The compact construction equipment market is anticipated to undergo significant changes over the next few years as competitors try to take advantage of the opportunity by expanding their operations in new markets.
The global compact construction equipment market is anticipated to expand at a sluggish CAGR of 3.8% and generate an estimated value of US$ 313.5 billion by 2032. Valued at US$ 208 billion in 2021, the target market is predominantly influenced by the product’s adaptability and capability to manage tasks that were earlier allotted to large machinery. Further, increasing demand for compact construction equipment from residential and commercial sectors will propel the market forward during the forecast period.
The low cost, small weight, ease of transportation, and operation are aspects of compact construction equipment that favorably influence the global sales of the same. Greater productivity and high reliability also aid the increasing demand for the target product.
The market for compact construction equipment is also affected by the availability of an increasing number of technological attachments like levelers, trenchers, soil conditioning tools, and others. Moreover, private users like sundowners, real estate developers, and hobby farmers also contribute to the growing demand for compact construction equipment.
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The compact construction equipment market is further underpinned by new trends like the shift from pedal operation to the use of joysticks, the availability of suspension seats, and affordable air conditioners, among others. Incorporating a GPS tracking system in compact equipment is a significant attraction for rental purchasers as this protects their machinery against theft and enables location tracking when needed.
Other attributes like self-monitoring and auto shutdown also promote the sales of compact construction equipment. All of these considerations, along with others, foster an environment of growth for the compact construction equipment market during the forecast period.
Key Takeaways:
Competitive Landscape
JCB, Mustang, John Deere, Volvo, Ditch Witch, Gehl, Vermee, Caterpillar, and New Holland among others are some of the key players in the compact construction equipment market profiled in the full version of the report.
Prominent market players are focusing on employing new tactics and a more effective business model. These organizations employ strategic agreements, mergers, business extensions, and partnerships to strengthen their market presence.
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More Insights into Compact Construction Equipment Market
In its latest report, FMI offers an unbiased analysis of the global compact construction equipment market, providing historical data from 2014 to 2020 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of type, power output, engine capacity, and region.
According to the same reports, based on segmentation, the wheeled loaders will dominate the type category and contribute substantially to the overall market growth. These loaders help with loading, unloading, and the movement of bulk material at construction sites. Power output and engine capacity are the two other segments that provide a comprehensive segmentation of the market.
Based on region, the compact construction equipment market in North America will present considerable growth during the assessment period. Western Europe, too, will exhibit notable growth between 2022 to 2032. This is because these two regions demonstrate an expansion of the residential building sector. Increasing expenditure in the residential and commercial construction sector and high demand from the residential and commercial construction sectors are expected to propel compact construction equipment forward in North America and Western Europe. Furthermore, growing business activities like mergers and facility expansion will likely stimulate growth in Southeast Asia, Oceania, and China among other regions.
In short, growing demand from the residential and commercial sectors, affordability and convenience offered by the product, and adaptability of the same will fuel the growth of the compact construction market during the forecast period.
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Key Segments
By Type
By Power Output
By Engine Capacity
By Region
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Compact Construction Equipment Market , Compact Construction Equipment Market Share , Compact Construction Equipment Market Size
Mar 07, 2023
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