Application of Compact Construction Equipment to Increase with Rise in Infrastructure Development Activities

Published On : 01 Nov 2018

The global compact construction equipment market is predicted to gain impetus due to the rise of the construction industry. Its ease of use and highly versatile nature could be primary reasons for the growing adoption of compact construction equipment. End users employ compact construction equipment since it is capable of performing multiple tasks, highly efficient, lightweight, and small in size. Moreover, it can be easily moved from one place to another.

Compact construction equipment finds application in agriculture, mining, and construction. Among these applications, construction is expected to account for a larger share of the global compact construction equipment market. In 2017, it secured an 80.17% of the demand for compact construction equipment. Rise in infrastructure development is anticipated to cause a surge in the demand for compact construction equipment in the construction industry.

The global compact construction equipment market posts a 6.1% CAGR during the forecast period 2018-2025 to attain a valuation of US$18.5 bn by the end of 2025. In 2017, the global compact construction equipment market was valued at an US$11.5 bn.

Construction Industry Sees High Usage of Mini Excavators

Vendors operating in the global compact construction equipment market offer different types of products including skid steer loaders, compact track loaders, compact wheel loaders, and mini excavators. Among these, mini excavators are foretold to account for a massive share of the global compact construction equipment market. This could be evidenced by its 40.0% share of the global compact construction equipment market collected in 2017. On the other hand, increase in the number of construction activities is projected to set the tone for valuable growth in the compact construction equipment market for loaders. Backhoe loader is one of the most popular compact construction equipment used in the construction industry.

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Investors Optimistic about Growth of Global Market

Aggressive rate of urbanization and rapid population growth are envisaged to catapult the global compact construction equipment market. However, fluctuation in fuel prices, lack of skilled labors, and high production cost could arrest the demand in the global compact construction equipment market. Nevertheless, large investments due to the optimistic belief of investors about the global compact construction equipment market are forecast to create lucrative opportunities in the near future. Investors are being encouraged to invest in the global compact construction equipment market because of increased industry profits and the recovery in global economy.

Leading companies of the global compact construction equipment market are envisioned to bank on new product launches for gaining a strong foothold in the industry. They could also adopt other strategies such as merger and acquisition, expansion, and agreement to achieve a position of strength in the global compact construction equipment market. They are expected to focus on Asia Pacific to take advantage of the rising demand for compact construction equipment in the region. Asia Pacific countries such as China could significant boost the growth of the regional compact construction equipment market.

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