Global Construction Equipment Manufacturing Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024

Global Info Research offers a latest published report on Construction Equipment Manufacturing Market Analysis and Forecast 2019-2024 delivering key insights and providing a competitive advantage to clients through a detailed report. The report contains 158 pages which highly exhibit on current market analysis scenario, upcoming as well as future opportunities, revenue growth, pricing and profitability.

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Global Compact Construction Equipment Market Is Valued At 12.8 Billion US$ In 2018

Compact construction equipment is an emerging term used in the construction equipment industry, which refers to small units are designed to work on small commercial and residential sites. The major utility factor of compact construction equipment is their versatility and ability to perform tasks that were previously undertaken by heavy machinery.

The main advantages of compact construction equipment are that they are low cost, light weight, and easy to transport and operate. However, there is no industry standard to specify any requirements to be met for equipment to be categorised as compact construction equipment. Categorisation is more dependent on the type of application performed in a particular sector. Generally, track loaders, excavators, backhoe loaders, skid steers and telehandlers are classified under compact construction equipment.

The compact construction equipment industry has shown a robust double digit growth rate over the past few years. The most popular category in compact equipment market is track loaders with the largest market share. The skid steers market is the second most popular market and this is anticipated to experience healthy growth.

Compact Construction Equipment market has drawn significantly attention owing to the residential apartment construction cycle that provided a big boost to many economies during 2016 and 2017 is shifting focus. Nevertheless, high house prices in many regions is generating a strong wealth effect, stimulating consumption and driving growth. The global Compact Construction Equipment market is valued at 12.8 billion US$ in 2018 and will reach 2.01 billion US$ by the end of 2024, growing at a CAGR of 7.71% during 2018-2024.

Growth has been observed in the construction equipment market in North America and Western Europe, and is anticipated to grow further due to an increase in construction and repair activities. Asia is anticipated to be the largest market for compact construction equipment by 2024.

The major factors driving the compact construction equipment market are an increasing preference for small-size construction equipment, affordable pricing, reliability, and improved productivity. The increasing number of attachments available for compact construction equipment such as levelers, soil conditioning tools and trenchers are also driving growth. In addition, the private user market, such as sundowners or hobby farmers, and real estate developers have been contributing to the increasing adoption of compact construction equipment.

Compact Construction Equipment market is characterized with few leading giants. Caterpillar, John Deere, Takeuchi, Wacker Neuson SE, Kubota are the leading companies worldwide. As mergers and acquisition going on, market concentration is predicted to be higher.

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