Mini Excavators Market to Reach $10.2 Bn, Globally, by 2030 at 4.4% CAGR: Allied Market Research
Rise in the construction sector and growing demand for mini excavators in the vertical drive the growth of the global mini excavators market.
PORTLAND, Ore., June 9, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Mini Excavators Market By Type (Wheeled, Track), By Operating Weight (Less than 4 tons, 4 tons to 10 tons), By End User (Landscaping and Construction, Agriculture): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the global mini excavators industry was estimated at $6.6 billion in 2020, and is anticipated to hit $10.2 billion by 2030, registering a CAGR of 4.4% from 2021 to 2030.
Determinants of growth-
Rise in the construction sector and growing demand for mini excavators in the vertical drive the growth of the global mini excavators market. At the same time, availability of a wide range of mini excavators in various lifting capacities makes it suitable for use in various small-scale applications, which in turn has supplemented the growth yet more. Moreover, development of advanced battery technologies is expected to create lucrative opportunities in the industry.
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Covid-19 scenario-
- Restrictions on construction activities gave way to a steep decline in demand for mini excavators, thus impacting the global mini excavators market.
- The disrupted supply chain worsened the condition even more. However, the market has already started recovering.
The track segment to dominate by 2030-
Based on type, the track segment accounted for around four-fifths of the global mini excavators market share in 2020, and is anticipated to rule the roost by 2030. The same segment would also cite the fastest CAGR of 4.6% throughout the forecast period. This is due to ability of track-based excavators to operate in varying ground conditions.
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The 4 tons to 10 tons segment to maintain the lion's share-
Based on industry vertical, the 4 tons to 10 tons segment held nearly three-fifths of the global mini excavators market revenue in 2020, and is expected to lead the trail by 2030. The same segment would also manifest the fastest CAGR of 4.6% from 2021 to 2030. This is attributed to extensive use of track-based mini excavators in the construction and agricultural industries.
Asia-Pacific garnered the major share in 2020-
Based on region, Asia-Pacific held the major share in 2020, generating nearly half of the global mini excavators market, due to the expanding construction sector. At the same time, the market across LAMEA would grow at the fastest CAGR of 5.8% by 2030, owing to increase in construction activities across the region.
Key players in the industry-
- Doosan Infracore Co. Ltd.
- Deere & Company
- Hitachi, Ltd.
- Takeuchi Mfg. Co., Ltd.
- Hyundai Construction Equipment Co., Ltd.
- J C Bamford Excavators, Ltd.
- Kobe Steel, Ltd.
- AB Volvo
- Komatsu, Ltd.
- Caterpillar, Inc.
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