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The Business Research Company’s Mini Excavators Global Market Report 2024 offers crucial insights into the mini excavators market help businesses analyse and build stronger strategies.

Introduction

The mini excavators market has experienced significant growth in recent years and is projected to continue its upward trajectory. This article explores the factors driving this growth, the market’s future outlook, key trends, and notable technological advancements.

Recent Growth and Market Size

Strong Growth from 2023 to 2024

• Market Size Increase: The mini excavators market size grew from $7.88 billion in 2023 to $8.36 billion in 2024.
• CAGR: This represents a compound annual growth rate (CAGR) of 6.1%.
• Driving Factors: Urbanization, construction boom, increased productivity focus, utility and landscaping applications, construction site versatility, ease of transportation, and government investments in construction.

Future Outlook and Projections

Market Expansion to 2028

• Projected Growth: The market is expected to grow to $10.23 billion by 2028.
• CAGR: Anticipated growth rate of 5.2% annually.
• Key Drivers: Adoption of green construction practices, expansion of rental markets, regulatory pushes for equipment efficiency, adoption in emerging markets, and increased focus on operator comfort and safety.

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Key Trends Shaping the Market

Technological Innovations

• Electric Mini Excavators: Growing popularity due to environmental benefits and operational efficiency.
• Advanced Telematics and IoT Integration: Enhances machine monitoring and maintenance.
• Hybrid and Fuel-Efficient Models: Increased demand for cost-effective and eco-friendly options.
• Remote Control and Automation: Improves safety and operational efficiency.
• Customization: Tailoring machines for specific applications and user needs.

Construction Sector: A Major Growth Catalyst

Surge in Construction Activities

• Debris Removal and Versatility: Mini excavators are essential for debris removal in confined spaces.
• Statistics: In the UK, new construction work increased significantly by £15,380 million in 2021, driven by private housing, private infrastructure, and new public infrastructure projects.
• Impact: The rise in construction activities directly contributes to the demand for mini excavators.

Key Market Players

• Leading Companies: AB Volvo, Caterpillar Inc., Hitachi Ltd., Deere & Company, Hyundai Construction Equipment Co. Ltd., J C Bamford Excavators Ltd., Kobe Steel Ltd., Komatsu Ltd., and others.

Technological Advancements

Komatsu’s iMC 2.0 Launch

• Features: Auto grade assist, auto stop control, facing angle compass, real-time 2D and 3D mapping.
• Benefits: Enhanced precision and efficiency in excavation tasks.

Strategic Acquisitions

CNH Industrial’s Acquisition of Sampierana S.P.A

• Acquisition Details: In December 2021, CNH Industrial NV acquired 90% of Sampierana S.P.A. for $101.58 million.
• Impact: Strengthens CNH Industrial’s construction equipment portfolio, providing access to market-leading products and expertise.

Market Segmentation

By Type

• Wheeled
• Track

By Operating Weight

• Less Than 4 Tons
• 4 Tons To 10 Tons

By End User Industry

• Agriculture
• Construction
• Forestry

Regional Insights

Leading Regions

• Asia-Pacific: The largest region in the mini excavator market as of 2023.
• Western Europe: Expected to be the fastest-growing region during the forecast period.

Conclusion

The mini excavators market is poised for robust growth driven by increasing construction activities, technological advancements, and strategic industry moves. With a focus on efficiency, sustainability, and innovation, the future looks promising for mini excavators in the global construction landscape.

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The Mini Excavators Global Market Report 2024  provides a comprehensive outlook of the mini excavators market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The mini excavators market forecast offers a thorough analysis on mini excavators market size, mini excavators market share, prominent players and their strategies.

The Table Of Content For The Mini Excavators Market Include:
1. Mini Excavators Market Executive Summary
2. Mini Excavators Market Segments
3. Mini Excavators Market Size And Mini Excavators Market Growth Rate
4. Key Mini Excavators Market Trends
5. Major Mini Excavators Market Drivers
……
25. Key Mergers And Acquisitions In The Mini Excavators Market
26. Top Mini Excavators Companies
27. Mini Excavators Market Opportunities And Strategies
28. Mini Excavators Market, Conclusions And Recommendations
29. Appendix

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