Compact Excavator Market By Product Type (Tail Swing, Zero Tail Swing), By Motor Type (Electric, Diesel), By Operating Weight (Less Than 4,000 lbs, 4,000 to 10,000 lbs, More Than 10,000 lbs), By End-use Vertical & Region - Global Market Insights 2023
The global compact excavator market is valued at US$ 8.3 billion in 2023 and is estimated to account for a revenue of US$ 12.1 billion by the end of 2033. Global demand for compact excavators is forecasted to increase at 3.8% CAGR over the next ten years.
Increasing urbanization and industrialization have led to increased demand for infrastructure development around the world and this is projected to primarily influence sales of construction equipment such as mini excavators, earthmovers, and digging machines through 2033. Growing investments in new construction projects by governments are also expected to favour market growth going forward.
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Surging Housing Demand to Support Market Development
Due to rising mortgage rates and rising inflation in the US, the housing shortage has been a concern for decades and is only anticipated to get worse in the near future. Due to the increased residential building activity brought on by the high demand for housing, sales of long-reach mini excavators, mini trackholes, micro excavators, etc. are expected to expand.
Other variables that are anticipated to influence demand for heavy equipment in the nation over the course of the projection period include an increase in the number of millennials investing in real estate, rising home values, a labour shortage, and skyrocketing rents. Mini excavators are expected to see an increase in sales due to growing demand for electric car infrastructure.
Competitive Landscape:
Leading compact excavator manufacturers are launching new products to advance their business potential and increase their sales revenue.
Key Companies Profiled:
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Key Segments:
Key Questions Covered in the Compact Excavator Market Report
Regional Analysis For Compact Excavator Market:
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Jun 13, 2023