The total worth of all compact construction equipment sold in 2022 was around US$ 215.9 billion. According to FMI projections, the global compact construction equipment market value could increase at a CAGR of 3.8% between 2023 and 2033. Further, the report predicts the overall valuation to reach US$ 325.4 billion by 2033.
PPP mode of business, increased industry, house building, and higher spending on infrastructure development are contributing to this market growth.
It is projected that the manufacturers’ attitude towards using contemporary technology to create cutting-edge equipment will speed up the industry’s expansion. A crucial tactic for businesses in the worldwide industry is to gain sizable market shares through mergers and consolidations.
Businesses are replacing outdated equipment with models that are familiar with cutting-edge technology like automation, IoT links, and so on. Additionally, many organisations are expanding their activities beyond their conventional setup to offer after-service to customers throughout the lives of their products.
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Key Takeaways from the Compact Construction Equipment Market Study Report
- The United States holds the lion’s share of the total revenue generated by the market globally. Owing to the adoption of better environmental regulations. The United States compact construction equipment market is poised to grow promisingly through 2033.
- Germany is the leading country for producing and selling compact construction equipment in the European region. It is projected to retain its dominant position along with the growing demand for compact construction equipment in the United Kingdom.
- China is predicted to witness a higher growth rate in manufacturing and sales of compact construction equipment in the Asia Pacific. In contrast, Japan’s share in the overall market is anticipated to decrease with the emergence of newly industrialized countries.
- With increasing public-private partnerships for industrialization and infrastructure development, the Indian market is growing remarkably.
- Given the strong demand for compact loaders from the construction industry, this segment is anticipated to retain its dominance through 2033.
Competitive Landscape for the Compact Construction Equipment Market Players
Due to emerging market competitors producing technologically advanced construction equipment, the overall market has gradually turned competitive. Leading companies supplying compact construction equipment globally include Caterpillar, JCB, Case, John Deere, and Hyster Yale.
Substantial global client bases and the rising trend in product development spending account for their hegemony. For instance, Caterpillar Inc. has widespread recognition because of its extensive client base and decades of strong market presence.
Recent Developments by the Compact Construction Equipment Manufacturing Industries
- Volvo CE is a producer of compact construction equipment. The company released a 2.5-ton battery-powered compact excavator in March 2022. The corporation anticipates that this product introduced for the Asian market can increase its sales and brand value in the global market.
- A Japanese company called Takeuchi Mfg. Co., Ltd. stated in February 2022 about releasing its TB20e product in North America. The business hopes that introducing this new electric compact excavator may improve its standing in the United States and Canada.
- A new D6 dozer with 35% greater fuel efficiency and enhanced agility compared to earlier versions was introduced by Caterpillar Inc. in November 2018. The business also consistently creates intriguing new products expected to contribute to its lucrative expansion.
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Key Segments Covered by Compact Construction Equipment Industry Survey Report
by Product Type:
- Track Loaders
- Excavators
- Backhoe Loaders
- Skid Steers
- Wheel Loaders
- Telehandlers
- Others
by Power Output:
- Less than 100 HP
- 101 HP to 200 HP
- 201HP to 400 HP
- More than 400 HP
by Engine Capacity:
- Less than 5L
- 5L to 10L
- More than 10L
by Application:
- Loading
- Excavation
- Materials Handling
- Lifting & Hoisting
- Other Applications
by End-user Verticals:
- Metals & Mining
- Construction & Real Estate
- Agriculture
- Other End Users
by Region:
- North America Market
- Latin America Market
- Europe Market
- East Asia Market
- South Asia and Pacific Market
- The Middle East and Africa (MEA) Market
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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