Why Compact Construction Equipment sector is expected to fetch demand in market by 2023?

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.. says report.

The Compact Construction Equipment report on Global Opportunity Analysis and Industry Forecast, 2017-2023 published by Industry experts and Analysts says, that 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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Asia-Pacific accounted for approximately 32.0% of the market share in 2016, and is expected to witness significant growth during the forecast period. These construction equipment prove to be small in size, highly efficient and easily usable. Owing to increase in construction activities as well as growth in application areas in the mining and agriculture industry, there is no doubt these equipment will be instrumental and have significant demand.

Rise in population and rapid urbanization further contribute to the developing construction industry. This in turn boosts the demand for compact construction equipment. Adoption of technology in construction has also been a parameter to propel the construction equipment market growth.

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Considering the backhoe loader in the compact construction equipment dominated the equipment segment of in 2016, with around 27.0% share, and is expected to grow at the CAGR of 5.2% during the forecast period. High demand from construction, agriculture, and mining industries drive the backhoe loader market.

Key notes 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.

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The key players profiled in this study constitute,

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

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