Mini Excavators Market Insights: Compact Equipment for Modern Projects
Mini Excavators Market Insights: Compact Equipment for Modern Projects
According to a new report published by Allied Market Research, titled, “Mini Excavators Market," The mini excavators market size was valued at $6.6 billion in 2020, and is estimated to reach $10.2 billion by 2030, growing at a CAGR of 4.4% from 2021 to 2030.
Commonly observed types of mini excavator are wheeled and tracked mini excavators. Among these, the tracked segment held major revenue of the global mini excavators’ market in 2020, and is anticipated to continue this trend during the forecast period. The market is analyzed with respect to different industrial end-users such as landscaping & construction and agriculture, and by size based on less than 4 tons and 4 tons to 10 tons.The market is mainly driven by rise in construction activities and development of mini excavator that are easy to handle and have low operating & maintenance cost. However, high maintenance cost hinders the mini excavators market growth.
In 2020, Asia Pacific dominated the global mini excavators market share, in terms of revenue, followed by North America and Europe. Moreover, the market in Asia-Pacific has grown with high CAGR owing to growth in use of mini excavator for infrastructure development and building construction activities.
The advancements in battery powered mini excavator have significantly increased the usability of mini excavators owing to ease of usability and lower maintenance costs. The battery powered mini excavators are developed to comply with the environment regulations established by the governments across the world. In addition, factor such as incorporating latest technologies that enable a mini excavator to be less polluting while as productive as before, is anticipated to grow the demand in mini excavators market.
Furthermore, on the basis of end users, the construction segment is anticipated to grow rapidly, during the forecast period, owing to increased investments in this sector.
For instance, in October 2020, Kobelco Construction Machinery Europe B.V (KCME) relaunched SK45SRX-6E and SK55SRX-6E mini excavators with stage v emissions compliance. Both of these mini excavators feature iNDr (integrated Noise & Dust reduction) technology. This technology of dust filtration, combined with exceptional engine cooling, promotes environmental wellbeing and reduces engine noise output to a new level.
However, during the pandemic lockdown, various manufacturers in the mini excavators industry had to stop their business in countries such as China, the U.S., and India. This break directly impacted sales of mini excavator manufacturing companies. In addition, lack of manpower and raw materials constricted supply of components; and has negatively influenced the growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of mini excavator companies.
Key companies profiled in the mini excavators market report include AB Volvo, Caterpillar, Inc., Doosan Infracore Co. Ltd., Deere & Company, Hitachi, Ltd., Hyundai Construction Equipment Co., Ltd., J C Bamford Excavators, Ltd., Kobe Steel, Ltd., Komatsu, Ltd., Takeuchi Mfg. Co., Ltd., and other players.
KEY FINDINGS OF THE STUDY
- The report provides an extensive mini excavators market analysis of the current and emerging mini excavator market trends and dynamics.
- Depending on type, the tracked mini excavators dominated the mini excavator market, in terms of revenue in 2020 and it is projected to grow at a significant CAGR during the forecast period.
- By end user, landscaping & construction segment registered highest revenue in2020.
- Asia-Pacific is anticipated to hold a majority share throughout mini excavators market forecast period.
- The key players within the mini excavators market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the mini excavator industry.
- The report provides an extensive analysis of the current trends and emerging opportunities of the market.
- In-depth mini excavators market trends analysis is conducted by constructing estimations for the key segments between 2021 and 2030.
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