Overview and Scope
A mini excavator refers to a small, tracked, or wheeled construction machine designed for digging and excavation tasks. It has a small cab or operator platform with controls for the operator, a hydraulic system for powering the boom, bucket, and other attachments, and tracks or wheels for mobility. They are used for working on sensitive surfaces or in small areas where an excavator of the usual size wouldn’t fit as they are simple to operate and can transport materials to and from the job site.
Sizing and Forecast
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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Segmentation & Regional Insights
The mini excavators market covered in this report is segmented –
1) By Type: Wheeled, Track
2) By Operating Weight: Less Than 4 Tons, 4 Tons To 10 Tons
3) By End User Industry: Agriculture, Construction, Forestry
Asia-Pacific was the largest region in the mini excavator market in 2023. Western Europe is expected to be the fastest-growing region in the global mini excavator market during the forecast period. The regions covered in the mini excavators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the mini excavators market report are 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, Terex Corp., 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
The mini excavators market report table of contents includes:
1. Executive Summary
2. Mini Excavators Market Characteristics
3. Mini Excavators Market Trends And Strategies
4. Mini Excavators Market – Macro Economic Scenario
5. Global Mini Excavators Market Size and Growth
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31. Global Mini Excavators Market Competitive Benchmarking
32. Global Mini Excavators Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Mini Excavators Market
34. Mini Excavators Market Future Outlook and Potential Analysis
35. Appendix
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