Mini Excavators Market - Growth & Industry Revenue By Top Key Players AB Volvo, Caterpillar, Inc., ukurova Ziraat, Deere & Company, Hitachi, Ltd., Hyundai Construction Equipment, Co., Ltd., J C Bamford Excavators, Ltd., Kobe Steel, Ltd., Komatsu, Ltd., an
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Allied Market Research published a report, titled, Mini Excavators Market by End-user Industry: Global Opportunity Analysis and Industry Forecast, 2018–2025. The global mini excavators market size would reach $9.77 billion by 2025, from $7.23 billion in 2017, growing at a CAGR of 4.4% from 2018 to 2025. The construction segment generated the highest revenue in the mini excavators market, registering more than one-third of market share.
The compact and robust structure of construction equipment, advancements in technology and engineering capabilities, and application as an alternative to heavier construction equipment drives the growth in the market. In addition, the considerable number of ongoing construction activities and infrastructure development projects would create new opportunities for the mini excavators market throughout the forecast period.
Increase in applications such as landscaping, picking, demolishing, excavating, and others for various end users would raise the demand from the construction industry. However, increase in demand from original equipment manufacturers (OEMs) and specialized equipment for construction would witness the highest CAGR of 5.0% during the forecast period.
By region, the Asia-Pacific region accounted for the major market share in the global market, owing to rapid urbanization and infrastructure development projects in the region. As a result, the Asia-Pacific region is expected to maintain its leading market share during the forecast period with a growth rate of 4.9% from 2018 to 2015. Also, Europe and North America together accounted for more than half of the mini excavators, owing to popularity of compact and robust construction equipment.
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The major players in the global mini excavators market have been focusing on new product development and business expansion strategies to gain a strong foothold in the market. The key players profiled in the report include AB Volvo, Caterpillar, Inc., ukurova Ziraat, Deere & Company, Hitachi, Ltd., Hyundai Construction Equipment, Co., Ltd., J C Bamford Excavators, Ltd., Kobe Steel, Ltd., Komatsu, Ltd., and Takeuchi Mfg. Co., Ltd.
Key Findings of the Mini Excavators Market:
• In terms of market share, the construction industry generated the maximum revenue in 2017 and is expected to grow at a CAGR of 3.20% during the forecast period.
• The Asia-Pacific region is anticipated to grow at a CAGR of 3.37% from 2018 to 2025 and reach $3.37 billion by 2025.
• The North America region accounted for almost one-fourth of the market share in 2017 and is expected to reach $1.91 billion by 2025 registering a CAGR of 2.2% from 2018 to 2025.
The mini excavators constitute construction equipment that is compact in size, durable, and capable of delivering performance that was earlier suited for heavy equipment or labor-intensive work. Also, the increasing demand for easy-to-relocate and efficient construction equipment, which has superior maneuverability, is expected further fuel the demand for the mini excavators market during the forecast period. The large scope of application of mini excavators in excavating, landscaping, picking and placing, and demolishing activities has resulted in its adoption across different end users. In addition, the advancement in design and technology has yielded equipment with superior performance with compact sizes, which offers effective alternative solutions for heavy construction equipment.
Factors, such as rapid urbanization and infrastructure development, among emerging economies, such as Asia and Africa, are expected to boost the market growth of mini excavators market during the forecast period. Moreover, the rising cost of labors and increasing demand for effective and robust construction equipment are projected to surge the demand for the mini excavators market among developed economies, such as North America and Europe.
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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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