Compact Excavator Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

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Compact Excavator Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

Status : March, 2020 | Technology & Media | PPT format

Report Digest


Compact Excavator Market: Snapshot

Innovations such as dispersed age and the adjustment in buyer conduct are likewise bringing about the change of the power business. With the developing fame of microgrids, savvy matrices, and neighborhood vitality age and capacity, the power utility industry will observer extensive development in the coming years. Despite the fact that crawler excavators are the regularly utilized excavators in the power business, there is a developing use of compact excavators in the establishment and support of electric power supplies and gas transmissions attributable to their capacity to work in restricted spaces.

Here are more innovations addressed in the compact excavator market:

  • Takeuchi has just presented a half and half diesel/electric compact excavator TB216 that can lessen fuel costs without settling on execution. Correspondingly, Bobcat has additionally presented an electric excavator E10.
  • To upgrade administrator comfort and improve productivity, makers in the compact excavator market have likewise begun receiving trend setting innovations, for example, shrewd water power and telematics. Notwithstanding eco-friendliness, half breed compact uncovering hardware additionally create less clamor, which makes them perfect for tasks in encased building destinations and inward destruction applications.

Attributable to the use of compact excavators in the development of private structures, business structures, and different transportation foundation, the most extreme interest for compact uncovering gear was from the development business. Factors, for example, the immersion in private development in the US and political vulnerability in Europe will influence the compact excavator market portion of this end-client fragment in the coming years.

Compact Excavator Market: Overview 

The demand within the global market for compact excavator has been rising on account of advancements in several end-use industries. As the name suggest, compact excavators are capable of pervading narrow spaces to perform a variety of functions related to excavation, fixing, clawing, and lifting. These excavators are manoeuvred with a fuel-powered vehicle, and the excavator is attached to an elongated and flexible tentacle of the vehicle. The dexterity with which compact excavators can perform various functions in the constructions industry has given an impetus to market growth. Henceforth, it is safe to prognosticate that the global compact excavator market would expand at a stellar rate in the years to come. 

Construction activities across ancient sites call for equipments and devices that can pervade narrow spaces and delicate structures. This factor has played an integral role in the growth of the global compact excavator market in recent times. Furthermore, the need for seamless manufacturing across other industries such as automotives and electronics has also propelled demand within the global compact excavator market. There is a stellar need for movable tools and object within the constructions industry which in turn gives a boost to market demand. 

Compact excavators are agile and effective devices that help in reducing manual labour. This factor has also been a key driver of demand within the global compact excavator market. Furthermore, the presence of an ever-evolving automotive industry shall also bring in voluminous revenues into the global compact excavator market. The market for compact excavator in North America is expected to expand at a robust rate.

Following a global miniaturization trend that has invaded the automotive industry, construction equipment landscape has also been witnessing growing popularity of compact heavy equipment. Compact excavators, owing to the ability to reach narrowed spaces on construction sites, continue to witness considerable traction - compared to conventional excavators.

Excellent maneuverability, significantly low noise emission, and operational comfort are cited as the key factors driving rapid adoption of compact excavators across various end use industries, besides construction. Even the leaders in construction and other end use industries that use heavy duty vehicles, have been a part of the mass adoption of compact machinery, as ‘compact’ equipment allows companies to gain higher profit, adhering to low carbon emission owing to lesser fuel consumption.

Some of the most prominent competitors operating in the competitive landscape of global compact excavator market include -

  • Caterpillar Inc.
  • Hitachi Construction Machinery
  • Volvo Construction Equipment
  • John Deere
  • Komatsu Ltd.
  • Bobcat Company
  • Yanmar Construction Equipment Co., Ltd.
  • J C Bamford Excavators Limited (JCB)
  • Takeuchi Manufacturing

New Launches Are Flooding Compact Excavator Market

Post introduction of industry’s first-ever hybrid, dual-power compact excavator (by Takeuchi) a couple of years ago, the compact excavator market has been witnessing emergence of innovative equipment in the mini-hybrid excavators category. New product launches is projected to remain a popular strategy among leading heavy equipment manufacturers, says research. Volvo, Takeuchi, and Wacker Neuson are cited as significant innovators in compact excavator market, leading to frequent new product launches. Volvo has recently announced extension of their compact excavator fleet, specifically the E-Series, with two high performance models.

Strategic partnerships are also expected to trend in the competitive landscape of compact excavator market, and Bobcat stands as one of the most active market leaders involved in partnerships with regional players as well as component providers.

R&D Investments Are Driving Innovation in Compact Excavator Market

In addition to growing R&D efforts on extended product portfolios, prominent companies in compact excavator market are zooming in strategic focus on rental services. Caterpillar Inc. remains one of the pioneers (2016) in renting out excavators and other heavy construction equipment through offsite and on-site auctions, by signing an alliance with Ritchie Bros. Auctioneers.

Innovation of compact excavator attachments is identified to be one of the predominant areas that capture strategic interests of established construction equipment manufacturers. Bobcat Company recently updated their compact excavator attachment lineup by introduction of trenching and grading buckets, specifically for models of compact excavators E26 through E85. New attachments are meant to provide compact excavator operators with improved operability and optimize functional capabilities of compact excavators.

Bobcat Company - North America recently entered the partnership with Plug and Play, a Silicon Valley-based solid innovation startup (2018). The former through this deal is exploring opportunities in autonomous and IoT enabled solutions, with an objective to introduce a slew of technological advances in Bobcat's existing equipment portfolio. The company’s previous partnership with another startup SafeAI, the same year, was also intended to explore AI driven capabilities for heavy equipment.  

EPA’s Zero Emission Standards Are Pushing NPD in Electric Compact Excavators

According to the latest regulatory emission standards for non-road heavy duty vehicles powered by Tier 4 interim diesel engines, the US Environmental Protection Agency (EPA) mandates engine manufacturers to focus on advanced technologies for emission control. Excavators, through a niche segment, has been witnessing hefty demand over the years. OEMs are currently concentrating on developing reduced or zero emission compact excavators, i.e. electric contact excavators. Volvo VE, followed by Wacker Neuson, first introduced a fully electric compact excavator that held the promise of zero emission along with reduced noise emission and ownership costs. E-compact excavator renting is currently a growing trend in market, says research.

Global Compact Excavator Market Taxonomy

Compact Excavator Market Segmentation Based on Motor Type

  • Diesel
  • Electric

Compact Excavator Market Segmentation Based on Application

  • Residential
  • Infrastructural
  • Commercial

Market Classification by Type of Compact Excavator

  • Tail Swing
  • Zero Tail Swing

Compact Excavator Market Taxonomy on the Basis of End-user Industry

  • Construction
  • Utilities
  • Agriculture & Forestry
  • Power Systems
  • Governments & Defense
  • Others

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.

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