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

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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 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. '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.'

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.

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.

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.

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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

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