PORTLAND, Oregon, August 22, 2018 /PRNewswire/ --
Spiraling growth of construction industry coupled with rapid urbanization in the Asia-Pacific region is expected to provide impetus to the sales of mini excavators in the region during 2018-2025
The new report published by Allied Market Research, titled, Mini Excavators Market by End-user Industry (Construction, Agriculture, and Others) - Global Opportunity Analysis and Industry Forecast, 2018-2025 presents a comprehensive analysis of the mini excavators market by assessing the current commercialization, specific adoption, key market trends and challenges, growth opportunities, top market players and their key growth strategies along with competitive market landscape. According to the report, the global mini excavator market was pegged at $7.23 billion in 2017 and is projected to reach $9.77 billion by 2025, registering a CAGR of 4.4% from 2018 to 2025.
Growth in construction sector, benefits associated with use of mini excavators such as compact size & durability, and increased demand for robust, effective, and mobile construction equipment boost the growth of the industry. On the other hand, lack of skilled operators and technicians poses as a threat to the market growth. In the future, standardization of mini excavators would offer lucrative opportunities for growth of the market.
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Construction sector to remain at the forefront through 2025
The study offers an in-depth analysis of the end user industries including construction, agriculture, and others. The construction industry accounted for nearly half of the total market revenue in 2017 and is expected to maintain its leading position through 2025, registering a CAGR of 3.2% during the forecast period. However, the others segment, which comprises OEMs, forestry, supply chain management, is projected to grow the fastest during 2018-2025.
Lucrative regions for industry growth
The study offers a country-level analysis of the mini excavators market across various regions, which include North America, Europe, Asia-Pacific, and Latin America, Middle East and Africa (LAMEA). As per the report, the Asia-Pacific region is expected to lead the global market through 2025, registering the highest CAGR of 4.9% from 2018 to 2025.
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Key players offering solutions in the market
The prominent players analyzed in the report include AB Volvo, Caterpillar, Inc., Cukurova 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. Market players have adopted several organic growth strategies, such as product launches to gain a strong position in the global market.
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SOURCE Allied Market Research