CHICAGO, Sept. 8, 2021 /PRNewswire/ — In-depth analysis and data-driven insights on the impact of COVID-19 included in this Colombia crawler excavator market report.
The Colombia crawler excavator market is expected to grow at a CAGR by volume of over 4.39% during the period 2021−2027.
Key Highlights Offered in the Report:
- Colombian’s economy contracted by 6.8% in 2020 due to a sharp decline in economic activity caused by COVID-19. The construction and mining sector declined by 27.7% and 26%, respectively in, 2020. However, the agriculture sector grew in 2020 due to the rise in the price of coffee in the international market and the increase in the volume of harvest in the second half of 2020.
- Colombia is an attractive FDI destination among Latin American countries. Although the FDI inflow decrease in 2020 to USD 7.6 billion, it is expected to rise in the future due to different government policies such as allowing 100% investment options for FDI in some main sectors such as oil & gas and telecommunication.
- Colombia is improving in ease of doing business and provides immense opportunity for a young, skilled, and competitive workforce. The Government investment plan for infrastructure improvement till 2035 is the main attraction for the FDI investment. Being a leading producer of crude oil, it attracts the highest FDI in the oil sector (23%), followed by the mining sector (19%). Other important sectors are construction, agriculture, and manufacturing.
- In 2020, the Colombian government launched the fifth-generation development program with a strong emphasis on technical, environmental, and social sustainability. The Government planned USD 5.8 billion investment projects, including 12 transport projects that are started in 2021 and are expected to complete by 2023. Some important projects are Buga- Buenaventura Highways, the Road network of Valle del Cauca, Magdalena Rivers, Cali airport Expansion, and the new Cartagena airport.
- There is a rise in the mining sector in Colombia due to the increase in investment at large scales mining projects such as Buriticá, Gremolata, and Soto Norte and adaptation of the latest technology in the mining industry.
- Therefore, an increase in government investment in infrastructure projects and a rise in investment in the mining industry will increase demand for crawler excavators. Colombian crawler excavator is expected to grow at a CAGR of 4.88% with high demand in medium and >201HP segments.
Key Offerings:
- Market Size & Forecast by Revenue | 2021−2027
- Market Size & Forecast by Volume (Units) | 2021−2027
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by excavator type and operating weight, application, and gross power output
- Competitive Landscape – 9 key vendors, 6 other vendors, and 5 distributors profile
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Colombia Crawler Excavator Market – Segmentation
- Mini excavators are widely used in various construction fields such as road, municipal works, pipeline networks, gardening, and sand water conservancy combined with the use of multiple attachments. They are feasible to transport due to their small size and lightweight and can operate in small spaces.
- The construction industry contributes significantly to the growth of the country’s GDP. Government infrastructure development plans will be driving force for the increase in construction in the country. Government spending USD 5.8 billion in infrastructure building in 2021. Government is easing the investment rules to increase foreign investment which is expected grow in 2021.
- Colombia’s less than 60HP crawler excavator market is expected to reach 512 units by 2027, growing at a CAGR of 4.41% during the forecast period. This category of excavators are largely used for landscaping, excavating, demolishing, and material handling in cities and farms. Therefore, construction projects will drive demand for these excavators.
Colombia Crawler Excavator Market by Excavator Type and Operating Weight
- Mini (Less than 6 tons)
- Small (7-24 tons)
- Medium (25-40 tons)
- Large (above 40 tons)
Colombia Crawler Excavator Market by Application
- Mining
- Construction
- Agriculture
- Forestry
- Others
Colombia Crawler Excavator Market by Gross Power Output
- 61-101 HP
- 102-200 HP
- Greater than 201 HP
Colombia Crawler Excavator Market – Dynamics
Colombia’s leading mining companies are starting to adopt innovative and sustainable technologies aimed at reducing the negative impact of mining on health of miners and the environment. The mining sector contributes 2.4% towards Colombia’s GDP. About 80% of the mining territory is unexplored, proving the greater opportunities for investment. The mining sector is expected to grow at a rapid pace due to an increase in global demand for copper, silver, gold, emeralds, and nickel. Currently four new large-scale projects have started: Buritica (Continental Gold), Gramolote (AngloGold), Soto Norte (Minesa), and Antioquia (Mineros). Together these projects are expected to generate over USD 4.5 billion of investment. The government has approved 33 mining and energy projects that are expected to start from 2022, which will bring USD ~9.6 billion in investment.
Key Drivers and Trends fueling Market Growth:
- Growth in Mining Industry
- Government Investment in Construction Industry
- Focus on Waste Management, can Provide Good Returns
- Government Investment in Clean Technology
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Major Vendors
- Caterpillar
- Komatsu
- Hitachi Construction Machinery
- Hyundai Construction Equipment
- SANY
- Volvo Construction Equipment
- Doosan Heavy Industries & Construction
- Kobelco
- JCB
Other Prominent Vendors
- Kubota
- Sumitomo
- Ingersoll Rand
- XCMG
- LeeBoy
- LIEBHERR
Distributor Profiles
- Central S.A.S
- Rentandes
- Alquima
- Mecoltec
- IMPORTADORA CASA Colombia S.A.S
Explore our industrial machinery profile to know more about the industry.
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