LOS ANGELES, Jan. 29, 2019 (GLOBE NEWSWIRE) -- According to the recently published report by QY Research, titled "Global Compact Construction Equipment Market Research Report 2018," for the forecasted period of 7-years, i.e., between 2018-2025. The global compact Construction equipment market was valued at more than US$ 10 Bn in 2017 and is likely to attain the value of more than US$ 15 Bn by the end of 2025. The global market for compact construction equipment is expected to exhibit the robust Compound Annual Growth Rate of 6.1% during the anticipated period.
The compact construction equipment is a term that is used in the industry of construction equipment. The compact construction equipment market usually comprises of heavy machines that perform specific tasks. It consists of small units that are create to work in residential and small commercial sites. The main factors such as ability to accomplish tasks and versatility that was formerly undertaken by the heavy machinery.
Global Compact Construction Equipment Market: Drivers and Restraints
The worldwide market for compact construction equipment is likely to grow at a significant rate during the forecasted period. The demand for worldwide market for compact construction equipment is growing due to the development in end-use industries such as agriculture and mining industry, and rising construction activities across the globe. Technological advances are likely to fuel the development of the market. Some of the factors such as lightweight, easy to operate and transport, and the availability of low-cost construction equipment is expected to create the positive impact on the global compact construction equipment industry in the near future. The GPS tracking system in the compact construction equipment is the major trend that is useful for the rental purchasers to safeguard their machinery against theft. This is one of the trends that boosts the progression of the market in the coming years.
However, the cost of production and fluctuation in fuel prices hampers the development of the market over the predicted period.
Global Compact Construction Equipment Market: Segmental Analysis
Based on the segments, the global market for compact construction equipment is usually segmented into by applications and product. Based on applications, the market is segmented into agriculture, construction, and mining.
On the basis of product, the market is split into Skid Steer Loaders, Mini Excavators, Compact Track Loaders, and Compact Wheel Loaders. In the year 2017, the Mini Excavators holds the largest market share.
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Global Compact Construction Equipment Market: Competitive Landscape
The key players are playing an important role in the growth of the global compact construction market with various mergers and acquisitions, new product development, expansions, and agreement. The leading companies are also involved in R&D of the new entrants of compact construction equipment.
Global Compact Construction Equipment Market: Key Players
Some of the key players functioning into the market are XCMG, Wacker Neuson SE, Caterpillar, ASV, John Deere, Hitachi, Takeuchi, Manitou, Ditch Witch, Kubota, Volvo, CNH Industrial, Komatsu, Sany, and JCB.
Worldwide market for compact construction equipment: Regional Analysis
Based on the geography, the worldwide market for compact construction equipment is usually segmented into the Asia Pacific, Europe, North America, the Middle East, and Africa, and South America. The Asia Pacific is likely to witness a significant growth during the forecasted period. Europe and China are the main regions that show a strong penetration in the global compact construction equipment market. China holds the largest consumption area of 27.75% of the market.
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