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I AgreeAnalysis of Compact Excavator Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global compact excavator market is valued at US$ 8.3 billion in 2023 and is estimated to account for a revenue of US$ 12.1 billion by the end of 2033. Global demand for compact excavators is forecasted to increase at 3.8% CAGR over the next ten years.
Increasing urbanization and industrialization have led to increased demand for infrastructure development around the world and this is projected to primarily influence sales of construction equipment such as mini excavators, earthmovers, and digging machines through 2033. Growing investments in new construction projects by governments are also expected to favour market growth going forward.
Rapid population growth has resulted in an increase in confined spaces that necessitate the use of mini excavators and small excavators to carry out digging operations. The growing popularity of the miniaturization trend in the automotive industry and new launches of compact construction machines are also expected to bolster market growth.
Technological advancements in heavy equipment manufacturing and development are also anticipated to create new opportunities for established as well as incoming compact excavator manufacturers over the coming years. Contrastingly, the scarcity of skilled operators and lack of technical knowledge related to heavy machinery are expected to obstruct market development over the next ten years.
Report Attributes |
Details |
Compact Excavator Market Size (2023) |
US$ 8.3 Billion |
Projected Market Value (2033F) |
US$ 12.1 Billion |
Global Market Growth Rate (2023 to 2033) |
3.8% CAGR |
Market Share of Construction Industry (2023) |
~75% |
Zero Tail Swing Compact Excavator Demand Growth (2023 to 2033) |
2.7% CAGR |
Market Share of Diesel Compact Excavators (2023) |
~90% |
Key Companies Profiled |
|
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“Growing World Population Requiring More Construction of Spaces”
The population of humans around the world has been increasing rapidly in recent years and this trend is projected to crucially shape demand for construction equipment on a global scale. The increasing number of people around the world is propelling the demand for better housing infrastructure and the limited availability of land in certain areas is projected to bolster the use of mini excavators, compact earthmovers, and compact diggers in construction activity through 2033.
“Surging Investments in Infrastructure Development around the World”
Investments in infrastructure development have witnessed a substantial increase in recent years and this trend is projected to be a prime driver for compact excavator sales in the future. Governments around the world are funding new construction projects to fuel economic growth and strengthen their economic standing in the global landscape.
The surging population in cities, growing demand for better housing, and increasing agricultural activity are other factors that could alter the demand for mini excavators and other earth-moving equipment over the coming years.
“Unicontrol, Sodex, and Build Robotics to Potentially Transform Compact Excavator Demand”
New compact excavator companies are focusing on the development and launch of novel technologies that expand the capabilities of mini excavators and compact diggers. Upcoming compact excavator suppliers are focusing on construction equipment automation trends to compete with established companies in the global landscape.
Compact excavator start-ups are also focusing on raising new capital to finance their R&D efforts and hasten the launch of novel excavator products and solutions.
A detailed analysis of how new developments by start-ups are altering product standards, pricing trends, local supply, and safety regulations around the world has been listed in this recently revised compact excavator market research survey by Fact.MR, a market research and competitive intelligence provider.
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“Surging Demand for Housing to Bolster Market Development”
The housing shortage has been a problem in the United States for decades now and this is only expected to worsen in the near future owing to rising mortgage rates and increasing inflation in the country. High demand for housing has resulted in increased construction activity in the residential sector, which is projected to augment sales of long-reach mini excavators, mini trackhoe, micro excavators, etc.
Rising number of millennials investing in real estate, surging prices of homes, labor shortages, and towering rents are other factors that are predicted to govern demand for heavy equipment in the country throughout the forecast period. Expanding demand for electric vehicle infrastructure is also anticipated to uplift sales of mini excavators in the United States going forward.
“Robust Investments in Infrastructure Development”
Japan’s urban infrastructure is listed among the world’s best infrastructure and this makes it a highly opportune market for compact excavator suppliers. The public and private sectors of Japan are continually investing in sustainable expansion and upgradation of its infrastructure and this is what primarily bolsters demand for heavy equipment such as skid steer loaders, earthmovers, etc.
Japan, being an island, has limited land for infrastructural development, and hence, has buildings really close to each other in confined spaces where most construction equipment is hard to use. The aforementioned factor is expected to bolster the use of mini excavators, micro mini trackhoe, and compact diggers in the country over the next ten years thus creating lucrative opportunities for compact excavator suppliers.
“Rising Demand for Sustainable Construction Practices and Growing use of Electric Heavy Equipment”
Infrastructural development activities in European countries are primarily driven by the adoption of sustainable construction practices and increasing investments from governments. Stringent mandates to reduce the environmental impact of human activities and conserve the environment have led to high demand for electric construction equipment in the European region.
Subsidies and incentives for the use of electric compact excavators and electric earthmovers are also projected to uplift their sales in European countries such as Germany, France, and the United Kingdom. Surging demand for electric heavy equipment is slated to open up new windows of opportunities for established and new compact excavator providers in the European region through 2033.
“Construction Industry to Spearhead Usage of Mini Excavators”
Based on end-use vertical, the compact excavator market is segmented into construction, mining, forestry & agriculture, and others.
Increasing construction activity and rising spending on infrastructure development around the world are prime factors driving compact excavator sales in the construction industry. The launch of new commercial and residential construction projects funded by private and public sectors is also projected to contribute to high compact excavator shipments in the construction industry.
Meanwhile, demand for compact excavators in the mining industry is also expected to surge across the forecast period owing to soaring demand for minerals, ores, and metals.
Leading compact excavator manufacturers are launching new products to advance their business potential and increase their sales revenue.
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The global compact excavator market is valued at US$ 8.3 billion in 2023.
Demand for compact excavators is set to reach US$ 12.1 billion by 2033-end.
From 2023 to 2033, compact excavator demand is predicted to rise at 3.8% CAGR.
Rising investments in infrastructure development and growing automation in the construction industry are key trends in the industry.
Caterpillar, Deere & Company, Volvo Construction Equip., and Komatsu are leading compact excavator suppliers.
Asia Pacific is anticipated to account for significant sales of compact excavators over the coming years.