USD 8.9 billion
Global Mini Excavators Market Size, Share, Growth Analysis, By Type(Wheeled, and Track), By Capacity(Less than 4 tons, and more than 4 tons), By End-user(Agriculture, Construction) - Industry Forecast 2024-2031
Report ID:
SQMIG20G2052 |
Region:
Global |
Published Date: March, 2024
Pages:
157
|
Tables:
89 |
Figures:
70
Global Mini Excavators Market Insights
Global mini excavators market size was valued at USD 8.9 billion in 2022 and is poised to grow from USD 9.4 billion in 2023 to USD 14.53 billion by 2031, growing at a CAGR of 5.6% in the forecast period (2024-2031).
Mini excavators are just regular excavators with a compact size and form factor with reduced operating capacity. They are highly suitable for use in urban spaces where there is less space available for operation and it is not possible for a full-scale excavator to access. Robust growth in mining and construction industries around the world is projected to bolster the demand for mini excavators over the coming years. These machines consume less power as compared to conventional excavators while doing the work of landscaping and excavating. Portability and affordability are the key factors that are pushing the sales of mini excavators onto a global level. High investments in infrastructure development and expanding world population are also slated to benefit the demand for mini excavators in the long run.
Developing countries such as Indonesia, Brazil, India, and China are trying to maximize their economic growth by investing in infrastructure development, which is slated to create robust opportunities for mini excavator companies around the world. Integration of automation with these mini excavators is a key trend that most market players should focus on if they wish to stay relevant in the future.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Wheeled
Fastest Growth
Track
Growth Rate
5.6% CAGR
Global Mini Excavators Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Mini Excavators Market By Type ($ Bn)
Global Mini Excavators Market By Type (%)
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Global Mini Excavators Market Segmental Analysis
The global mini excavators' market is segmented based on type, capacity, end-user industry, and region. In terms of type, the market is segmented into wheeled and track. Based on end-user industry, the market is divided into agriculture, construction, forestry, and others. In capacity, the market is segmented into less than 4 tons and over 4 tons. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Type
Wheeled excavators account for a prominent chunk of global mini excavators' demand outlook across the forecast period. Wheeled mini excavators are extensively used in many applications across industry verticals, allowing them to account for a high market share. Increasing demand for construction activity in urban spaces with confined roads is estimated to uplift the adoption of wheeled mini excavators in the future. Moreover, the overall lower maintenance costs of wheeled mini excavators make them a preferred choice for construction companies around the world.
However, the demand for track mini excavators is forecasted to increase rapidly over the coming years due to increasing mining activity worldwide. Mining sites are usually located in remote areas with uneven terrains and track mini excavators are better capable of traversing this type of terrain as compared to wheeled mini excavators. Growing demand for construction in remote parts of the world is slated to bolster sales of track mini excavators across the forecast period.
Analysis by End-user Industry
Most of the mini excavators are projected to be used in the construction industry. High investments in infrastructure development by public and private institutions around the world are slated to contribute to the high market share of this segment going forward. Rapid urbanization and industrialization around the world are boosting the demand for new structures and leading to the launch of new construction projects that require robust use of construction machinery and equipment.
Meanwhile, the demand for mini excavators in agriculture and forestry industries is predicted to increase at a rapid pace across the forecast period. The growing world population is pushing governments and individuals to maximize their agricultural output, and this is estimated to promote the sales of mini excavators in agricultural applications. The rising focus on forest protection and development around the world is also slated to bolster the demand for mini excavators in the forestry industry going forward.
Global Mini Excavators Market By Type, 2022 (%)
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Global Mini Excavators Market Regional Insights
Rapidly increasing infrastructure development activity coupled with urbanization and industrialization makes the Asia Pacific regional market for mini excavators the largest one in the world. The region is home to some of the most prominent developing countries in the world and this is what allows it to account for a substantial amount of mini excavator sales. China is slated to lead the demand as well as manufacturing of mini excavators in this region with India, South Korea, and Japan emerging as other lucrative markets.
Europe is slated to account for a notable share of the global mini excavator demand over the coming years. Growing focus on energy efficiency and emission reduction in this region is slated to promote the adoption of mini excavators and other small construction equipment in the future. Increasing emphasis of European countries to reduce their carbon footprint will also contribute to rising mini excavator sales. France, Germany, and the United Kingdom are slated to be the key markets in this region going forward.
Global Mini Excavators Market By Region, 2024-2031
- Largest
- Fastest
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Global Mini Excavators Market Dynamics
Drivers
High Investments in Infrastructure Development
- Construction activity worldwide is increasing rapidly to boost economic growth and accommodate the rapidly expanding population. This is slated to be the key factor driving mini excavators market growth.
Preference for Compact Equipment
- With more construction taking place in urban settings, construction companies now prefer compact machinery to easily maneuver in urban settings and compact spaces without having to compromise on functionality.
Restraints
Dearth of Skilled Operators
- Operating a mini excavator or any heavy machinery requires trained and skilled individuals and they have been in shortage in recent years. The lack of availability of skilled operators to drive and use mini excavators is slated to slow down market growth in the future.
- Operational Limitations
Mini excavators have a limited capacity as compared to their traditional counterparts which can lift heavy loads and this could render them useless in some infrastructure operations, which could ultimately slow down mini excavators market growth as well.
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Global Mini Excavators Market Competitive Landscape
Mini excavator suppliers should focus on penning new collaboration and partnership agreements to fast-track their product development and launches. Companies can also invest in the integration of advanced technologies to improve the efficiency of their products. Smart sensors and cameras could enable the automation of mini excavators and solve the issue of a dearth of skilled operators. Market players can also focus on the electrification of mini excavators to comply with modern sustainability mandates and stringent emission regulations for heavy machinery.
Top Player’s Company Profiles
- Caterpillar Inc.
- Hyundai Construction Equipment Co., Ltd.
- Komatsu Ltd.
- XCMG
- Cukurowa Ziraat
- Terex
- JC Bamford Excavators Ltd.
- Zoomlion Heavy Industry Science and Technology
- AB Volvo
- Takeuchi Mfg Co. Ltd.
- Deere & Company
- Bobcat Company
- Hitachi Ltd.
- Kobe Steel Ltd.
Recent Developments
- CASE Construction Equipment, a renowned heavy machinery supplier based in Italy, announced the launch of two new mini excavators back in March 2023. The two new excavators are powered by battery to comply with modern sustainability mandates and preferences.
- Kubota Corporation, a Japanese supplier of heavy machinery, announced the launch of a new mini excavator. The new 8-tonne machine was launched back in June 2023.
- Tata Hitachi, a leading supplier of construction machinery based in India, announced the launch of a new excavator back in March 2023. The new machine is completely made in India and is powered by an EPA Tier II engine.
Global Mini Excavators Key Market Trends
- Electrification of Mini Excavators: The increasing adoption of electric vehicles around the world has popularized the electrification trend and heavy machinery companies are also powering their products with batteries to comply with modern sustainability mandates. Battery-powered mini excavators are the way to go if market players want to secure a good chunk of market share in the future.
Global Mini Excavators Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, a robust increase in construction activity around the world is slated to be the prime factor driving mini excavator demand on a global level. Increasing mining activity and growing use of machinery in the agriculture industry are also estimated to bolster the sales of mini excavators in the long run. However, the dearth of skilled professionals to operate mini excavators is forecasted to be a key constraint limiting market growth across the forecast period and beyond. The Asia Pacific region is predicted to account for a massive chunk of global mini excavator demand owing to high investments in infrastructure development. Electrification of heavy machinery and integration of advanced technologies are slated to be key trends that mini excavator companies should keep an eye out for in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 8.9 billion |
| Market size value in 2031 | USD 14.53 billion |
| Growth Rate | 5.6% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Mini Excavators Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Mini Excavators Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Mini Excavators Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Mini Excavators Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Mini Excavators Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Mini Excavators Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Mini Excavators Market Report Snapshots
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