With the ever-growing population and trend toward urbanization, construction is booming. This has led to an increased need for micro excavators, compact machines used for various tasks such as site leveling, trenching, and foundation work. This article will provide you with a detailed analysis of the micro excavator market in 2022. We will discuss the drivers and restraints of the market, as well as outline the key vendors and their products. By reading this article, you will have all the information you need to decide on which micro excavator to buy.
Types of Micro Excavators
The micro excavator is segmented into small, medium, and large. The small micro excavator market is projected to grow at an increased rate during the forecast period owing to highly increasing demand from development projects and infrastructure construction. Medium and large micro excavators are expected to register higher growth rates in the coming years owing to increasing needs for precision excavation in various industries, including mining, automotive, and infrastructure construction.
Micro excavators are very versatile machines that can be used for various tasks. They are popular due to their small size and ability to maneuver through tight spaces. There are three main types of micro excavators: small-scale, mini, and rotary micro excavators.
Small-scale micro excavators typically weigh less than 10 tons and have a width of just over 2 meters. They are best suited for smaller projects such as renovations or repairs. Mini micro excavators have a width of between 2 and 4 meters and weigh between 5 and 10 tons. They are perfect for larger projects such as construction or excavation on sites with irregular terrain. Rotary micro excavators have a width of up to 6 meters and a weight of up to 30 tons. They are best suited for digging large trenches or holes in hard soil or rock.
Applications of Micro Excavators
Micro Excavators are used in a range of applications, such as:
- Residential Demolition
- Commercial Construction
- Industrial demolition
- Site Preparation
- Attorney work, including inspection and site investigation
The Micro Excavator is expected to increase at a CAGR of 7.4% during the forecast period 2017-2026. The key factors contributing to this growth include increasing demand for lightweight machines, an extension of their applications, technological advancements, and increasing adoption by end users.
Market Dynamics of Micro Excavators
The Micro Excavator Market: The global micro excavator market is forecast to grow at a CAGR of 7.2% from 2016 to 2021. This growth is mainly attributed to the increasing demand for micro excavators for various applications such as infrastructure, automotive, and other industrial sectors. The major manufacturers of micro excavators include Caterpillar Inc., and Deere & Company.
Drivers of the Micro Excavator Market
The drivers of the Micro Excavator market are as follows: Growing demand for micro excavators owing to their growing popularity in various industrial sectors Increasing number of projects undertaken using micro excavators owing to their cost-effective nature Improved safety features offered by micro excavators Enhanced operating efficiency offered by micro excavators Increased adoption of miniaturized design features in micro excavators due to technological advancements.
Restraints on the Micro Excavator Market
The restraints on the market are as follows: According to the report “Global Micro Excavator Market 2017-2025”, the global micro excavator market area is expected to grow at a CAGR of 7.5% during the forecast period 2017-2025. The increasing demand for miniaturized machines and their attendant advantages in terms of portability and reduced labor costs are some of the key things driving the growth of the market.
The increasing construction activity in emerging economies such as China and India is also fuelling the growth of this market. In addition, the increasing demand from utilities and other infrastructure sectors for automated excavation services is also contributing to the growth of this market.
The major players in this market include Caterpillar, Deere & Company, Komatsu Limited, JCB Corporation, Mitsubishi Heavy Industries Ltd., Volvo Construction Equipment Sverige AB, BYD Auto Inc., Doosan Infracorp Co. Ltd., and Hitachi Construction Machinery Co., Ltd.
Regional Analysis of the Micro Excavator Market
A micro excavator is a machine used for creating underground cavities, trenches, and other small excavation works. The market for micro excavators is growing as these machines become more affordable and efficient. This report presents an in-depth analysis of the micro excavator market with respect to regions, product types, and applications.
The report covers the following regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report provides detailed information on the demand and supply of micro excavators in each region. It also analyses the key drivers influencing the market growth of micro excavators.
The report dwells extensively on the product type preferences of various end users across different regions. It also discusses the forecasted growth of the micro excavator market across different regions over the next seven years.
The micro excavator market is projected to grow at a CAGR of 7.6% during the forecast period 2017-2022. This growth can be attributed to the increasing demand for this type of equipment for various construction and mining applications.
The primary market segments that are expected to witness the highest growth in the micro excavator market are construction and mining, owing to the increasing demand for these sectors. Other notable market segments that are expected to observe significant growth include transportation, warehousing, and utilities.
Some of the key vendors in the micro excavator market are Caterpillar Inc., Doosan Heavy Industries & Construction Co., Ltd., Komatsu Ltd., KOBELCO Ltd., and Shanghai Electric Machinery Manufacturing Co., Ltd.
Market Forecast (2022)
The global micro excavator market is expected to grow at a CAGR of 7.4% during the forecast period 2022-2025. The market is highly fragmented, with players in North America, Europe, Asia Pacific, and Latin America dominant.
Asia Pacific is expected to be the fastest-growing region, with a CAGR of 11.3%. This growth can be attributed to increased demand from China and India. In Europe, the market is expected to grow at a comparatively slower rate of 5%. This can be attributed to stringent regulations governing health and safety issues as well as high equipment costs.
North America dominates the global micro excavator market accounting for over 60% share in terms of value. The U.S., owing to its large installed base of heavy equipment operators and increasing infrastructure development projects, will continue to be the major driver of this market. Other regions such as Europe and Latin America are also witnessing growth due to increased demand from construction companies across these regions.
What Are the Upcoming Trends in Mini Excavators Market in the World?
The mini excavator market is anticipated to grow at a CAGR of 7.5% from 2016 to 2021. This is mainly due to the increasing focus on sustainability and green initiatives in construction, as well as the need for lower-cost alternatives to traditional heavy machinery.
Asia Pacific will account for the largest share of the global mini excavator market during the forecast period, owing to the growth prospects in countries such as China and India. Brazil will also be a key market player in this region, owing to the growing adoption of mini excavators for small-scale excavation applications such as underground mining and infrastructure construction.
North America will continue to be the leading market for mini excavators, owing to its high demand for these machines in infrastructure and construction markets. Europe is expected to witness significant growth over the next five years, thanks to increased awareness about green building initiatives and investments in innovative technologies such as mini excavators.
Mini Excavator Market Size
One reason for the growth of the mini excavator market is the increasing popularity of construction sites, as mini excavators are able to handle smaller tasks with greater precision than traditional machines. Additionally, the increased demand for green building initiatives is another key driver of the mini excavator market.
Some of the leading vendors in the mini excavator market include Caterpillar, Komatsu, and Mitsubishi Heavy Industries. These companies are focused on providing innovative products and services that meet the needs of customers across multiple markets.
Mini Excavator Price Trends
The mini excavator market is expected to grow at a rate of 6.7% over the next five years, according to a report published by Markets and Markets. The market for mini excavators is expected to be worth $2.8 billion by 2021. The main drivers of this growth are increasing demand from the construction and mining industries, as well as increasing demand for mini excavators in the Asia Pacific.
Some of the leading manufacturers of mini excavators include Caterpillar, Komatsu, and John Deere. These manufacturers are expected to benefit from increased demand from the construction and mining industries, as well as increasing demand in Asia Pacific. In addition, technological advancements are also expected to drive growth in the mini excavator market. For example, machines that use artificial intelligence or machine learning are likely to be popular in the near future, due to their ability to improve efficiency and accuracy.
The micro excavator market is poised for growth in 2022, as the industry continues to undergo transformation and modernization. In this report, we provide an in-depth analysis of the market drivers, challenges, and opportunities that are expected to propel the market forward. We also highlight key players who are expected to benefit most from this expansion. Our analysts have conducted extensive interviews with key opinion leaders and examined a wide range of data sources to arrive at the present report. For more information, please contact us.