Press release
Mini Excavators Market Size, Growth Opportunities and Business Strategies By 2030 | AB Volvo, Caterpillar, Deere & Company
Mini Excavators Market
Key companies profiled in the mini excavators market report include AB Volvo, Caterpillar, Inc., Doosan Infracore Co. Ltd., Deere & Company, Hitachi, Ltd., Hyundai Construction Equipment Co., Ltd., J C Bamford Excavators, Ltd., Kobe Steel, Ltd., Komatsu, Ltd., Takeuchi Mfg. Co., Ltd., and other players.
The mini excavators market size was valued at $6.6 billion in 2020, and is estimated to reach $10.2 billion by 2030, growing at a CAGR of 4.4% from 2021 to 2030.
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Commonly observed types of mini excavator are wheeled and tracked mini excavators. Among these, the tracked segment held major revenue of the global mini excavators' market in 2020, and is anticipated to continue this trend during the forecast period. The market is analyzed with respect to different industrial end-users such as landscaping & construction and agriculture, and by size based on less than 4 tons and 4 tons to 10 tons.The market is mainly driven by rise in construction activities and development of mini excavator that are easy to handle and have low operating & maintenance cost. However, high maintenance cost hinders the mini excavators market growth.
Covid-19 Analysis:
However, during the pandemic lockdown, various manufacturers in the mini excavators industry had to stop their business in countries such as China, the U.S., and India. This break directly impacted sales of mini excavator manufacturing companies. In addition, lack of manpower and raw materials constricted supply of components; and has negatively influenced the growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of mini excavator companies.
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Key Segments:
By Type -
Wheeled
Track
By Operating Weight -
Less than 4 tons
4 tons to 10 tons
By End User -
Landscaping and Construction
Agriculture
By Region -
North America (U.S., Canada, Mexico)
Europe (Germany, France, U.K., Russia, Rest of Europe)
Asia-Pacific (India, China, Japan, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)
KEY FINDINGS OF THE STUDY:
• The report provides an extensive mini excavators market analysis of the current and emerging mini excavator market trends and dynamics.
• Depending on type, the tracked mini excavators dominated the mini excavator market, in terms of revenue in 2020 and it is projected to grow at a significant CAGR during the forecast period.
• By end user, landscaping & construction segment registered highest revenue in2020.
• Asia-Pacific is anticipated to hold a majority share throughout mini excavators market forecast period.
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