Construction is one of the demanding sector for the growth and development of the economy. The compact construction equipment is majorly used for small unit projects as they are easy to handle. The compact construction equipment is experiencing a dynamic era of rapid innovation as they are majorly used in heavily populated urban environments. The compact equipment has major use in the metal and mining, construction, agriculture and forestry. As the equipment is having low maintenance there is an increasing demand for the compact construction equipment. The innovation and new technology in market is fueling the growth.
Compact construction equipment is compact and easy to handle and is capable of performing tasks faster. These are cost-effective equipment and are well suited for construction activities specifically for renovation projects. The growing construction industry and demand is fueling the growth of the market. The main driving factor for growth of the market is increasing preference for small-scale construction equipment and increasing attachments like buckets, couplers, forks, trenchers, brroms, brushcutters and others. For instance in September, 2020 Bobcat launched a new generation backhoe attachment for the company’s skid steer and compact track loader. This new backhoe attachment converts a bobcat loader into a powerful excavator, allowing to increase versatility of the machine. This attachment is about 100 kg lighter providing additional stability for the increased safety. In addition, the private sector has contributed to the increasing adaptation of compact construction equipment. However, increasing production costs, labor costs and fluctuations are hindering the growth of the market.
The exclusive COVID 19 impact analysis report by Axiom MRC provides a 3600 analysis of micro and macro-economic factors on the compact construction equipment market. In addition, complete analysis of changes on the compact construction equipment market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. Compact construction equipment’s are majorly used for renovation purpose in residential sector. The entire construction work was stopped due to COVID-19 which ultimately affected the compact construction equipment market. The manufacturing process and supply chain of compact construction equipment were also affected by Covid-19.
The compact construction equipment is segmented based on equipment type, application, end user and geography.
The compact construction equipment’s are available in different types including backhoe loader, excavator, skid steer loader, telehandle, track loader, electric construction.
Backhoe loader is expected to dominate the global compact construction market due to its significant market share and wide range of applications. The backhoe loader provides superior digging, trenching, back-filling and material handling capability. Backhoe is perfect for urban projects as well as niche applications such as utility and road work operations. The durability, compact design and efficiency of backhoe loader is boosting market growth.
The compact construction equipment’s have its application in loading, excavation, material handling, lifting & hoisting.
Compact loading equipment is specifically used to load the fragment of desired material into a conveying unit. The loading equipment helps in reducing large volume of over burden. They are selected based on characteristic and geometry of loader or shovel and trucks. Loading accounted for the highest share of the market due to increasing construction activities. Since labor is not always available these compact construction equipment’s significantly replaces the manual labor.
The compact construction equipment by end user is bifurcated into the following sectors metal & mining, construction, agriculture and forestry.
In construction, the compact construction equipment is widely used due to its light weight, low cost and easy to transport and operate nature. The construction industry is expected to hold the highest market share in the global compact construction market due to increasing infrastructure improvement projects. Urbanization is another factor responsible for the growth of construction sector. According to the survey, the regular fund flow from the central government has supported demand from National Highway Authority of India (NHAI) for rural infrastructure projects.
Geographically the global compact construction market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world
Asia Pacific is expected to grow at a significant rate in the upcoming years owing to development of infrastructure and increasing construction activities. Besides, growing population and increasing GDP is another factor driving the market growth. Presence of most populous countries in the world creates immense opportunity for construction equipment market growth. Another factor fueling the growth in the region is increasing urbanization and foreign direct investment in the emerging economies.
The major players in compact construction equipment market are Caterpillar, Inc., Hyundai Heavy Industries Co. Ltd., Jcb, Inc., John Deere, King Machinery, Komatsu, Mustang, Sany, Volvo, Xcmg, S.A. (Mustang),Ab Volvo, Deere & Company, Manitou BF, Case, Ditch Witch, Hitachi Construction Machinery Co., Ltd.
June 2020: Case construction equipment an Indian based company launched the construction industry’s fully electric backhoe loader. This electric backhoe loader has 580 EV (Electric Vehicle) concept, dubbed project zeus offering the same power and performance as diesel-powered CASE backhoe loader with zero emission and low operating cost.
The report analyses the global compact construction equipment market based on equipment type, application, end user and geography. The compact construction equipment’s are available in different types including backhoe loader, excavator, skid steer loader, telehandle, track loader, electric construction. Based on application, the market is segmented into loading, excavation, material handling, lifting & hoisting. Whereas, by end user, the market is classified into the following sectors metal & mining, construction, agriculture and forestry. Geographically the global compact construction market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world
Major players in compact construction equipment market are Caterpillar, Inc., Hyundai Heavy Industries Co. Ltd., Jcb, Inc., John Deere, King Machinery, Komatsu, Mustang, Sany, Volvo, Xcmg, S.A. (Mustang),Ab Volvo, Deere & Company, Manitou BF, Case, Ditch Witch, Hitachi Construction Machinery Co., Ltd
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