The global compact construction equipment market is expected to register a CAGR of 3.8% from 2022-2032.
“The compact construction equipment market is projected to see significant changes in the coming years, as players in the market strive to capitalize on the opportunity by expanding their compact equipment operations into potential markets”.
The major players in the mini construction equipment market are approaching the market with new tactics and a more efficient company model. Compact construction equipment’s main advantage is its adaptability and capacity to handle tasks that were previously reserved for large machinery. The residential and commercial sectors are the primary drivers of the compact construction equipment business.
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How is the Global Compact Construction Equipment Market Classified?
“Compact construction equipment trends portends high popularity of wheeled loaders among the other equipment types.”
On the basis of type, the global compact construction equipment market can be divided into track loaders, excavators, backhoe loaders, wheeled loaders, skid steerers, and telehandlers. Among these compact construction equipment trends, sales of wheeled loaders are likely to stay on the high side as they assist in loading, unloading, and bulk material movement at construction sites.
The market can be classified into four categories based on power output: 100 HP, 101–200 HP, 201–400 HP, and >400 HP. On the basis of capacity, the market can be classified into three categories: 5L, 5L-10L, and >10L.
The construction equipment market in North America and Western Europe has been growing steadily. According to the Associated General Contractors of America (AGC), the construction market growth was 3.7 percent in August 2020, owing to an increase in residential building and construction spending. The COVID-19 pandemic has had an influence on non-residential buildings, which could have an impact on construction equipment demand in the region in the near future.
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How can Advanced Strategies Help Compact Construction Equipment Manufacturers?
“Mergers and extensions of various compact construction equipment contributors increase the industry’s sales and market worth”.
With the recent strategic supplier agreement between John Deere and Wacker Neuson, both being compact construction equipment contributors, for building compact excavators of John Deere at the factory of Wacker Neuson in China, the compact construction equipment business is expected to grow significantly. The partnership focuses on growing the distribution of compact construction equipment range in Southeast Asia, Oceania, and China.
A similar business extension was carried out by another key market player, JCB North America. A multinational compact construction equipment manufacturing company has made investments to acquire the business of their West Coast dealer, JCB of Southern California, to extend their sales for the customers throughout greater Los Angeles and the neighboring countries.
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What Factors are Contributing to the Growth of the Compact Construction Equipment Market?
“Compact size of the construction equipment, growing investments in technology, and rise in construction activities, especially towards smart city projects will contribute to adoption trends of compact construction equipment.”
Compact construction equipment’s main advantage is its adaptability and capacity to handle tasks that were previously reserved for large machinery. Compact construction equipment has several advantages, including low cost, small weight, and ease of transport and operation.
An increasing desire for small size construction equipment, low price, reliability, and increased productivity are the primary factors driving the compact construction equipment market. Compact construction equipment is also growing due to the increasing number of new technology attachments available for compact construction equipment, such as levelers, soil conditioning tools, and trenchers. In addition, private users, such as sundowners or hobby farmers, as well as real estate developers, have played a vital role in the growing usage of compact construction equipment.
The compact construction equipment market has several issues, including fuel price volatility, low entry barriers, and a lack of organization.
The changing trends from pedal operation to the use of joysticks, availability of suspension seats and air conditioners at reasonable prices, is 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 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.