What is Compact Construction Equipment Market?
Compact construction equipment is small or mini equipment. It includes mini excavators, loaders, backhoes, trenchers, etc. These equipment are widely used for construction at space constraints due to their small size. Increased adoption of compact equipment by landscapers and contractors will accelerate the growth of the market. Further, many end users are preferring tracked equipment as compared to the wheel due to its stability and capability to work in harsh or environment-challenging conditions. In construction, excavators are the most used equipment as it is used for digging and lifting tasks that may create huge demand for compact excavators in the nearer future.
Highlights from Compact Construction Equipment Market Study
|Unit||Value (USD Million)|
|Key Companies Profiled||Hitachi Construction Machinery Co., Ltd. (Japan), Deere & Company (United States), Volvo Construction Equipment (Sweden), Komatsu Ltd. (Japan), Yanmar Holdings Co., Ltd. (Japan), Caterpillar Inc. (United States), SANY Group (China), XCMG Group (China), BEML Limited (India), Hyundai Doosan Infracore (South Korea), Zoomlion (China), Sandvik AB (Sweden), Kubota (Japan), JCB (United Kingdom), Ditch Witch (United States) and Takeuchi (Japan)|
The compact construction equipment market consists of a large number of global players who are continuously focusing on the development of compact or mini machinery or equipment as well as investing in the R&D and innovation of mini equipment in order to boost its performance and meet users' demand. Companies are also launching new products in different geographies to expand their footprint and continue business growth. Research Analyst at AMA predicts that Japanese Manufacturers will contribute to the maximum growth of Global Compact Construction Equipment market throughout the forecasted period. Hitachi Construction Machinery Co., Ltd. (Japan), Deere & Company (United States), Volvo Construction Equipment (Sweden), Komatsu Ltd. (Japan), Yanmar Holdings Co., Ltd. (Japan), Caterpillar Inc. (United States), SANY Group (China), XCMG Group (China), BEML Limited (India), Hyundai Doosan Infracore (South Korea), Zoomlion (China), Sandvik AB (Sweden), Kubota (Japan), JCB (United Kingdom), Ditch Witch (United States) and Takeuchi (Japan) are some of the key players profiled in the study.
Compact Construction Equipment Market Segmentation:
|Type||Excavators, Skid-Steer, Wheel Loaders, Track Loaders, Trenchers, Backhoes and Others|
|End Users||Contractors,Landscapers,Municipal Corporations,Others|
On the basis of geography, the market of Compact Construction Equipment has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Emerging Trend of Skid Steer with Solid Tires for Environmentally-Challenging Applications and Continuous Innovation in the Performance of Compact Machinery or Equipment to Improve Productivity
Market Growth Drivers:
Growing Adoption of Tracked Construction Equipment Due to Increased Stability, Durability, and Traction Compared to Wheeled Equipment and Robust Growth of Construction Industry Due to Infrastructural Developments Across the Globe
Limited Lifting Capacity of Compact Construction Equipment and Not Suitable for Acre of Land
High Maintenance Cost Associated With Compact Machines or Equipment Can Hamper the Growth
More Focus on Hybrid or Electric Equipment in Order to Reduce Carbon Emission and Significant Opportunities for Compact Construction Equipment in Asian Countries Due to Rise in Urban Infrastructure
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Compact Construction Equipment Manufacturers, Suppliers and Distributors of Compact Construction Equipment, Venture Capitalists and Private Equity Firms, Regulatory Bodies, Research Organizations and Others
Market Leaders & Development Strategies
In October 2021, Volvo CE launched three new electric compact machines, L20 electric wheeled loader, and EC18 & ECR18 electric excavators. L20 electric wheeled loader 1.8-tonne payload outstanding lifting capacity, EC18 electric excavator is best suitable for the 1.8-ton application.
In May 2022, Caterpillar, the largest construction equipment manufacturer launched two next-generation products, Cat 303 CR Mini Excavator and Cat 120 GC Motor Grader in the Indian market to boost its presence. Cat 303 CR mini excavator meets European Union Stage V emission standards and also offers stick steer and cruise control mode. It comes with a Cat C1.1 turbo engine that provides power up to 18.4 KW at 2400 rpm.