Compact Construction Equipment Market is projected to reach $9,438 million in 2023, growing at a CAGR of 6.2% during 2017 to 2023. 

The Global Compact Construction Equipment Market size was $6,250 million in 2016, and is projected to reach $9,438 million in 2023, growing at a CAGR of 6.2% from 2017 to 2023. The substantial growth in construction sector fosters the demand for compact construction equipment.

Compact construction equipment are small in size, light in weight, highly efficient, and capable of performing multiple tasks as compared to heavy equipment. Growth in construction industry is the major driver for the incremented demand for compact construction equipment, as they are highly versatile, movable from one place to another, and easy to use. Rise in population and rapid urbanization further contribute to the developing construction industry. This in turn boosts the demand for compact construction equipment. However, the increase in production costs, dearth in skilled workforce, and fluctuations in fuel prices hinder the market growth.

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The global compact construction equipment market is segmented into equipment, end-user industry, application, and region. Based on equipment, the market is categorized into backhoe loader, excavator, skid steer loader, telehandler, track loader, and others. Backhoe loader is anticipated to dominate the global compact construction equipment market throughout the analysis period owing to its wide scope of application. The end-user industry segment includes metal & mining, construction, agriculture, and others. In 2016, the construction industry accounted for the highest market share due to increase in number of infrastructural improvements. By application, the market is divided into loading, excavation, material handling, lifting & hoisting, and others. In 2016, the loading in application segment accounted for the highest market share due to increase in number of construction activities.

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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.

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