In-depth Insights on Compact Excavator Market with Focus on Prime Regions and Competitive Scenario till 2026

Excavation is among the key industrial processes across multiple sectors, from mining to construction and aerospace. With growing population, developed and developing countries are witnessing maximum utilization of physical spaces. As the spaces become more confined, carrying out excavation processes is becoming a challenging tasks. Compact excavators have emerged as the ideal solution for carrying out digging processes in confined spaces. Over the recent past, the trend of miniaturization has fairly treaded the automotive sector. Manufacturers of industrial vehicles are shifting towards creating compact vehicles. This has furnished the manufacturing compact excavators.

With uncontrolled population growth, physical spaces have become more confined, and carrying out the digging operations is becoming difficult. Compact excavators have emerged as a key automotive vehicle that can help in excavation of soil and other earthen materials in cramped up spaces. With the trend of miniaturization influencing the global automotive sector, companies are actively partaking in the production of compact excavators. While the conventional excavators have been struggling to reach the narrowed spots between buildings and tight spaces, compact excavators are being predominantly used in such digging purposes.

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Compact excavators are witnessing a steady demand pertaining to their role in performing high-level digging operations in cramped up spaces. Manufacturers are working towards improving the maneuverability of compact excavators for creating operational ease. Moreover, new compact excavators entering the market are being equipped with advanced function such as autonomous operability and telematics. In addition, several companies in the global compact excavators market are striving to develop compact excavators with low fuel consumption and reduced noise emissions.

However, limited applications of compact excavators owing to their operating capacities will continue to impede their sales in the near future. A recently published report by FactMR projects that the demand for compact excavators will witness a sluggish traction in the upcoming years. The report has assessed that during the forecast period, 2017-2026, the global compact excavators market will expand at a CAGR of 2.7%. By the end of 2026, 173.6 Bn compact excavators will be sold across the globe. Key highlights from the report mentioned below reveal the future prospects of manufacturing and applications of compact excavators.

Demand for Electric Compact Excavators to Gain Traction by 2026-end

The report has also projected that tail swing compact excavators will be a top-selling product in the global market throughout the forecast period. On the other hand, zero tail swing compact excavators are expected to register a relatively high CAGR of 2.8% in terms of volume. On the basis of motor-type analysis, the demand for compact excavators with electric motors will surge in the latter half of the forecast period. Diesel compact excavators are expected to register largest revenue share of nearly 90% in the global compact excavators market through 2026.

Construction to Represent Largest End-use Vertical for Compact Excavators

The report has analyzed the global compact excavators market on the basis of their end-use across industrial verticals. The findings reveal that nearly three-fourth share of compact excavators sold in the global market will be used in construction sector. The demand for compact excavators in mining sector is also expected to gain traction towards the latter half of the forecast period. With respect to the operating weights, higher end-use in construction sector will be driving the demand for compact excavators with 4000-10000 lbs. capacity. By the end of 2026, over 80 Bn compact excavators with 4000-10000 lbs. operating weight capacity are expected to be sold globally.

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6 Forecast Highlights on Global Compact Excavators Market

Through 2026, the Asia-Pacific excluding Japan (APEJ) region is expected to dominate the global compact excavators market, by accounting for more than 40% share on global sales.

Europe’s compact excavators market, on the other hand, is poised to expand at a CAGR of 2.8% during the forecast period, becoming the second-most leading market with high growth.

In 2017 and beyond, a majority of compact excavators sold in the global market will be tail swing. The demand for zero tail swing compact excavators, on the other hand, will gain traction by registering fastest growth in terms of volume.

By the end of 2026, barely 18 Bn compact excavators sold in the global market will be powered by electric motors. With shortcomings of electric compact excavators in deep excavations, diesel compact excavators will remain predominant in the global market over the forecast period.

On the basis of operating weight, the 4000-10000 lbs. segment is likely to represent the leading segment in the global compact excavators market.

By the end of the forecast period, construction will emerge as the largest end-use vertical, followed by mining and forestry & agriculture.

Competition Tracking

The report has profiled leading players in the global compact excavators market. Companies namely, Hitachi Construction Machinery, Caterpillar, Deere & Company, Volvo Construction Equip., Komatsu, Yanmar Holdings Co. Ltd., Doosan Bobcat, Inc., Kubota Corp., JCB, Inc., Nagano Industry Co., Ltd., Case Construction Equipment, KATO Works, Kobelco Construction Machinery U.S.A Inc., Çukurova Ziraat, Bharat Earth Movers, Sany Group, guangxi LiuGong Machinery, Terex, Zoomlion Heavy Industry Science and Technology, and XCMG are observed as the leading manufacturers of compact excavators in the global market. Over the forecast period, most of these players are expected to expand their businesses on the back of product development by integrating advanced excavation technologies and equipment in the vehicles.

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This release was published on openPR.