October 7, 2019 by Amanpreet
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.
Construction to Represent Largest End-use Vertical for Compact Excavators
The report has analyzed the global compact excavators market on the basis of their end-use across industrial verticals. The findings reveal that nearly three-fourth share of compact excavators sold in the global market will be used in construction sector. The demand for compact excavators in mining sector is also expected to gain traction towards the latter half of the forecast period. With respect to the operating weights, higher end-use in construction sector will be driving the demand for compact excavators with 4000-10000 lbs. capacity. By the end of 2026, over 80 Bn compact excavators with 4000-10000 lbs. operating weight capacity are expected to be sold globally.
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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.
The report has profiled leading players in the global compact excavators market. Companies namely, Hitachi Construction Machinery, Caterpillar, Deere & Company, Volvo Construction Equip., Komatsu, Yanmar Holdings Co. Ltd., Doosan Bobcat, Inc., Kubota Corp., JCB, Inc., Nagano Industry Co., Ltd., Case Construction Equipment, KATO Works, Kobelco Construction Machinery U.S.A Inc., Çukurova Ziraat, Bharat Earth Movers, Sany Group, guangxi LiuGong Machinery, Terex, Zoomlion Heavy Industry Science and Technology, and XCMG are observed as the leading manufacturers of compact excavators in the global market. Over the forecast period, most of these players are expected to expand their businesses on the back of product development by integrating advanced excavation technologies and equipment in the vehicles.
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