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CM_183305
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Pages: 153
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Aug 2018 | 1307 Views
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Author's :
Ankush Yadav
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Tables: 48
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Charts: 35
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Formats*: |
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The mini excavators market size is expected to reach $9.77 billion by 2025 from $7.23 billion in 2017, growing at a CAGR of 4.4% during the forecast period (2018-2025). As the name suggests, this construction equipment constitutes compact-sized, robust, and durable excavators.
The mini excavators are construction equipment equipped with a dipper, boom, or bucket installed over a movable platform based on application requirement. The excavators provide assistance in performing landscaping, excavating, demolishing, picking and placing, materials handling, and constructing activities, and others. In addition, the mini excavators also aid in completion of labor-intensive tasks or work earlier performed using heavy construction equipment. Also, the advancements in technology have resulted in superior excavators equipment with high power output and performance capabilities, which offer effective alternative solutions for heavy construction equipment. As a result, the mini excavators are available in different power output capacities suited for different applications.
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The growing construction industry is one of the major indicators that drives the growth of mini excavators market during the forecast period. Also, the versatile benefits of mini excavators, such as compact size, durability, availability of various power output ranges, superior maneuverability, and others, are also expected to fuel the demand for mini excavators throughout the forecast period. Moreover, the demand for robust, effective, and mobile construction equipment over heavy construction equipment is also projected to boost the market growth of mini excavators market, thus, providing lucrative opportunities for the market players. However, the lack of skilled operators and technicians is expected to hinder the market growth of mini excavators market among emerging economies.
The mini excavators have significant application for tasks, such as landscaping, materials handling, demolishing, forestry working, snow removing, constructing, and others. Thus, based on end-user industry, the market is broadly classified into construction, agriculture, and others. In addition, to gain a diverse insight, the market is analysed across major regions namely, North America, Europe, Asia-Pacific, and LAMEA.
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As depicted in the figure above, the construction industry accounts for a significant market share in terms of revenue for the global mini excavators market. The substantial number of applications that utilizes mini excavators in the construction industry is attributed to the large market share of the construction industry. Further, it is expected to maintain its leading position in revenue, owing to the high growth rate of the construction industry in the Asian and African regions. However, the growing emphasis over original equipment manufacturers (OEMs) and application-specific equipment in the others segment is expected to witness an attractive growth rate during the forecast period.
Among the various regions, Asia-Pacific and LAMEA are expected to offer better opportunities comparatively, owing to the significant number of ongoing construction and infrastructure development-related projects. The growing tourism and subsequent investment towards infrastructure development in the Middle East are expected to drive the market demand in this region. Whereas, rapid urbanization and the fast-growing construction industry in the Asia-Pacific region are anticipated to fuel the demand for mini excavators during the forecast period. In addition, the increasing cost of labors and the demand for effective robust compact construction are projected to drive the equipment demand across developed regions, such as North America and Europe.
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The report details a competitive analysis and the profiles of the major players, such as AB Volvo, Caterpillar, Inc., Cukurova Ziraat, Deere & Company, Hitachi, Ltd., Hyundai Construction Equipment Co., Ltd., J C Bamford Excavators, Ltd., Kobe Steel, Ltd., Komatsu, Ltd., and Takeuchi Mfg. Co., Ltd., in the mini excavators market. Product launch and business expansion are the key strategies adopted by the major players to retain their standing in the market.
Key Benefits
The mini excavators constitute construction equipment that is compact in size, durable, and capable of delivering performance that was earlier suited for heavy equipment or labor-intensive work. Also, the increasing demand for easy-to-relocate and efficient construction equipment, which has superior maneuverability, is expected further fuel the demand for the mini excavators market during the forecast period. The large scope of application of mini excavators in excavating, landscaping, picking and placing, and demolishing activities has resulted in its adoption across different end users. In addition, the advancement in design and technology has yielded equipment with superior performance with compact sizes, which offers effective alternative solutions for heavy construction equipment.
Factors, such as rapid urbanization and infrastructure development, among emerging economies, such as Asia and Africa, are expected to boost the market growth of mini excavators market during the forecast period. Moreover, the rising cost of labors and increasing demand for effective and robust construction equipment are projected to surge the demand for the mini excavators market among developed economies, such as North America and Europe.
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