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The mini excavators market size is expected to reach $9.77 billion by 2025 from $7.23 billion in 2017, growing at a CAGR of 4.4% during the forecast period (2018–2025). The excavators constitute construction equipment that provide assistance to perform excavating, landscaping, and picking and placing operations across construction, mining, and industrial sites, and others. Also, the availability of advanced engines and superior power capabilities have resulted in construction equipment with compact sizes, which are accessible across closed spaces. Thus, mini excavators are construction equipment with compact sizes, which are available in relatively low power ratings compared to heavy construction equipment. Thus, the mini excavators relocate easily from one location to another, provide better maneuverability, and are easy to operate compared to heavy equipment.
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Factors, such as growing popularity of robust and compact construction equipment, is the major factor driving the market growth of mini excavators market. In addition, the versatile benefits associated with mini excavators, such as robustness, compact sizes, alternative to heavy construction equipment, and superior maneuverability, are also anticipated to fuel the demand for mini excavators during the forecast period. Further, the significant number of ongoing construction and infrastructure development projects, especially in the Asia-Pacific region, is expected to drive the market growth of mini excavators market during the forecast period. However, lack of skilled labors, operators, and technicians is projected to hinder the market growth throughout the forecast period. Opportunities, such as fast-growing economies and rapid urbanization across the Asian and African regions, are expected to provide profitable business opportunities for the mini excavators market.
The global mini excavators market is segmented into end-user industry and region. Based on end-user industry, the market is broadly categorized into construction, agriculture, and others. Moreover, to gather further insights, the market is further divided by region namely, North America, Europe, Asia-Pacific, and LAMEA.
Currently, the global mini excavators market is dominated by some key players, such as AB Volvo, Caterpillar, Inc., Çukurova Ziraat, Deere & Company, Hitachi, Ltd., Hyundai Construction Equipment Co., Ltd., J C Bamford Excavators, Ltd., Kobe Steel, Ltd., Komatsu, Ltd., Takeuchi Mfg. Co., Ltd., and other players.
KEY BENEFITS FOR STAKEHOLDERS
The study provides an in-depth analysis of the global mini excavators market and current and future trends to elucidate the imminent investment pockets. The information about key drivers, restraints, and opportunities and their impact analysis on the market size is provided. Porter’s Five Forces analysis illustrates the potency of buyers and suppliers operating in the industry. The quantitative analysis of the global market from 2017 to 2025 is provided to determine the market potential.