Compact Construction Equipment Market Overview:
The Global Compact Construction Equipment Market size was $6,250 million in 2016, and is projected to reach $9,438 million in 2023, growing at a CAGR of 6.2% from 2017 to 2023. The substantial growth in construction sector fosters the demand for compact construction equipment.
Compact construction equipment are small in size, light in weight, highly efficient, and capable of performing multiple tasks as compared to heavy equipment. Growth in construction industry is the major driver for the incremented demand for compact construction equipment, as they are highly versatile, movable from one place to another, and easy to use. Rise in population and rapid urbanization further contribute to the developing construction industry. This in turn boosts the demand for compact construction equipment. However, the increase in production costs, dearth in skilled workforce, and fluctuations in fuel prices hinder the market growth.
The global compact construction equipment market is segmented into equipment, end-user industry, application, and region. Based on equipment, the market is categorized into backhoe loader, excavator, skid steer loader, telehandler, track loader, and others. Backhoe loader is anticipated to dominate the global compact construction equipment market throughout the analysis period owing to its wide scope of application. The end-user industry segment includes metal & mining, construction, agriculture, and others. In 2016, the construction industry accounted for the highest market share due to increase in number of infrastructural improvements. By application, the market is divided into loading, excavation, material handling, lifting & hoisting, and others. In 2016, the loading in application segment accounted for the highest market share due to increase in number of construction activities.
Segmentation
Top Investment Pockets
The following graph signifies the growth potential of the global compact construction equipment market size based on end-user industry. Backhoe loader and excavator segments dominated the market in 2016, accounting for more than 50% share. Factors such as durability, compact design, efficiency, and scope of application across different industry verticals result in their significant market penetration. Rapid urbanization in fast emerging economies drives the growth of the construction industry, which in turn is anticipated to boost the demand for these equipment in the coming years.
The Asia-Pacific compact construction equipment market is expected to show significant growth in the near future, owing to development in infrastructure, increase in population, significant growth in GDP in the developing countries, and increase in construction activities.
The key players profiled in this report are Caterpillar, Inc., JCB, Inc., John Deere, King Machinery, Komatsu, Mustang, Sany, Hyundai Heavy Industries Co. Ltd., Volvo, and XCMG.
Key Benefits for Stakeholders
- The study provides an in-depth analysis along with current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities and their impact analysis on the market is provided.
- Porter’s Five Forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global market from 2016 to 2023 is provided to determine the market potential.
Compact Construction Equipment Market Key Segments:
By Equipment
- Backhoe Loader
- Excavator
- Skid Steer Loader
- Telehandler
- Track Loader
- Others
By End-user Industry
- Metals & Mining
- Construction
- Agriculture
- Others
By Application
- Loading
- Excavation
- Materials Handling
- Lifting & Hoisting
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Russia
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players Profiled in the Report
- Caterpillar, Inc.
- Hyundai Heavy Industries Co. Ltd.
- JCB, Inc.
- John Deere
- King Machinery
- Komatsu
- Mustang
- Sany
- Volvo
- XCMG
Compact Construction Equipment Market Report Highlights
| Aspects | Details |
 By EQUIPMENT |
|
 By END-USER INDUSTRY |
|
 By APPLICATION |
|
 By GEOGRAPHY |
|
 Key Market Players | KOMATSU LTD., SANY GROUP, HYUNDAI HEAVY INDUSTRIES CO. LTD., XCMG GROUP, DEERE & COMPANY, MANITOU BF, S.A. (MUSTANG), CATERPILLAR, INC., J C BAMFORD EXCAVATORS LTD., KING MACHINERY, AB VOLVO |
Analyst Review
Compact construction equipment are able to conduct versatile jobs and thus deliver high performance as compared to heavy machineries. Therefore, these are majorly used in the construction, forestry, mining, and agriculture industries. The growth in construction activities and increase in population is projected to fuel the demand of the construction activities, which in turn boosts the requirement of compact construction equipment.
The market players focus on developing new ways to achieve high efficiency & performance, compact size and less fuel consumption equipment. For instance, Yanmar introduced a new range of compact wheel loaders to the compact construction equipment market. The new range includes two models V7 &V8 with high operating weight of 4,100kg and 4,350kg, respectively.
Compact construction equipment are small in size and light in weight. They are known to deliver high performance with efficiency. Moreover, these are easy to handle. Therefore, they are majorly used in construction industries, which in turn results in the growth of the market.
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