Mini Excavators Market Outlook 2024 : Expected Market Growth Rate, Major Driver And Segments

"The Business Research Company recently released a comprehensive report on the Global Mini Excavators Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The mini excavators market size has grown strongly in recent years. It will grow from $7.88 billion in 2023 to $8.36 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to urbanization and construction boom, increased focus on productivity, utility and landscaping applications, versatility in construction sites, ease of transportation, government investments in construction..

The mini excavators market size is expected to see strong growth in the next few years. It will grow to $10.23 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to green construction practices, global expansion of rental markets, regulatory push for equipment efficiency, adoption in emerging markets, focus on operator comfort and safety.. Major trends in the forecast period include electric mini excavators, advanced telematics and iot integration, hybrid and fuel-efficient models, remote control and automation, customization for specific applications..

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Market Drivers and Trends:

The rise in construction activities is expected to propel the growth of the mini excavator market going forward. Construction activities refer to the use of advanced techniques, materials, and technologies in the construction of buildings, infrastructure, and other structures. Mini excavators are used for the debris removal of construction materials and on sensitive surfaces or work in small areas where an excavator of the usual size wouldn't fit. For instance, in November 2021, according to the Office for National Statistics, a UK-based Statistics Authority, new construction work increased by £15,380 ($16854.48) million in 2021 cumulatively to reach £115,579 (126659.56) million, up 15.3% from the previous year. The annual rise increased by 23.7%, 28.1%, and 37.4%, respectively, in 2021 compared to the previous years due to primarily private housing, private infrastructure, and new public infrastructure projects. Therefore, the rise in construction activities is driving the growth of the mini excavator market.

Technological advancements are a key trend gaining popularity in the mini excavator equipment market. Major companies operating in the mini excavator market are adopting new technologies to sustain their position in the market. For instance, in January 2022, Komatsu, a Japan-based construction and mining equipment manufacturing company, launched integrated machine control (iMC) 2.0 for mini excavators. This provides smart controls for mini excavator models PC290LCi-11, PC360LCi-11, and PC390LCi. The main features of iMC 2.0 technology are auto grade assist, which automatically adjusts the digging depth and bucket angle; auto stop control, which automatically stops the machine; facing angle compass, which uses a compass to help operators maintain a consistent facing angle during excavation; and real-time 2D and 3D mapping, which uses GPS and sensors to dig straight in the excavation site.

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Major Key Players of the Market:

AB Volvo; Caterpillar Inc.; Hitachi Ltd.; Deere & Company; Hyundai Construction Equipment Co. Ltd.; J C Bamford Excavators Ltd.; Kobe Steel Ltd.; Komatsu Ltd.; Takeuchi Mfg. Co. Ltd.; Doosan Infracore Co. Ltd.; Cukurova Ziraat Endustri Ve Ticaret A S; Bobcat Company; Bharat Earth Movers Limited; Guangxi LiuGong Machinery Co. Ltd.; Kubota Corporation; Yanmar Holdings Co. Ltd.; Kobelco Construction Machinery Co. Ltd.; Sany Group; Wacker Neuson SE; Liebherr Group; XCMG Group; LiuGong Machinery Corp.; Atlas Copco AB; CNH Industrial N.V.; Manitou Group; KATO Works Co. Ltd.; IHI Corporation; Sunward Intelligent Equipment Co.Ltd.; New Holland

Mini Excavators Market 2024 Key Insights:

• The mini excavators market will grow to $10.23 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• Booming Construction Sector Fuels Surge In Mini Excavator Market Growth
• Tech Advancements Propel Mini Excavator Market
• Asia-Pacific was the largest region in the mini excavator market in 2023

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