Mini excavators are the most popular machines in the construction sector with a bucket, boom, and dipper mounted on a mobile platform. . These machines help in demolition, digging, landscaping, and excavating small trenches with the help of the attachments.
You can also use mini excavators for picking and placing purposes and material handling purposes. In short, you can use them for a large variety of projects in the construction sector.
Keeping in mind the higher usability and popularity of mini excavators, you must be thinking to invest in this machine. However, knowing the market growth rate is important before investing in anything. This article will highlight all the important facts and figures linked with the global mini excavator market. Continue reading!
Mini Excavators Market Research Report & Competition Analysis
When investing in any business, you always try to look for its competition rate. You have to perform a competitive analysis of the market to know about in-depth market growth factors.
Some key companies and suppliers of mini excavators are Hitachi construction machinery, Bobcat, Caterpillar, John Deere, Hyundai construction equipment co ltd, Bamford excavators, Komatsu ltd, Takeuchi, etc.
According to the mini excavators market report, it was observed in 2020 that the mini excavator market size reached $6.6 billion. It is estimated that the market growth rate will reach $10.2 billion by 2030. This progress was estimated based on a growing CAGR rate of 4.4% starting from 2021 and ending in 2030.
Instead of all this progress, the COVID-19 period hampered the global excavators market and all key industry trends.
You will also learn about the impact of covid-19 on the mini excavator market later in this article. Excavators are used for multiple projects that can be a clear reason for increased market growth. However, you can not use large excavators in all kinds of projects. Then there comes a mini excavator that helps in tackling all kinds of projects.
The versatility of compact excavators boosted the demand for mini excavators in the market. Furthermore, there has been seen an increase in development projects. People are investing more in infrastructure development that surged the demand for mini excavators. It is important to notice how the mini excavator market is segmented across the globe.
The global mini excavators market growth is found on the basis of segmentation according to size, type, region, and end user. If this is something that might be confusing you, check the table drawn as under:
Market Report Table Of Mini Excavators
|Important Aspects||Detailed Analysis|
|Key market players||Doosan Infracore co ltd, AB Volvo caterpillar inc, Hitachi construction machinery, Deere and Company, Takeuchi, Komatsu ltd, Kobe steel, Bamford excavators, Hyundai construction equipment co, etc.|
|Region||LAMEA (Latin America, Middle East, Africa)Asia Pacific (South Korea, Japan, China, India, Rest of Asia pacific)Europe (U.K, France, Germany, Rest of Europe)|
|End User||Agriculture sector, Landscaping and construction industry|
|Operating weight||Less than 4 tons, 4 to 10 tons|
|Types||Tracked mini excavators, Wheeled mini excavators.|
How Covid-19 Impacted Mini Excavators Market?
- Covid-19 has impacted a lot of businesses in different sectors across the globe. In the same way, the mini excavator industry was hampered by covid-19. It is important to note that covid-19 impacted the economy across the globe and destroyed a lot of businesses.
- Covid-19 spread to multiple regions and countries all over the world. It wreaked havoc on people’s lives as well as the whole community. Due to its rapid spread, there was a lockdown in different regions of the world. This resulted in the closing of multiple goods manufacturing industries.
- The worldwide supply chain of the mini excavator market was also disrupted due to higher restrictions on travel. All these facts show that the mini excavator market was negatively impacted due to covid-19 situations.
Which Factors Contribute To Market Growth Of Excavators?
- Easy Transportation and Cost Efficiency
- When you invest in construction equipment, you need to think about how you will transport it. It shows that the transportation of compact excavators is one of the biggest concerns.
- However, it is good to know that mini excavators are quite easy to transport and move from one place to another place.
- It is a common fact that large machinery is expensive and difficult to move from one place to another. However, this case is quite different for mini excavators. Its small size and lightweight make it easier to transport it. You can transport them easily by fitting them into a trailer or a truck.
- The best part to know is that mini excavators can swing 360 degrees even when they are still. This feature indicates that you don’t need to have large dump trucks for easy transportation of mini excavators.
- Developing countries having rapid industrialization
- China, Mexico, Brazil, and India are those countries that have emerging economies. Due to globalization, there occurred rapid industrial expansion in those countries. This is what made international suppliers and manufacturers establish warehouses and factories in those countries.
- Developing countries have various economic advantages. Therefore, different businesses are focusing on developing in those countries. The rising demand for multiple items is putting strain on logistics systems and the supply chain. As a result, you can also see a huge increase in the demand for mini excavators.
Market Restraining factors for mini excavators
- Lack of Knowledge about operating mini excavators.
- If you are working on a construction site, you must have seen different accidents and injuries due to construction sector machines. This is due to a lack of proper training and knowledge about operating your mini excavators.
- To ensure a safe environment and safe use of excavators, companies must provide proper training to their employees.
- Operating weight outlook
- It is a very common fact that mini excavators are available in multiple weights in the market. Different operating weights of mini excavators also come with different features and specifications. A user can select the operating weight that matches the most to its needs.
- Moreover, it should meet the requirements of users in terms of serviceability, affordability, and performance. A substantial revenue share was recorded for 4 to 10 tons of mini excavators in 2021. The amazing features such as large cabs, load-sensing hydraulics, and fuel-efficient operational engines are surging the growth of the mini excavator market.
- Type Outlook
- Based on the type, the mini excavator market is segmented into two main types; wheeled excavators and tracked excavators. In 2021, it was found that tracked excavators resulted in the largest revenue share in the mini excavator market. Due to the tracks, they can easily perform tasks on uneven ground surfaces.
- Regional outlook
- The regional outlook of the mini excavator market report explains that it is segmented into LAMEA, Asia Pacific, Europe, and North America. It was also found that Asia pacific is the largest contributor to the revenue share of the mini excavators market.
End user outlook
When you observe the end user outlook of the mini excavators market, you will see multiple segmentations. However, the most common sectors are the agriculture sector, landscaping, and construction sector.
Strategies Deployed In Mini Excavators Market
The mini excavator’s growth is increasing particularly due to strategies deployed in the excavators market. Different brands of mini excavators are implementing the latest features in the market that ease construction tasks. Some most popular examples are listed below:
- A fully electric mini excavator with zero emissions was invented by j c bamford excavators ltd in May 2022. This mini excavator is powered using a battery. Seeing this progress, Komatsu ltd and Volvo construction machinery also invented a fully electric mini excavator.
- Takeuchi invented a mini excavator with continuous working hours of 4 to 8 hours. However, it depends on the application as well as the environment.
- Caterpillar invented mini excavators(4-tonne, Cat 304, and 5-tonne, Cat 305 CR) with higher versatility and access to tighter spaces. These models have higher stability, performance, and balanced weight. These are next-generation mini hydraulic excavators.
- In the same way, different brands implemented different features that gave them a popular name in the mini excavators market.
What Are Mini Excavators’ Upcoming Trends In The Market?
The upcoming trend in the mini excavators market is that tracked excavators are gaining more popularity.
Which Region Is The Largest To Sell Mini Excavators?
Asia Pacific region is considered the largest region to sell mini excavators.
What Is Size Estimation Of Mini Excavators’Market?
The estimated market size of mini excavators in 2020 was $6550.5 million.
What Are Key Mini Excavator Suppliers?
AB Volvo caterpillar inc, Hyundai construction equipment co ltd, Hitachi construction machinery, Deere and Company,
Is It Reliable To Purchase A Mini Excavator From China?
Yes. China has the largest manufacturing factories to sell mini excavators. They have low prices and high-quality mini excavators. Moreover, importing mini excavators from China is also cheaper compared to other countries.
The mini excavators market is progressing every single day due to an increase in development activities across the globe. However, choosing the right manufacturer is also difficult now due to higher competition in the market. If you are looking to invest in a mini excavator, Contact Us now. We are always here to give you high-quality construction machinery.