New York, United States, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Excavators are a type of construction tool used on mining, industrial, and construction sites to assist with operations, including excavating, landscaping, and picking and putting. These tools have relatively low power ratings and have tiny dimensions and reliable performances compared to heavy construction equipment. The availability of modern engines and greater power capacities has made it easier to use construction equipment with smaller proportions that can fit through small openings. Micro excavators are also easier to operate, transfer from one location to another, and have superior maneuverability than more significant equipment.
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Advantages of Using Small Excavators Drive the Global Market
Mini excavators have several advantages over heavy machines in the construction and agriculture industries due to their small size and increased agility. They offer benefits like durability, portability, affordability, and simplicity of maintenance. Mini excavators have also become more popular recently due to the necessity for dependable, efficient, and tiny equipment in end-user industries, including agriculture and construction. Significant businesses are focusing on compact electric excavators. For instance, in March 2017, Deere and Company unveiled the 30G small excavator. Its 3.2-ton weight capability and hand-controlled hydraulic systems are included. These advantages are anticipated to drive market expansion in the future years.
Normative Development for Small Excavators Creates Tremendous Opportunities
Mini excavators are anticipated to create a sizable market opportunity because of their small size, strength, little maintenance needs, and zero-emission standards. Additionally, it is projected that adopting more vital emission rules will positively impact the market for micro excavators. For instance, in August 2020, Wacker Neuson, a subsidiary of Deere and Company, unveiled the new EZ17e micro excavator. It is an electric micro excavator that can operate with voltages between 100 and 415 volts. It complies with standards for minimum noise and no emissions. These circumstances would likely offer lucrative opportunities for the global market for mini excavators. Governments can create legislation and emission standards for machines with the help of standardization.
Regional Analysis
Asia-Pacific is the highest revenue contributor and is anticipated to grow at a CAGR of 6.90% over the projection period. Since infrastructure projects are frequently being created in countries like China, India, and Indonesia, the demand for mini excavators is growing. In China, India, and Southeast Asian countries, the construction industry is increasing due to a surge in infrastructure development projects. The demand for small excavators in construction, infrastructure, smart cities, road building, and housing projects is predicted to grow. Important producers in the business, including Sany India and JCB India Limited, offer mini excavators. For instance, JCB India Limited sells the JCB 50Z compact excavator.
Europe is anticipated to grow at a CAGR of 3.95% during the forecast period. Significant countries like Germany, France, the UK, Russia, and the rest of Europe are considered in a European mini excavators market study. As energy-efficient machinery, mini excavators are growing in popularity, and the emphasis on reducing carbon footprints has increased. Additionally, compact excavators may perform tasks previously only possible with extensive equipment without paying exorbitant ownership and operating costs. Significant players like AB Volvo Group and J C Bamford Excavators Ltd. offer application-specific micro excavators.
Key Highlights
- The global mini excavator market size was valued at USD 8,889.80 million in 2022. It is projected to reach USD 14,578.66 million by 2031, growing at a CAGR of 5.65% during the forecast period (2023-2031).
- Based on capacity, the global mini excavator market is bifurcated into less than 4 tons and more than 4 tons. The less than 4 tons, more than 4 tons segment is the major contributor to the market and is estimated to grow at a CAGR of 5.10% during the forecast period.
- Based on application, the global mini excavator market is bifurcated into landscaping and construction, agriculture, and others. The landscaping and construction segment is the highest contributor to the market and is estimated to boost at a CAGR of 5.10% during the forecast period.
- Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 6.90% during the forecast period.
Competitive Players
The global mini excavator market's major key players are AB Volvo Group, Caterpillar Inc, Cukurova Ziraat, Deere and Company, Hitachi Ltd, Hyundai Construction Equipment Co. Ltd, J C Bamford Excavators Ltd, Kobe Steel Ltd, Komatsu Ltd, and Takeuchi Mfg. Co Ltd.
Market News
- In February 2023, Develon (formerly Doosan Infracore), Swanee, Georgia, upgraded its compact equipment offering with the DX89R-7 mini excavator, available in the United States and Canada.
- In February 2023, Yulu and Bajaj Auto introduced 3rd-gen EVs Miracle GR and DeX GR for personal and commercial usage.
Global Mini Excavator Market: Segmentation
By Capacity
- Less than 4 tons
- More than 4 tons
By End-User Industry
- Landscaping and Construction
- Agriculture
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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