Allied Market Research published a report, titled, “Mini Excavators Market by End-user Industry (Construction, Agriculture, and Others) – Global Opportunity Analysis and Industry Forecast, 2018–2025.” The research offers a detailed analysis of the market based on driving forces & opportunities, major segments, top winning strategies, key market players, and competitive scenario. The report states that the global mini excavator market garnered $7.23 billion in 2017 and is expected to reach $9.77 billion by 2025, growing at a CAGR of 4.4% during the forecast period, 2018–2025.
Rise in the construction industry, characteristics such as compact size & durability related to mini excavators, and surge in demand for effective, robust, and mobile construction equipment fuel the growth in the industry. However, scarcity of skilled technicians and operators pose threats for the growth in the market. On the other hand, standardization of mini excavators would provide opportunities for the market growth.
Construction industry to dominate in terms of revenue by 2025
The study provides a detailed analysis end user segments such as agriculture, construction, and others. The construction industry contributed to nearly half of the total market share in 2017 and is estimated to lead throughout the forecast period. Moreover, this segment would register a CAGR of 3.2% from 2018 to 2025. However, the others segment, consisting of forestry, OEMs, and supply chain management, would register the fastest growth rate, registering a CAGR of 5.0% during the forecast period.
Asia-Pacific to be lucrative during the forecast period
The study provides a detailed regional analysis of the global mini excavators market for regions including North America, Europe, Asia-Pacific, and Latin America, Middle East and Africa (LAMEA). As per the report, the Asia-Pacific region contributed to nearly one-third of the total market share in terms of revenue in 2017 and is expected to maintain its leadership status throughout the forecast period, 2017–2025. This region is expected to grow at the highest CAGR of 4.9% from 2018 to 2025. It is a lucrative segment, owing to significant surge in number of construction and infrastructure projects.
Leading market players active in the market
The leading market players analyzed in the report are AB Volvo, Cukurova Ziraat, Caterpillar, Inc., Hitachi, Ltd., Deere & Company, J C Bamford Excavators, Ltd., Hyundai Construction Equipment Co., Ltd., Komatsu, Ltd., Kobe Steel, Ltd., and Takeuchi Mfg. Co., Ltd. Market players have implemented different strategies such as new product launches, expansion, mergers & acquisitions, collaborations, and others to acquire a strong position in the market.
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