Growth in construction industry is the major driver for the incremented demand for compact construction equipment

PORTLAND, OR, UNITED STATES, October 21, 2021 /EINPresswire.com/ -- Increase in growing population, high economic growth, and ongoing infrastructure improvements in Asia-Pacific drive the compact construction equipment market. Furthermore, high demand for efficient, robust, portable, easy to use, and light-weight equipment for loading, material handling, and excavations in North America and Europe offers significant growth potential for the market.

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.

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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.

Key Benefits for Stakeholders

The study provides an in-depth analysis along with current & future trends to elucidate the imminent investment pockets.

Information about key drivers, restrains, and opportunities and their impact analysis on the market is provided.

Porter’s Five Forces analysis illustrates the potency of buyers and suppliers operating in the industry.

The quantitative analysis of the global market from 2016 to 2023 is provided to determine the market potential.

Key Market Players

Caterpillar, Inc.
Hyundai Heavy Industries Co. Ltd.
JCB, Inc.
John Deere
King Machinery
Komatsu
Mustang
Sany
Volvo
XCMG

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Key Market Segments

By Equipment

Backhoe Loader
Excavator
Skid Steer Loader
Telehandler
Track Loader
Others

By End-user Industry

Metals & Mining
Construction
Agriculture
Others

By Application

Loading
Excavation
Materials Handling
Lifting & Hoisting
Others

By Region

North America
Europe
Asia-Pacific
LAMEA

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David Correa
Allied Analytics LLP
+18007925285 ext.
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