Press release
Global Mini Excavator Market Size To Grow At A CAGR Of 4.2% Between 2023-2028
Mini Excavator Market Report and Forecast 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 4.2%
The small size and high-power combination of a mini excavator is a critical advantage offered by the product which is leading to its heightened deployment across construction projects. The machine has robust capabilities which include the installation of pools and tubs, repairing drainage systems, and removal or plantation of trees, among others.
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The thriving building and construction industry and rapid infrastructural development across the emerging economies are the driving factors of the mini excavator market. The robust commercial renovation projects are likely to generate a significant demand for mini excavators to destroy or move small structures to optimise the utilisation of spaces.
Over the forecast period, the anticipated increase in the deployment of mini excavators in the agriculture sector is further improving the supply demand chain of the machine. Mini excavators are useful in the farming activities as it can carry out precise digging of holes and swap out attachments.
Regionally, the Asia Pacific has a significant share in the mini excavator market. The rapid increase in residential construction activities across developing countries including India and China are propelling the demand for mini excavators in the region. Moreover, the strong foothold of local mini excavator suppliers is a key driving factor of the market.
Mini Excavator Industry Definition and Major Segments
A mini excavator, also known as mini digger, is defined as a type of excavator which can operate in small spaces. The weight of a mini excavator can vary between 35,000 and 40,000 pounds. The low requirement for digging power is a major advantage of the product due to which it is extensively used across the construction sector.
Based on end use, the market can be segmented into:
Commercial
Infrastructural
Residential
Others
On the basis of region, the mini excavator market can be categorised into:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Mini Excavator Market Trends
The key trends in the mini excavator market include the growing research and development activities by the major mini excavator manufacturers aimed towards increasing the performance, reliability, and efficiency of the machine backed by warranty. These activities are leading to progressive product launches which are setting up the bars of innovative design concepts.
In March 2022, Kobelco, a prominent construction machinery equipment manufacturer, announced the launch of its brand new KS45SRX-7 excavator with an improved design and efficiency. This design is known to exhibit the same efficiency and reliability as that of large excavators.
In August 2021, XCMG, another prominent construction equipment manufacturer, announced the launch of the XE27E/U 2.7-ton mini excavator, which will enable building contractors to make changes in tightly enclosed areas.
Meanwhile, the increasing investments in the residential construction sector, backed by rising disposable income, increasing population, and rising urbanisation needs, are likely to be the mini excavator market trends. Across the emerging economies, the robust development of hotels, restaurants, malls, and various other commercial complexes are further generating a significant demand for mini excavators.
Moreover, the technological advancements in mini excavators are yet another crucial trend in the market. Modern mini excavators are equipped with smart assist technology which further bolsters the efficiency of the machine.
Furthermore, the increasing availability of mini excavators on lease, owing to the emergence of mini excavator rental service providing companies, is likely to be provide impetus to the market in the forecast period.
Key Market Players
The major players in the mini excavator market report are:
Caterpillar Inc.
Hitachi Construction Machinery CO., Ltd.
AB Volvo
JCB India Limited
Kobelco Construction Machinery Co., Ltd.
Komatsu Ltd.
Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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