The global compact construction equipment market is expected to grow at a slow 3.8% CAGR and reach a value of US$ 313.5 billion by 2032. The target market, estimated to be worth US$ 208 billion in 2021, is primarily affected by the product’s versatility and ability to manage duties previously assigned to heavy machines. Also, rising demand for small construction equipment from the residential and commercial sectors will drive the market forward throughout the forecast period.
Compact construction equipment’s low cost, light weight, ease of transportation, and operation are all factors that influence global sales. Increased productivity and dependability also contribute to the target product’s rising popularity.
The availability of a growing variety of technology attachments such as levellers, trenchers, soil conditioning tools, and others has an impact on the market for compact construction equipment. Furthermore, individual users such as sundowners, real estate developers, and hobby farmers contribute to the increasing need for compact construction equipment.
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The compact construction equipment market is further underpinned by new trends like the shift from pedal operation to the use of joysticks, the availability of suspension seats, and affordable air conditioners, among others. Incorporating a GPS tracking system in compact equipment is a significant attraction for rental purchasers as this protects their machinery against theft and enables location tracking when needed.
Other attributes like self-monitoring and auto shutdown also promote the sales of compact construction equipment. All of these considerations, along with others, foster an environment of growth for the compact construction equipment market during the forecast period.
Key Takeaways:
- The fuel price volatility, low entry barriers, and a lack of organization are factors that deter the growth of the compact construction equipment market during the assessment period.
- By type, the wheeled loaders segment will continue to gain traction during the forecast period as they assist with loading, unloading, and movement of bulk material at construction sites.
- North America and Western Europe will present steady growth in the compact construction equipment market over the upcoming years.
- Market players are tapping into new geographies with growth potential which, in turn, will contribute to the overall market growth.
Competitive Landscape
JCB, Mustang, John Deere, Volvo, Ditch Witch, Gehl, Vermee, Caterpillar, and New Holland among others are some of the key players in the compact construction equipment market profiled in the full version of the report.
Prominent market players are focusing on employing new tactics and a more effective business model. These organizations employ strategic agreements, mergers, business extensions, and partnerships to strengthen their market presence.
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More Insights into Compact Construction Equipment Market
In its latest report, FMI offers an unbiased analysis of the global compact construction equipment market, providing historical data from 2014 to 2020 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of type, power output, engine capacity, and region.
According to the same reports, based on segmentation, the wheeled loaders will dominate the type category and contribute substantially to the overall market growth. These loaders help with loading, unloading, and the movement of bulk material at construction sites. Power output and engine capacity are the two other segments that provide a comprehensive segmentation of the market.
Based on region, the compact construction equipment market in North America will present considerable growth during the assessment period. Western Europe, too, will exhibit notable growth between 2022 to 2032. This is because these two regions demonstrate an expansion of the residential building sector. Increasing expenditure in the residential and commercial construction sector and high demand from the residential and commercial construction sectors are expected to propel compact construction equipment forward in North America and Western Europe. Furthermore, growing business activities like mergers and facility expansion will likely stimulate growth in Southeast Asia, Oceania, and China among other regions.
In short, growing demand from the residential and commercial sectors, affordability and convenience offered by the product, and adaptability of the same will fuel the growth of the compact construction market during the forecast period.
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Key Segments
By Type
- Track Loaders
- Excavators
- Backhoe Loaders
- Skid Steers
- Wheel Loaders
- Telehandlers
By Power Output
- <100 HP
- 101–200 HP
- 201–400 HP
- >400 HP
By Engine Capacity
- <5L
- 5L-10L
- >10L
By Region
- North America
- Latin America
- Asia Pacific
- Japan
- Western Europe
- Eastern Europe
- Middle East & Africa
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