In Depth Analysis of Mini Excavators Market to Witness a Pronounce Growth During 2018-2025
According to
a new report published by KD Market Insights titled, Mini Excavators
Market by End-user Industry: Global Opportunity Analysis and Industry
Forecast, 2018-2025," the mini excavators market size was valued at $7.23
billion in 2017 and is expected to reach $9.77 billion by 2025, registering
a CAGR of 4.4% from 2018 to 2025. The construction segment
dominated the mini excavators market, accounting for more than one-third share
of the total revenue by the end-user industry.
The mini
excavators are compact and robust construction equipment, which have
significant scope of application across different end-users. Further, the advancement
of technology and engineering capabilities has increased their performance and
has provided alternatives to heavier construction equipment. Moreover, the
growing popularity of compact construction equipment is expected to provide
profitable business opportunities for the market players during the forecast
period. In addition, the significant number of ongoing construction and
infrastructure development projects is also projected to fuel the demand for
the mini excavators market throughout the forecast period.
The mini
excavators find applications across different end-users, owing to the wide
scope of applications in activities, such as landscaping, demolishing, picking,
excavating, and others. As a result, the construction industry accounted for a
significant share in terms of revenue in the global mini excavators market.
However, rising inclination towards original equipment manufacturers (OEMs) and
specialized construction equipment is expected to witness more attractive CAGR
growth rate of 5.0% during the forecast period.
By region,
the Asia-Pacific region accounted for the major market share in the global
market, owing to rapid urbanization and infrastructure development projects in
the region. As a result, the Asia-Pacific region is expected to maintain its
leading market share during the forecast period with a growth rate of 4.9% from
2018 to 2015. Also, Europe and North America together accounted for more than
half of the mini excavators, owing to popularity of compact and robust
construction equipment.
Key
Findings of the Mini Excavators Market:
- In terms
of market share, the construction industry generated the maximum revenue in
2017 and is expected to grow at a CAGR of 3.20% during the forecast period.
- The Asia-Pacific region is anticipated to grow at a CAGR of 3.37% from 2018 to 2025 and reach $3.37 billion by 2025.
- The North America region accounted for almost one-fourth of the market share in 2017 and is expected to reach $1.91 billion by 2025 registering a CAGR of 2.2% from 2018 to 2025.
- The Asia-Pacific region is anticipated to grow at a CAGR of 3.37% from 2018 to 2025 and reach $3.37 billion by 2025.
- The North America region accounted for almost one-fourth of the market share in 2017 and is expected to reach $1.91 billion by 2025 registering a CAGR of 2.2% from 2018 to 2025.
The major
players in the global mini excavators market have been focusing on new product
development and business expansion strategies to gain a strong foothold in the
market. The key players profiled in the report include AB Volvo, Caterpillar,
Inc., ukurova Ziraat, Deere & Company, Hitachi, Ltd., Hyundai Construction Equipment,
Co., Ltd., J C Bamford Excavators, Ltd., Kobe Steel, Ltd., Komatsu, Ltd., and
Takeuchi Mfg. Co., Ltd.
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