The players in the compact construction equipment market are working towards harnessing these opportunities by extending their businesses of compact construction equipment in promising markets and lucrative regions. The compact construction equipment market is, therefore, expected to witness major transformations in the forthcoming years. The key players in the compact construction equipment market are approaching the market with new strategies and an improved approach to carry out their business.
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The compact construction equipment market has been showcasing new opportunities in recent times. The players in the compact construction equipment market are working towards harnessing these opportunities by extending their businesses of compact construction equipment in promising markets and lucrative regions. The compact construction equipment market is, therefore, expected to witness major transformations in the forthcoming years. The key players in the compact construction equipment market are approaching the market with new strategies and an improved approach to carry out their business.
The construction equipment industry comprises a wide range of heavy machines which perform specific tasks for various applications. Construction equipment can be classified according to the size and capability of the construction machinery. However, there have been a few changes in their classification based on design specifications and cost-effectiveness. Compact construction equipment is an emerging term used in the construction equipment industry due to its utility advantages.
Compact construction equipment is small units that are designed to work on small commercial and residential sites. The major utility factor of compact construction equipment is their versatility and ability to perform those tasks that were earlier dedicated to heavy machinery. The main advantages of compact construction equipment are that it is low cost, lightweight, and easy to transport and operate. However, there is no industry standard to specify any requirements to be met for equipment to be categorized as compact construction equipment. This categorization is more dependent on the type of application it performs in a particular sector. Generally, track loaders, excavators, backhoe loaders, skid steers, and telehandlers are classified under compact construction equipment.
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Regional Analysis:
The compact construction equipment industry has shown a robust double-digit growth rate over the past few years. The most popular category in the compact equipment market is the track loaders with the largest market share. The skid steers market is the second most attractive market and is anticipated to experience healthy growth by 2020. Decent growth has been observed in the construction equipment market in North America and Western Europe and is anticipated to grow further due to an increase in construction and repair activities. Asia is anticipated to be the largest market for compact construction equipment by 2020.
Regional analysis includes
- North America
- Latin America
- Asia Pacific
- Japan
- Western Europe
- Eastern Europe
- Middle East & Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness within the segments. The report also maps the qualitative impact of various market factors on market segments and various geographies.
The major factors driving the compact construction equipment market are an increasing preference for small-size construction equipment, affordable pricing, reliability, and improved productivity. The increasing number of new technology attachments available for compact construction equipment such as levelers, soil conditioning tools, and trenchers are also driving the growth of compact construction equipment. Also, the private user market such as sundowners or hobby farmers, and real estate developers have been contributing significantly to the increasing adoption of compact construction equipment. Volatility in fuel prices, low entry barriers, and lack of structure are the key challenges for the compact construction equipment market.
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The compact construction equipment industry thus comprises small products, can fit into smaller places, are versatile in application, and are cost-effective. Noticeable drivers of the compact construction equipment industry are mainly tied to the residential and commercial sectors. Also, rental industries are among the potential growth pockets for the compact construction equipment industry.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology, and applications. The report covers exhaustive analysis on:
Competitive Analysis:
The changing trends from pedal operation to the use of joysticks, availability of suspension seats and air conditioners at reasonable prices, are further driving growth in the compact construction equipment market. Another emerging trend is the GPS tracking system in compact equipment which is a major attraction for rental purchasers as it helps them to safeguard their machinery against theft and track its location when needed. Self-monitoring and auto shutdown are other attractive emerging trends in the compact construction market. The major players in the market are Case, JCB, Mustang, John Deere, Volvo, Ditch Witch, Gehl, Vermeer, Caterpillar, and New Holland.