Portland, OR, Nov. 12, 2020 (GLOBE NEWSWIRE) -- As per the report, the global mini excavators market was pegged at $9.00 billion, and is estimated to reach $11.87 billion by 2027, registering at a CAGR of 5.4% from 2020 to 2027.
Rapid urbanization & industrialization, growth in global infrastructure & developmental projects, and benefits associated with mini excavators drive the growth of the global mini excavators market. However, absence of skilled operators & technicians and used & rental equipment hamper the market growth. On the contrary, technological advancements and standardization of mini excavators are expected to create lucrative opportunities for the market players in the future.
Covid-19 scenario:
- Due to the outbreak of Covid-19, the governments of various countries have temporarily suspended the production of mini excavators.
- The prolonged lockdown has affected international trade and ceased construction processes.
- However, relaxation in lockdown measures is expected to resume construction and excavation activities.
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The global mini excavators market is segmented on the basis of capacity, end-user industry, and geography. Based on capacity, the market is divided into less than 4 tons and more than 4 tons. The more than 4 tons segment held the largest share in 2019, accounting for nearly two-thirds of the market. However, the less than 4 tons segment is expected to register the highest CAGR of 6.3% during the forecast period.
On the basis of end-user industry, the market is categorized into landscaping & construction, agriculture, and others. The landscaping & construction segment held the largest share in 2019, contributing to nearly half of the market. However, the agriculture segment is expected to manifest the highest CAGR of 5.2% during the study period.
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The global mini excavators market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is anticipated to portray the highest CAGR of 6.8% during the forecast period. Moreover, the region held the lion’s share in 2019, accounting for more than one-third of the market.
The global mini excavators market report includes an in-depth analysis of the major market players including AB Volvo Group, Cukurova Ziraat, Caterpillar Inc, Hitachi Ltd, Deere & Company, J C Bamford Excavators Ltd, Hyundai Construction Equipment Co Ltd, Komatsu Ltd, Kobe Steel Ltd, and Takeuchi Mfg. Co Ltd.
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