According to a report by Fact MR, manufacturers of industrial vehicles are shifting towards miniaturisation and compact excavators have emerged as a potential solution for carrying out digging processes in confined spaces.
Compact excavators are witnessing a steady demand as part of high-level digging operations in cramped spaces. Manufacturers are working towards improving the manoeuvrability of compact excavators for greater operational ease. New compact excavators entering the market are being equipped with advanced functions such as autonomous operability and telematics. In addition, several companies in the global compact excavator market are striving to develop compact excavators with low fuel consumption and reduced noise emissions.
However, limited applications of compact excavators owing to their operating capacities could continue to impede their sales in the near future. A recently published report projects that the demand for compact excavators will witness a slow traction in the upcoming years. The report has assessed that during the forecast period, 2017 - 2026, the global compact excavators market will expand at a CAGR of 2.7%.
- Through 2026, the Asia-Pacific region, excluding Japan, is expected to dominate the global market by accounting for more than 40% share on sales worldwide.
- Europe’s market is poised to expand at a CAGR of 2.8% during the forecast period to become a market with high growth.
- A majority of compact excavators sold in the global market are expected to be tail swing. The demand for those with zero tail swing is expected to gain traction by registering fastest growth in terms of volume.
- By the end of 2026, fewer compact excavators sold in the global market will be powered by electric motors. With shortcomings of electric motors in deep excavations, diesel compact excavators are predicted to remain dominant in the global market over the forecast period.
- On the basis of operating weight, the 4000 – 10 000 lbs. segment is likely to represent the leading segment in the global market.
- By the end of the forecast period, construction is expected to emerge as the largest end use vertical, followed by mining and forestry & agriculture.
Read the article online at: https://www.globalminingreview.com/trade-transport/18122019/demand-for-compact-excavators-to-rise-by-2026/