The global tracked excavators market is forecast to grow at a CAGR of 3.03% during the period 2017-2021 according to a Research and Markets report.

The latest trend gaining momentum in the market is Integration of IoT in construction equipment for remote monitoring. Technology plays a vital role in every industry. Technology has evolved with time and the need for connected devices has increased in recent years. With the implementation of IoT, the performance of tracked excavators is expected to increase by integrating remote monitoring systems with Global Positioning Systems (GPS). This will help in monitoring the performance and efficiency of the machine.

According to the report, one of the major drivers for this market is increased government spending on infrastructure. There are multiple government infrastructure projects, with significant investments, planned in various countries between 2017 and 2021.

Further, the report states that one of the major factors hindering the growth of this market is the construction equipment rental market. Most construction equipment are very costly, especially tracked excavators which require high initial investments.

The key vendors in this market, according to the report, are:

• Caterpillar
• Komatsu
• Hitachi Construction Machinery
• Volvo Construction Equipment
• XCMG Group