, Japan, and GCC is projected to surge the demand for hybrid excavators in Asia Pacific and Middle East & Africa.
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Key Players Operating in Hybrid Excavator Market
Prominent manufacturing companies are anticipated to face healthy competition during the forecast period. Brands such as Caterpillar, Komatsu Ltd., Hitachi Construction Machinery, and Kobelco Construction Machinery Co., Ltd. etc. focus on innovation of new technologies for excavators to strengthen their product portfolio and drive the sale of hybrid excavators in the global hybrid excavator market. Companies are opting for mergers & acquisitions and joint ventures with local heavy equipment manufacturers to expand their product portfolio and geographical presence in different parts of the globe. Manufacturers in developing countries focus on reducing their cost of production and increase profitability for the sustainable growth of their business. A few of the key players operating in the global hybrid excavator market are:
- Komatsu Ltd.
- Hitachi Construction Machinery
- Kobelco Construction Machinery Co., Ltd.
- Cummins Inc.
- Dana Limited.
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