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Compact Construction Equipment Market Expected to Reach $9,438 Million by 2023

 
 

quote Increase in growing population, high economic growth, and ongoing infrastructure improvements in Asia-Pacific drive the compact construction equipment market. Furthermore, high demand for efficient, robust, portable, easy to use, and light-weight equipment for loading, material handling, and excavations in North America and Europe offers significant growth potential for the market. In addition, low maintenance costs for the equipment also drive the market. However, lack of skilled workmen, volatile fuel prices, and strict regulations for emissions from engine restricts the growth of the market. quote

Ankush Yadav
Research Analyst, Construction & Manufacturing

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According to the new report published by Allied Market Research, titled, Compact Construction Equipment Market: Global Opportunity Analysis and Industry Forecast, 2017-2023, the compact construction equipment market was valued at $6,250 million in 2016, and is expected to reach at $9,438 million by 2023, growing at a CAGR of 6.2% during the forecast period. Asia-Pacific accounted for approximately 32.0% of the market share in 2016, and is expected to witness significant growth during the forecast period.

Access Full Summary at : https://www.alliedmarketresearch.com/compact-construction-equipment-market

Compact construction equipment are small in size, highly efficient, and easy to use. They find their application majorly in the construction industry as they are easy to handle. The demand for compact construction equipment has increased, owing to increase in construction activities as well as growth in application areas in the mining and agriculture industry. In addition, technological advancements are expected to propel the market growth. However, high production cost and volatile fuel prices pose a threat to the growth of the market.

The backhoe loader in the compact construction equipment dominated the equipment segment of in 2016, with around 27.0% share, and is expected to grow at the CAGR of 5.2% during the forecast period. High demand from construction, agriculture, and mining industries drive the backhoe loader market. In terms of application, loading is expected to dominate the market throughout the analysis period. The surge in adoption of compact construction equipment in agriculture and mining industries also makes way for the growth of the others segment, which is expected to register a fastest growth with a CAGR of 7.1%. The construction industry accounted for around 38% share of the global compact construction equipment market revenue in 2016, while the agriculture industry is anticipated to grow at the highest CAGR of 6.5% during the forecast period.

In 2016, Asia-Pacific dominated the global market, owing to robust growth of construction and agriculture industry. Furthermore, presence of major players is anticipated to boost the market growth in the near future. Europe is the second leading revenue contributor to the global market and is expected to grow at an estimated CAGR of 6.4% during the forecast period.

Key Findings of the Compact Construction Equipment Market:

  • Backhoe loader dominated the market in equipment segment in terms of revenue and is projected to grow at a CAGR of 5.2% during the forecast period.
  • Based on end-user industry, the construction industry accounted for around 38.0% share of the global compact construction equipment market revenue in 2016
  • In 2016, Asia-Pacific was the dominant region and is anticipated to grow at the highest CAGR of 6.8%, while China was the major contributor to the market.

The key market players profiled are Caterpillar, Inc., JCB, Inc., John Deere, King Machinery, Komatsu, Mustang, Sany, Hyundai Heavy Industries Co. Ltd., Volvo, and XCMG.

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quote Compact Construction Equipment Market by Equipment (Backhoe Loader, Excavator, Skid Steer Loader, Telehandler, Track Loader, and Others), End-user Industry (Metal & Mining, Construction, Agriculture, and Others), and Application (Loading, Excavation, Material Handling, Lifting & Hoisting, and Others) - Global Opportunity Analysis and Industry Forecast, 2017-2023 quote

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