Press release
Mini Excavators Market Demand in Future 2020-2027 by Focusing Covid 19 Impacts
Global mini excavators market size is expected to reach $11.9 billion in 2027 from $9.0 billion in 2019, growing at a CAGR of 5.4% from 2020 to 2027.Increase in demand for compact and robust equipment from various end users such as agriculture and construction is projected to drive the mini excavators market during the forecast period. Moreover, numerous ongoing construction and infrastructure development such as New Sharjah Airport and Wuhan Urban Rail Project are also anticipated to fuel the demand for mini excavators in coming years, especially in Asia and the Middle East. In addition, factors such as rapid urbanization and fast-growing construction industry in Asia-Pacific are expected to global mini excavators market. Moreover, growth in tourism significantly boosts investments toward infrastructure development projects in the Middle East, Asia-Pacific, and other regions, which, in turn, boosts demand for mini excavators.
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Leading Players:
The key players profiled in this report include AB Volvo Group, Caterpillar Inc, Cukurova Ziraat, Deere & Company, Hitachi Construction Machinery Co Ltd, Hyundai Construction Equipment Co Ltd, J C Bamford Excavators Ltd, Kobe Steel Ltd, Komatsu Ltd, and Takeuchi Mfg. Co Ltd. These players in the global mini excavators market adopted product launch, product development, and business expansion as their key developmental strategies to meet change in demands from consumers. For instance, in December 2019, Hitachi Construction Machinery Co Ltd., a subsidiary of Hitachi Ltd. launched a new battery powered mini excavator prototype of 5 tons and battery capacity of 39 kw h. It is suitable for commercial and residential applications.
Mini excavators are compact and robust construction equipment that facilitate assistance in performing tasks and operations that were earlier suitable for heavy construction equipment or were labor intensive. Hence, mini excavators have large scope of applications among various activities, such as landscaping, digging, loading/unloading, material handling, and demolition across different industries. The global mini excavators market is anticipated to grow, owing to rapid urbanization and increase in infrastructure development projects. For instance, the Russia construction industry is expected to reach $182.62 billion with a CAGR of 2.8% from 2015 to 2024.
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Global Mini Excavators Market Segments
By Capacity
• More Than 4 Tons
• Less Than 4 Tons
By End-user Industry
• Landscaping & Construction
• Agriculture
• Others
Key Findings Of The Study
• By capacity, the more than 4 tons segment dominated the global mini excavators market share in 2019.
• On the basis of end-user industry, the landscaping & construction segment is expected to generate high revenue in 2019.
• Region wise, Asia-Pacific dominated the market in 2019.
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