- 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.
- 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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- 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
- Komatsu Ltd.
- Hitachi Construction Machinery
- Kobelco Construction Machinery Co., Ltd.
- Cummins Inc.
- Dana Limited.
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