Adoption of Rental Service Business Model for Vacuum Excavators Will Provide Market Players with High Revenue Generation Potential, Evaluates Fact.MR
Published : 24 Sep 2021 Industry: Industrial Goods
According to the latest report published by Fact.MR, a market research and competitive intelligence provider, the global vacuum excavator market is expected to surpass a valuation of US$ 1.3 Bn by 2031.
Truck-mounted vacuum excavators account for the highest revenue share of around 60% and are expected to gain 550 BPS by the end of 2031. Demand for truck-mounted vacuum excavators is experiencing exponential hike owing to their diverse applicability and high efficiency. On the other hand, trailer-mounted vacuum excavators are presumed to witness a downfall in demand and may lose significant market share over the coming years.
The global vacuum excavator market is consolidated in nature; some of the tier-1 players have captured significant market share. Prominent players across the globe are primarily leaned towards product development and widening of their distribution network. Growing end-use industries and technology development are the core factors driving demand for vacuum excavators, and are expected to uphold the growth curve of the market.
Key Takeaways from Market Study
- Market in East Asia is set to surge at a CAGR of 6.5% and expand 2X by 2031.
- Europe is estimated to gain 130 BPS while Latin America is poised to lose 20 BPS during the same period.
- Construction application is poised to rise at a CAGR of 6% and reach a market valuation of US$ 510 Mn by 2031, thereby creating an absolute dollar opportunity of US$ 230 Mn.
- Heavy vacuum excavators are estimated to gain 100 BPS, while mini/compact ones are anticipated to lose 130 BPS by 2031.
- Utility & municipal application is poised to expand at a CAGR of 7% and reach a market value of US$ 300 Mn by 2031.
- Demand for 3,000-6,000 ltr. tank capacity vacuum excavators is poised to increase At a CAGR of 5.5% and reach a market value of US$ 500 Mn.
- The 500 -1500 CFM suction capacity segment is estimated to create an absolute dollar opportunity of US$ 450 Mn by the end of 2031.
- The 180-200 HP engine capacity type is witnessing the highest demand, which is slated to increase at CAGR of 7.5% over the decade.
”Construction and mining industries have been the backbone for mounting sales of vacuum excavators and will provide consistency in demand over the years ahead,” says a Fact.MR analyst
Prominent players across the globe are leaned towards product advancement allowing them to employ vacuum excavators across diverse avenues. This strategy will help cater to a wider consumer horizon, which will subsequently increase their market share on a global scale.
Avail More Market Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global vacuum excavator market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the market on the basis of type (hydro and air), material sucked (liquid suctioning only, dry suctioning only and liquid and dry suctioning), mounting (trailer mounted and truck mounted), size (mini/compact, standard/ full size and heavy), application (construction (residential & commercial construction, infrastructure construction, road construction), mining and utility & municipal), tank capacity (up to 1,000 L, 1,000 TO 3,000, 3,000 TO 6,000 and 6,000 TO 10,000), suction capacity (500 -1500 CFM, 1500- 3000 CFM, 3000- 4500 CFM, 4500-6000 CFM and 6000-7000 CFM), and engine capacity (20-60 HP, 60-100 HP, 100-140 HP, 140-180 HP and 180- 200 HP), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
About the Industrial Goods Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial goods team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the prominent end use industries across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.
Consultant - Industrial Goods