A recent report published Fact.MR states that, in terms of volume, the global market for compact excavators is likely to expand at a 2.7% CAGR between 2017 and 2026. More than 173.6 Bn units of compact excavators are projected to be sold worldwide by the end of 2026.
According to the report, the demand for compact excavators from both individuals and construction companies continues to rise as physical spaces become more limited. Compared with conventional excavators, compact excavators are better suited to accessing the small, crammed spaces (e.g. between buildings) that characterize a large portion of today’s digging operations.
Other factors driving the demand for compact excavators include better fuel economy and less carbon emissions, enhanced maneuverability, reduced noise and superior ease of operation. Compact excavators also have attachments that can be swapped out, a feature missing from traditional heavy duty excavators.
The report found that an overwhelming majority (roughly 75 percent) of compact excavators projected to sell in the global market during the forecast period will be used in the construction industry. The latter half of the forecast period will also see significant growth in the demand for compact excavators within the mining industry.
Tail swing compact excavators are expected to sell particularly well throughout the forecast period, while zero tail swing compact excavators are expected to experience a solid 2.8 percent CAGR in terms of volume.
With regard to motor type, analysts expect the demand for compact excavators with electric motors to flourish in the latter half of the forecast period. Meanwhile, diesel compact excavators are projected to earn a revenue share of 90 percent.
According to the report, the market’s leading manufacturers include: Hitachi Construction Machinery, Caterpillar, Deere & Company, Volvo Construction Equip., Komatsu, Yanmar Holdings Co. Ltd., Doosan Bobcat, Inc., Kubota Corp., JCB, Inc., Nagano Industry Co., Ltd., Case Construction Equipment, KATO Works, Kobelco Construction Machinery U.S.A Inc., Çukurova Ziraat, Bharat Earth Movers, Sany Group, guangxi LiuGong Machinery, Terex, Zoomlion Heavy Industry Science and Technology, and XCMG.
Read the full report here.