Mini Excavators Market Scope
The growing economy is demanding for more residential and non-residential constructional projects, which will trigger the demand for mini excavators in the global market in the forecasted period. The mini excavators are construction equipment equipped with a dipper, boom, or bucket installed over a movable platform based on the application requirements. The excavators provide assistance in performing landscaping, excavating, demolishing, picking and placing, materials handling, and constructing activities, and others. The mini excavators have significant applications for tasks, such as landscaping, materials handling, demolishing, forestry working, snow removing, constructing, and others. Thus, based on the end-user industry, the market is broadly classified into construction, agriculture, and others.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Largest Market | North America |
Unit | Value (USD Million) |
Key Companies Profiled | Bobcat Company (United States), Caterpillar (United States), J C Bamford Excavators (United Kingdom), Deere & Company (United States), Hitachi Construction Machinery (Japan), Hyundai Motor Company (South Korea), Kobelco Construction Machinery (United States), Komatsu (Japan), Volvo Construction Equipment (Sweden), Wacker Neuson (Germany) and Yanmar (Japan) |
CAGR | 4.7% |
Prominent market participants invest heavily in R&D, which is intended to implement new features in the mini excavator market. The introduction of new technologies to their products is further fuelling the use of mini excavators among the consumers in the global mini excavator market. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Mini Excavators market throughout the predicted period.
Bobcat Company (United States), Caterpillar (United States), J C Bamford Excavators (United Kingdom), Deere & Company (United States), Hitachi Construction Machinery (Japan), Hyundai Motor Company (South Korea), Kobelco Construction Machinery (United States), Komatsu (Japan), Volvo Construction Equipment (Sweden), Wacker Neuson (Germany) and Yanmar (Japan) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are XCMG Group (China), KATO WORKS (Japan), Takeuchi Global (United States) and Manitou Americas (GEHL) (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Mini Excavators market by Type , by Application (Construction Department, Public Sector and Agriculture And Forestry) and Region with country level break-up.
On the basis of geography, the market of Mini Excavators has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
In September 2023, Komatsu Ltd. and Honda Motor Co., Ltd. have jointly developed the PC05E-1, an expanded model of the PC01E-1 electric micro excavator, with the aim of early introduction to Japanese market
In December 2023, Kubota Corporation (Head Office: Naniwa-ku, Osaka, Japan; president and representative director: Yuichi Kitao; hereinafter “Kubota”) will launch the KX038-4e electric mini excavator onto the European market in the spring of 2024. By adding an electric model to its lineup of mini excavators that are widely used for construction work in urban areas, Kubota will contribute to achieving carbon neutrality in construction work
Influencing Trend:
The growing construction industry across developing and developed countries and Increasing impetus to develop global infrastructure because of globalization and industrialization
Market Growth Drivers:
Increasing demand for robust, effective, and mobile construction equipment over heavy construction equipment and Increasing demand for fuel-efficient and environmental-friendly mini excavators
Restraints:
The lack of skilled operators and technicians
Opportunities:
High demand due to the advancements in technology have resulted in superior excavators equipment with high power output and performance capabilities and The advancements in automation and research division
Key Target Audience
Mini Excavators Manufacturers, Distributors, Suppliers, Government Regulatory Bodies, Government Research Institutes, Private Research Institutes and Others