Europe’s Compact Excavators Market Poised to Expand at a CAGR of 2.8% During Forecast for 2017 - 2026
June 19, 2019 by Steve Blade
According to a recently published report by Fact.MR, the global market for compact excavators is likely to expand at a 2.7% CAGR in terms of volume during the forecast period, 2017-2026. The report further projects that by the end of 2026, over 173.6 Bn units of compact excavators will be sold across the globe. The report further reveals that the Asia-Pacific excluding Japan (APEJ) region will represent the largest market for compact excavators through 2026.
Excavation is among the key industrial processes across multiple sectors, from mining to construction and aerospace. With growing population, developed and developing countries are witnessing maximum utilization of physical spaces. As the spaces become more confined, carrying out excavation processes is becoming a challenging tasks. Compact excavators have emerged as the ideal solution for carrying out digging processes in confined spaces. Over the recent past, the trend of miniaturization has fairly treaded the automotive sector. Manufacturers of industrial vehicles are shifting towards creating compact vehicles. This has furnished the manufacturing compact excavators.
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Focus on Improving Performance Features: A Key Trend in the Excavator Market
As excavators are cost-sensitive, their performance characteristics, efficiency, and flexibility make the biggest impact on purchasing decisions of customers. Leading manufacturers in the excavator market aim to deliver unique performance features to attract more customers, especially in saturated markets.
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1. Global Economic Outlook
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Demand for Electric Compact Excavators to Gain Traction by 2026-end
The report has also projected that tail swing compact excavators will be a top-selling product in the global market throughout the forecast period. On the other hand, zero tail swing compact excavators are expected to register a relatively high CAGR of 2.8% in terms of volume. On the basis of motor-type analysis, the demand for compact excavators with electric motors will surge in the latter half of the forecast period. Diesel compact excavators are expected to register largest revenue share of nearly 90% in the global compact excavators market through 2026.
Compact Excavators Market: Competitive Landscape
Companies observed as leaders in the manufacturing of compact excavators have been profiled in the report. These include, Caterpillar, Deere & Company, Hitachi Construction Machinery, Komatsu, Volvo Construction Equip., Doosan Bobcat, Inc., Yanmar Holdings Co. ltd., JCB, Inc., Kubota Corp., Case Construction Equipment, Nagano Industry Co., Ltd., Kobelco Construction Machinery U.S.A Inc., KATO Works, Bharat Earth Movers, Çukurova Ziraat, guangxi LiuGong Machinery, Sany Group, Terex, XCMG, and Zoomlion Heavy Industry Science and Technology.
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