Compact Excavator Market Increasing Demand with Leading Player, Comprehensive Analysis, Forecast 2028
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.
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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
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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
Compact Excavator Market Segmentation Based on Application
Market Classification by Type of Compact Excavator
- Tail Swing
- Zero Tail Swing
Compact Excavator Market Taxonomy on the Basis of End-user Industry
- Agriculture & Forestry
- Power Systems
- Governments & Defense
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