The Compact Construction Equipment Market refers to the segment within the construction industry that deals with small-sized and versatile machines designed for various construction, landscaping, and material handling tasks. These machines are often smaller in size and more man euverable than traditional heavy construction equipment, making them suitable for work in tight spaces and urban environments.
Compact Construction Equipment Market refers to the industry that deals with the manufacturing, distribution, and sale of compact and versatile machinery used in construction, landscaping, and various other applications. Compact construction equipment includes a wide range of small to medium-sized machines designed to perform tasks typically carried out by larger, heavy machinery but with increased mobility and man euverability.
The compact construction equipment market refers is the industry that manufactures and supplies smaller-sized machinery and equipment designed for construction, landscaping, agriculture, and other related applications. These machines are often characterized by their smaller size, versatility, and maneuverability, making them suitable for tasks in tighter spaces or on projects that require efficient handling of smaller loads.
Compact construction equipment typically includes a range of machinery, such as:
Compact Excavators: Small, tracked or wheeled excavators used for digging, trenching, and material handling tasks in confined areas.
Compact Loaders: Compact wheel loaders and skid steer loaders designed for material handling, loading, and digging in limited spaces.
Compact Tractors: Small, versatile tractors equipped with various attachments for landscaping, mowing, and other tasks.
Compact Tele handlers: Compact versions of telehandlers used for lifting and material handling in construction and agriculture.
Compact Utility Vehicles: Small utility vehicles for transporting materials and personnel in construction sites and other outdoor applications.
The compact construction equipment market has been witnessing growth due to increased urbanization, infrastructure development, and the need for efficient equipment in construction and maintenance projects. Rental services for compact machinery are also common, allowing businesses to access specialized equipment without the need for significant capital investments.
Key features of compact construction equipment include their smaller size, man euverability, and versatility. They are often designed to perform tasks similar to larger heavy equipment but in tighter or urban environments where larger machines might be less practical.
According to the new report published by Allied Market Research, titled, Compact Construction Equipment Market: Global Opportunity Analysis and Industry Forecast, 2017-2023, the compact construction equipment market was valued at $6,250 million in 2016, and is expected to reach at $9,438 million by 2023, growing at a CAGR of 6.2% during the forecast period. Asia-Pacific accounted for approximately 32.0% of the market share in 2016, and is expected to witness significant growth during the forecast period.
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Compact construction equipment are small in size, highly efficient, and easy to use. They find their application majorly in the construction industry as they are easy to handle. The demand for compact construction equipment has increased, owing to increase in construction activities as well as growth in application areas in the mining and agriculture industry. In addition, technological advancements are expected to propel the market growth. However, high production cost and volatile fuel prices pose a threat to the growth of the market.
The backhoe loader in the compact construction equipment dominated the equipment segment of in 2016, with around 27.0% share, and is expected to grow at the CAGR of 5.2% during the forecast period. High demand from construction, agriculture, and mining industries drive the backhoe loader market. In terms of application, loading is expected to dominate the market throughout the analysis period. The surge in adoption of compact construction equipment in agriculture and mining industries also makes way for the growth of the others segment, which is expected to register a fastest growth with a CAGR of 7.1%. The construction industry accounted for around 38% share of the global compact construction equipment market revenue in 2016, while the agriculture industry is anticipated to grow at the highest CAGR of 6.5% during the forecast period.
In 2016, Asia-Pacific dominated the global market, owing to robust growth of construction and agriculture industry. Furthermore, presence of major players is anticipated to boost the market growth in the near future. Europe is the second leading revenue contributor to the global market and is expected to grow at an estimated CAGR of 6.4% during the forecast period.
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