Rockville, MD -- (SBWire) -- 12/21/2018 --According to a recent market study published by Fact.MR, the compact excavator market is likely to envisage moderate 2.8% y-o-y in 2018 over 2017. The Fact.MR study opines that, despite more rentals that purchases, the rapidly-expanding construction industry will contribute majorly to growth of the compact excavator market in coming years.
The study analyzes the important macro and microeconomic factors that are influencing demand for compact excavators and future prospects of the compact excavator market. It enlists major drivers and restraints influencing growth of the compact excavator market in the upcoming years. Some of the market dynamics featured in the report are
Applications of compact excavators in rapidly-growing mining and construction industries are the major driving force for compact excavator market.
Burgeoning trend of miniaturization in wide-ranging industrial applications complements the popularity of compact excavators.
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Recent improvements in the maneuverability of compact excavators are enabling end-users to operate with ease in confined urban applications.
Smaller operational capabilities of compact excavators limit the range of their applications, restricting growth of the compact excavator market.
High frequency of maintenance and repair cycles increase the managing cost of compact excavators, which is making a significant impact on sales, ultimately impeding growth of the compact excavator market.
A majority of industrial vehicle manufacturers are boosting the production of compact vehicles, and the trend reflects in the positive growth of the compact excavator market.
Original equipment manufacturers (OEMs) in the compact excavator market are closely monitoring dynamic trends in end-user industries and factors influencing end-users' purchasing decisions to develop appropriate business strategies.
Electric Compact Excavators Gain Momentum; Diesel Compact Excavators Witness Highest Demand
OEMs in the compact excavator market are continually introducing enhanced features, such as superior safety, better emission control, and excellent comfort, to attract a large customer base. Increasing environmental concerns and stringent emission control regulations are coaxing market players to introduce electric variants of conventionally-fuelled compact excavators.
Diesel compact excavators remain the most popular type of compact excavators as they account for over 90% sales in the market, according to the Fact.MR study. Fact.MR opines that, albeit slowly, the demand and sales of electric compact excavators will increase in the coming future.
Sensing the rise in environmental awareness and growing preference for construction equipment with lower environmental footprint, leading manufacturers in the compact excavator market are introducing electric compact excavators to capitalize on sales opportunities.
Some examples of compact excavator market players, who recently launched electric compact excavators are
Hitachi Construction Machinery Co., Ltd., a Japanese construction equipment manufacturer and a top-tiered player in the compact excavator market, recently entered a strategic agreement with KTEG Kiesel Technologie Entwicklung GmbH, a German company, to expand its electric construction machinery production in the European Union.
Volvo Construction Equipment – Volvo CE, a Swedish manufacturer of construction equipment, recently unveiled a prototype of a fully-electric compact excavator that is 10x more efficient, delivers zero emissions and 10x lower noise levels, and reduces the cost of ownership. The company is aiming to concentrate its efforts on producing quieter, cleaner, and more efficient, electric variants of compact excavators to gain momentum in the market.
Another leading manufacturer in the compact excavator market, J.C. Bamford Excavators Limited recently launched its first electric compact excavator – '19C-1 E-Tec' – with 1.9 tons capacity and three advanced lithium-ion battery packs. The company also announced that the advanced technology used to manufacture the electric compact excavator cuts the charging time in half.
Growing needs for environmentally friendly, cleaner, and quieter construction equipment, leading manufacturers in the compact excavator market are adopting advanced technologies to deliver more efficient, electric variants in the upcoming years.
Manufacturers Enter the Leasing Business as End-users Prefer Renting Compact Excavators over Purchasing
Hitachi Construction Machinery Co., Ltd. recently announced its plans to gradually foray into construction equipment rental market in North America. The company recently acquired more than 33% equity interest in ACME Lift Company ("ACME"), a leading re-rental company in North America, to strengthen its strengthen its rental business in the region.
Needs for higher capital investments and greater maintenance costs of compact excavators are the major factors bolstering the trend of renting equipment among end-users.
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Fact.MR identifies this trend gaining preeminence as a majority of leading compact excavator market players, including Hitachi Construction Machinery, Deere and Company and Caterpillar Inc., are shifting their focus on leasing compact excavators and other construction equipment. Thereby, to leverage the profitable opportunities generated by this trend, leading manufacturers in the compact excavator market are offering rental services.
The Fact.MR market study analyzes growth prospects of the compact excavator market for the assessment period 2017-2026. According to the Fact.MR study, the compact excavator market is likely to grow at a moderate volume CAGR of around 2.7% during the forecast period.
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