Compact Construction Equipment Market Analysis, Segments, Growth and Value Chain 2014 - 2020
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Construction equipment industry comprises of a wide rangeof heavy machines which
perform specific tasks for various applications. Construction equipment can be classified
according to the size and capability of the construction machinery.However, there have
been a few changes in their classification based on design specifications and cost
effectiveness. Compact construction equipment is an emerging term used in the
construction equipment industry due to its utility advantages.
Compact construction equipment are small units which are designed to work on small
commercial and residential sites. The major utility factor of compact construction
equipment is their versatility and ability to perform those tasks that were earlier
dedicated to heavy machinery. The main advantagesof compact construction equipment
are that it is low cost, light weight,and easy to transport and operate. However, there is
no industry standard to specify any requirements to be met for equipment to be
categorised as compact construction equipment.This categorisationis more dependent on
the type of application it performs in a particular sector. Generally, track loaders,
excavators, backhoe loaders, skid steers and telehandlers are classified under compact
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The compact construction equipment industry has shown a robust double digit growth
rate over the past few years. The most popular category in compact equipment market
are the track loaders with the largest market share.
Skid steers market is the second most attractive market and is anticipated to experience a
healthy growth by 2020.Decent growth has been observed in the construction
equipment market in North America and Western Europe, and is anticipated to grow
further due to an increase in construction and repair activities. Asia is anticipated to be
the largest market for compact construction equipment by 2020.
The major factors driving the compact construction equipment market are anincreasing
preference for small size construction equipment, affordable pricing, reliability, and
improved productivity. The increasing number of new technology attachments available
for compact construction equipment such as levelers, soil conditioning tools and
trenchersare also driving the growth of compact construction equipment. Also, the
private user market such as sundowners or hobby farmers, andreal estate
developershave been contributing significantly to the increasing adoption of compact
construction equipment. Volatility in fuel prices, low entry barriers and lack of structure
are the key challenges for the compact construction equipment market.
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The changing trends from pedal operation to the use of joysticks, availability of
suspension seats and air conditioners at reasonableprices,is further driving growth in
compact construction equipment market. Another emerging trend is the GPS tracking
system in compact equipment which isamajor attraction for rental purchasers as it helps
them to safeguard their machinery against theft and track its location when needed.
Self-monitoring and auto shutdown are other attractive emerging trends in compact
construction market. The major players in the market are Case, JCB, Mustang, John
Deere, Volvo, Ditch Witch,Gehl, Vermeer, Caterpillar and New Holland.
The compact construction equipment industry thus comprises products which are small,
can fit into smaller places, are versatile in application, and are cost effective. Noticeable
drivers of the compact construction equipment industry are mainly tied to the residential
and commercial sectors.Also, rental industries areamong the potential growth pockets for
the compact construction equipment industry.
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