Excavation is one of the most important industrial processes in several sectors, from mining to construction to aerospace. As populations grow, developed and developing countries experience maximum utilization of physical space. As space becomes tighter, conducting excavation processes becomes a challenging task. Compact excavators have emerged as the ideal solution for digging in tight spaces. In the recent past, the trend towards miniaturization has taken hold of the automotive sector quite a bit. Commercial vehicle manufacturers are shifting towards compact vehicles. This has supplied the manufacture of compact excavators.
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Compact excavators are in constant demand for their role in performing high-level digging in confined spaces. Manufacturers are working to improve the maneuverability of compact excavators to make them easier to operate. In addition, new compact excavators coming onto the market will be equipped with advanced functions such as autonomous operability and telematics. In addition, several companies in the global compact excavator market are striving to develop compact excavators with low fuel consumption and reduced noise emissions.
However, the limited application possibilities of compact excavators due to their performance will also hinder sales in the near future. A recent report by Fact.MR forecasts that demand for compact excavators will grow sluggishly in the coming years. The report assessed that the global compact excavator market is expected to grow at a CAGR of 2.7% during the forecast period 2017-2026. By the end of 2026, 173.6 billion compact excavators will be sold worldwide. Key highlights from the below-mentioned report reveal the future prospects of compact excavator manufacture and application.
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6 forecast highlights of the global compact excavator market
By 2026, the Asia Pacific ex Japan (APEJ) region is projected to dominate the global compact excavator market with a share of more than 40% of global sales.
On the other hand, the European compact excavator market is set to grow at a CAGR of 2.8% over the forecast period, becoming the second most important high-growth market.
In 2017 and beyond, the majority of compact excavators sold in the global market will be tail swing. On the other hand, the demand for zero-swing compact excavators will gain momentum with the fastest volume growth.
By the end of 2026, almost 18 billion compact excavators sold on the world market will be powered by electric motors. Given the shortcomings of electric compact excavators in deep excavation, diesel compact excavators will remain dominant in the global market during the forecast period.
Based on operating weight it is 4000-10000 lbs. The segment is expected to be the leading segment in the global compact excavator market.
At the end of the forecast period, construction will emerge as the largest end-use industry, followed by mining and forestry & agriculture.
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The report has featured companies that are considered leaders in the manufacture of compact excavators. These include Caterpillar, Deere & Company, Hitachi Construction Machinery, Komatsu, Volvo Construction Equip., Doosan Bobcat, Inc., Yanmar Holdings Co. Ltd., JCB, Inc., Kubota Corp., Case Construction Equipment, Nagano Industry Co., Ltd., Kobelco Construction Machinery USA Inc., KATO Works, Bharat Earth Movers, ukurova Ziraat, Guangxi LiuGong Machinery, Sany Group, Terex, XCMG and Zoomlion Heavy Industry Science and Technology.
Read more trending and related stories from Fact.MR – https://www.globenewswire.com/en/news-release/2020/03/25/2006286/0/en/Electric-Vehicle-Sound-Generator-Sales -Majorly-Buoyed-by-Pedestrian-Safety-Concerns-Adoption-in-LCVs-Pegged-at-14-CAGR-by-2029-Says-a-New-Fact-MR-Study.html
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