The Compact Construction Equipment Market has been growing rapidly in recent years, driven by increasing demand from the construction industry for versatile and efficient machines that can perform a wide range of tasks in tight spaces. Compact equipment includes mini excavators, skid steer loaders, compact track loaders, and backhoe loaders, among others. These machines are typically smaller in size than traditional construction equipment, but they offer similar capabilities and are often more maneuverable. They are used in a variety of applications, including landscaping, road construction, demolition, and general construction.
The Compact Construction Equipment Market was valued at $6,250 million in 2016, and is expected to reach at $9,438 million by 2023, growing at a CAGR of 6.2% during the forecast period.
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Top Companies
Caterpillar, Inc., JCB, Inc., John Deere, King Machinery, Komatsu, Mustang, Sany, Hyundai Heavy Industries Co. Ltd., Volvo and XCMG.
Compact construction equipment are small in size, highly efficient, and easy to use. They find their application majorly in the construction industry as they are easy to handle. The demand for compact construction equipment has increased, owing to increase in construction activities as well as growth in application areas in the mining and agriculture industry. In addition, technological advancements are expected to propel the market growth. However, high production cost and volatile fuel prices pose a threat to the growth of the market.
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The backhoe loader in the compact construction equipment dominated the equipment segment of in 2016, with around 27.0% share, and is expected to grow at the CAGR of 5.2% during the forecast period. High demand from construction, agriculture, and mining industries drive the backhoe loader market. In terms of application, loading is expected to dominate the market throughout the analysis period. The surge in adoption of compact construction equipment in agriculture and mining industries also makes way for the growth of the others segment, which is expected to register a fastest growth with a CAGR of 7.1%. The construction industry accounted for around 38% share of the global compact construction equipment market revenue in 2016, while the agriculture industry is anticipated to grow at the highest CAGR of 6.5% during the forecast period.
Owing to robust growth of construction and agriculture industry. Furthermore, presence of major players is anticipated to boost the market growth in the near future. Europe is the second leading revenue contributor to the global market and is expected to grow at an estimated CAGR of 6.4% during the forecast period.
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