Rockville , March 20, 2023 (GLOBE NEWSWIRE) -- Fact.MR – A Market Research and Competitive Intelligence Provider: The global compact excavator market valuation reached US$ 8.3 billion in 2023. Over the next ten years (2023 to 2033), compact excavator sales across the world will surge at 3.8% CAGR By 2033, the worldwide compact excavator market size is set to reach US$ 12.1 billion by 2033.
Rapid expansion of mining and construction industries is driving the compact excavator market. Similarly, increasing need for robust and compact construction equipment will boost sales.
Excavators are among the most commonly used equipment in construction industry. They are being used for a variety of purposes, ranging from excavation and road construction to lifting heavy objects.
Compact excavators, also referred to as mini excavators are equipment that can function and maneuver within narrow or tight areas. These excavators can be used in tight spaces where larger excavators are not compatible.
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Growing demand for compact excavators from construction & agriculture will boost the market. Rising population has created need for better housing infrastructure and food products. This in turn has compelled industries such as construction and agriculture to use advanced machinery. Driven by this, sales of compact excavators will rise at a steady pace through 2033.
Various construction and infrastructure development projects are underway in emerging nations. For instance, government of India has launched various projects to connect different areas. This is likely to bolster compact excavator sales.
Increasing government spending on road construction & housing projects will elevate compact excavator demand. Besides this, rising popularity of electric compact excavators will support market expansion.
Growing pollution levels is prompting end users to adopt fuel-efficient and environmentally friendly compact excavators. Hence, there has been a rapid shift towards electric compact excavators.
A wide range of compact excavators is available with different lift capacities. End users can choose any specific type as per their requirements.
Adoption of modern technologies such as IoT in compact excavators will further boost the market. Leading compact excavator manufacturers are integrating novel technologies into their products.
The integration of cameras and spatial sensors has facilitated development of a new generation of compact excavators that required less operator effort. This will create new growth avenues for the market.
Based on end-use vertical, construction segment dominates the global compact excavator industry. The target segment currently holds around 75% share of the market. This is due to rising construction activities worldwide.
Key Takeaways:
- Global compact excavator sales are forecast to surge at 3.8% CAGR through 2023.
- By product type, zero tail swing segment will expand at 2.7% CAGR through 2033.
- By end-use vertical, construction industry currently holds around 3/4th share of the market.
- Based on motor type, diesel compact excavators segment holds 90% share of the market.
- The United States will continue to remain a dominant compact excavator market.
- Asia Pacific will emerge as a lucrative market for compact excavators through 2033.
- Compact excavator demand across China is set to rise at a steady pace through 2033.
Growth Drivers:
- Rise in residential and non-residential construction projects will boost the compact excavator market.
- Technological advancements in compact excavators will support market expansion.
- Growing popularity of electric compact excavators is likely to boost sales.
- Increasing government investments in developing and expanding public infrastructure will fuel demand.
- Increasing mining activities will create high demand for compact excavators.
Restraints:
- Lack of technical knowledge and shortage of skilled operators are limiting market expansion.
- High cost of modern compact excavators is also limiting growth to some extent.
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Competitive Landscape:
Leading players are investing heavily in research and development to implement new structures in compact excavators. They are launching new advanced products to expand their customer base.
Advancements in automations and research are enabling manufacturers to develop compact excavators that are unmanned and act like robotic vehicles to handle demanding compacting and construction tasks.
For instance,
- In December 2020, AB Volvo launched the VOLVO ECR25 ELECTRIC excavator.
- In May 2022, JCB India introduced JCB 19C-1E, an all-electric compact excavator. With a clear emphasis on safety and productivity, JCB’s system safely segregates all controls as a subordinate safety system.
Key Companies Profiled by Fact. MR
- Sany Group
- Nagano Industry Co.Ltd.
- Hitachi Construction Machinery
- Komatsu
- Doosan Bobcat Inc.
- Zoomlion Heavy Industry Science and Technology
- JCB Inc.
- Case Construction Equipment
- Bharat Earth Movers
- KATO Works
- Yanmar Holdings Co. Ltd.
- Volvo Construction Equip.
- Kubota Corp.
- Kobelco Construction Machinery U.S.A. Inc.
- Deere & Company
- Cukurova Ziraat
- Guangxi LiuGong Machinery
- Terex
- Caterpillar
More Valuable Insights on Compact Excavator Market
In the up-to-date study, Fact.MR offers a detailed study of the global compact excavator market for the forecast period of 2023 to 2033. This study also highlights key drivers impacting the sales of compact excavators through detailed segmentation as follows:
Product Type:
- Tail Swing
- Zero Tail Swing
Motor Type:
- Electric
- Diesel
Operating Weight:
- Less than 4000 lbs
- 4000 to 10,000 lbs
- More than 10,000 lbs
End-Use Vertical:
- Construction
- Mining
- Forestry & Agriculture
- Others
Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Questions Covered in the Compact Excavator Market Report
- What is the projected value of the compact excavator market in 2023?
- At what rate will the global compact excavator market grow until 2033?
- Which are the factors hampering the development of the compact excavator market?
- Which region is expected to lead in the global compact excavator market from 2023 to 2033?
- Which are the factors driving the compact excavator market during the forecast period?
- What is the expected market value of the compact excavator market during the forecast period?
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