Home Automotive and Transportation What is the market trend for mini excavators? - Straits Research

Mini Excavator Market

Mini Excavator Market Size, Share & Trends Analysis Report By Capacity (Less than 4 tons, More than 4 tons), By End-User Industry (Landscaping and Construction, Agriculture, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Report Code: SRAT54132DR
Study Period 2020-2032 CAGR 5.65%
Historical Period 2020-2022 Forecast Period 2024-2032
Base Year 2023 Base Year Market Size USD 9.34 billion
Forecast Year 2032 Forecast Year Market Size USD 15.31 billion
Largest Market Asia Pacific Fastest Growing Market Europe
The sample report only takes 30 secs to download, no need to wait longer.

Market Overview

The global mini excavator market revenue was valued at USD 9.34 billion in 2023. It is expected to reach USD 15.31 billion in 2032, growing at a CAGR of 5.65% over the forecast period (2024-32). Rapid urbanization, especially in emerging economies, is driving the demand for mini excavators. These machines are essential for various construction activities such as building residential complexes, commercial spaces, and infrastructure projects like roads and bridges.

Excavators are a type of construction tool used on industrial, mining, and construction sites to help with digging, landscaping, and picking and putting tasks. Compared to heavy construction equipment, the types of equipment are available with relatively low power ratings and have small proportions and durable performances. The usage of construction equipment with compact sizes that is accessible through confined locations has been facilitated by the availability of modern engines and superior power capabilities. In addition, compared to big machinery, micro excavators are simple to operate, easy to move from one place to another, and offer better maneuverability.

Top 3 Key Highlights

  • More than 4 tons dominate the capacity segment
  • Landscaping and construction dominate the end-user industry segment
  • Asia-Pacific is the most significant shareholder in the global market

Market Dynamics

Market Drivers

Advantages of Using Small Excavators

Due to their small size and improved agility, mini excavators have many advantages over heavy machinery in the construction and agricultural industries. They offer qualities including robustness, portability, affordability, and ease of maintenance. Additionally, the need for reliable, effective, and small equipment in end-user industries like agriculture and construction has resulted in a rise in the use of mini excavators in recent years.Significant companies are concentrating on small electric excavators. For instance, Deere and Company introduced the 30G compact excavator in March 2017. It contains hand-controlled hydraulic systems and a 3.2-ton weight capacity. These benefits are projected to fuel market expansion in the upcoming years.

Expanding Global Infrastructure and Development Initiatives

The mini excavators market is expected to rise due to critical companies launching new products and increasing disposable income among individuals. Additionally, a rise in government spending on new development is predicted to boost market expansion. The industry is anticipated to grow due to an increase in the building of highways, apartment buildings, and infrastructure, particularly in developing nations like China, India, Africa, and Bangladesh.

Market Restraint

Shortage of Adequately Trained and Qualified Operators and Technicians

The absence of knowledgeable operators and technicians in developing countries is the most significant barrier that retrains presents to expanding the market for micro excavators. This deficiency in skilled laborers has a deleterious effect on the expansion of the market. In addition, it is projected that excavators equipped with contemporary technologies, such as remote-operated and sensor-based micro excavators, will incur significant maintenance costs, which will, in turn, constrain the market expansion.

Market Opportunities

Normative Development for Small Excavators

Due to their tiny size, durability, low maintenance requirements, and zero-emission norms, mini excavators are expected to open up lucrative market potential. Furthermore, the market for micro excavators is anticipated to benefit significantly from introducing stricter emission requirements. For instance, a new EZ17e micro excavator was introduced by Wacker Neuson, a Deere and Company affiliate, in August 2020. It is an electric micro excavator that can run off voltages ranging from 100 to 415. It meets norms for zero emissions and low noise. These situations are anticipated to present profitable chances for the market for micro excavators worldwide. Additionally, standardization aids governments in formulating emission standards and legislation for the machinery.

Technological Progress

Modern goods like driverless mini excavators, sensor-enabled mini excavators, and remote-controlled mini excavators have been created by critical companies. Due to the profitability of autonomous micro excavators, large firms have also seen significant rivalry. Major firms are also concentrating on creating remote controllers for micro excavators. For instance, Stanley Black and Decker, Inc. created a remote controller for compact excavators in March 2019. It has a remote operational control (ROC) technology that enables the remote operation of small and large construction machinery. It can be installed in around 5 hours, even with some mechanical knowledge.

Regional Analysis

The global mini excavator market is bifurcated into four regions: North America, Europe, Asia-Pacific, and LAMEA. 

Asia-Pacific's mini excavator industry is the most significant revenue contributor and is expected to grow at a CAGR of 6.90% during the forecast period. The market for small excavators is expanding since infrastructure projects are often built in nations like China, India, and Indonesia. Due to increased infrastructure development projects, the construction industry is proliferating in China, India, and Southeast Asian countries. The mini excavators market is expected to increase due to rising demand in real estate, infrastructure, smart cities, road building, and housing projects. Mini excavators are offered in the industry by significant manufacturers like Sany India and JCB India Limited. For example, JCB India Limited sells compact excavator JCB 50Z.

Europe is expected to grow at a CAGR of 3.95% during the forecast period. Significant nations, including Germany, France, the UK, Russia, and the rest of Europe, are considered in an analysis of the European mini excavators market. Mini excavators are becoming more popular as energy-efficient equipment, and the focus on lowering carbon footprints has become more prevalent. Additionally, compact excavators can do duties previously reserved for heavy machinery without incurring a high cost of ownership and operation. Major players, including AB Volvo Group and J C Bamford Excavators Ltd, offer application-specific mini excavators.

North America is a significant marketplace for micro excavators. Micro excavators' resilience, high efficiency, and compactness have increased demand in North America. Mini excavators are significantly more affordable than heavy excavators, encouraging their use. The need for micro excavators is also anticipated to be driven by the high labor cost and the rise in demand for durable, compact equipment to replace colossal machinery. The market for micro excavators in North America is also predicted to develop as demand for residential and commercial structures rises.

LAMEA comprises Latin America and the Middle East and Africa. The market for micro excavators is expanding in LAMEA due to the expansion of construction-related activities. An increase in Middle Eastern tourism and gulf country infrastructure development expenditures fuels the demand for mini excavators. Due to many ongoing infrastructure and development projects in the Middle East, the mini excavators market in LAMEA has grown recently. Moreover, the need for infrastructure development projects has increased due to fast-growing economies like Africa. As a result, the demand for portable, sturdy, and small equipment has surged in African nations. Additionally, elements including decreased operating costs, ruggedness, a need for less space, and fuel efficiency are anticipated to support market expansion.


Report Scope

Report Metric Details
By Capacity
  1. Less than 4 tons
  2. More than 4 tons
By End-User Industry
  1. Landscaping and Construction
  2. Agriculture
  3. Others
Company Profiles AB Volvo Group Caterpillar Inc Cukurova Ziraat Deere and Company Hitachi Ltd Hyundai Construction Equipment Co. Ltd J C Bamford Excavators Ltd Kobe Steel Ltd Komatsu Ltd Takeuchi Mfg. Co Ltd.
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Need a Custom Report?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports

Segmental Analysis

The global mini excavator market is segmented by capacity and application.

Based on capacity, the global mini excavator market is bifurcated into less than 4 tons and more than 4 tons. The more than 4 tons segment is the major contributor to the market and is estimated to grow at a CAGR of 5.10% during the forecast period. Mini excavators that weigh more than 4 tonnes are frequently employed in industries like mining, building, agriculture, road and highway construction, and construction. They have powerful engines, easy portability, and high digging performance. More than 4 tonnes of micro excavators are available from major suppliers, including J C Bamford Excavators and Komatsu Ltd. The expansion of building construction is anticipated to increase demand for tiny or compact excavators and fuel market growth for mini excavators worldwide. Increasing building investments and population growth would likely create profitable market prospects.

Mini excavators under 4 tonnes are employed in digging, building, landscaping, and agriculture. These excavators are more compact and can carry less weight. Significant companies like AB Volvo Group and J C Bamford Excavators provide micro excavators that weigh less than 4 tonnes. Mini excavators under 4 tonnes are frequently employed for tasks like building and gardening. Additionally, as micro-construction equipment is necessary for construction operations, the increase in investment in developing residential properties and its need is projected to fuel market expansion over the coming years.

Based on application, the global mini excavator market is bifurcated into landscaping and construction, agriculture, and others. The landscaping and construction segment owns the highest market and is estimated to boost at a CAGR of 5.10% during the forecast period. Building construction, maintenance, and repair are all actions carried out by the landscaping and construction sector. It also involves drilling, digging, land exploration, landscaping, and developing commercial and industrial structures, highways, and bridges. In intimate metropolitan settings, the renovation or building of infrastructure can be challenging with heavy machinery and equipment. Mini excavators can be employed since they have excellent maneuverability, are lightweight, and are simple to move from one site to another. These features are projected to accelerate the uptake of this machinery in the building business. 

Agriculture includes cultivating land, growing crops, feeding animals, breeding livestock, farming, and landscaping. Due to space restrictions and fuel efficiency, mini excavators are used in agriculture. The use of micro excavators to boost agricultural production efficiency is anticipated to fuel market expansion. Mini excavators, for instance, can be employed in the farming industry to carry out excavation, landscaping, and dumping. Additionally, it offers quick fixes for labor- and tool-intensive operations that take a lot of time. The usage of micro excavators in agriculture dramatically reduces the amount of time needed for harvesting, increasing production efficiency and saving both time and labor costs.

Due to their small size, flexibility, and durability, mini excavators have many uses in other industries. For instance, they help with lifting, loading, dumping, and excavation. They are utilized in logistics and supply chain management of warehouses, forestry, and materials handling at ports and OEMs (original equipment manufacturers). The forestry and road construction sectors are included in the others category. The art of developing, managing, and conserving wood resources is the focus of the forestry sector. Takeuchi Mfg. Co Ltd., Caterpillar Inc., and Kobe Steel Ltd. are a few companies that provide these goods.

Market Size By Capacity

Market Size By Capacity
  • Less than 4 tons
  • More than 4 tons
  • Recent Developments

    • June 2024 - The introduction of a new mini excavator, the DX17Z-7, by DEVELON. This mini excavator is designed to meet the needs of operators who require a machine that can easily maneuver in tight workspaces. Key features of the DX17Z-7 include its compact size, a retractable undercarriage, and a collapsible dozer blade, which allow it to operate efficiently in narrow pathways and tight corners.
    • February 2024 - JCB introduced two new machines to its wide range of offerings. The 3TE dumper and the 26 C-1 compact excavator are the new versions. A weight gap in the JCB machine range is filled by the 26 C-1, a 2.5-ton small excavator.

    Key Players

    Mini Excavator Market Share of Key Players

    Mini Excavator Market Share of Key Players
    AB Volvo Group Caterpillar Inc Cukurova Ziraat Deere and Company Hitachi Ltd Hyundai Construction Equipment Co. Ltd J C Bamford Excavators Ltd Kobe Steel Ltd Komatsu Ltd Takeuchi Mfg. Co Ltd. Others

    Frequently Asked Questions (FAQs)

    What is the estimated growth rate (CAGR) of the global mini excavator market?
    The global mini excavator market was valued at USD 9.34 billion in 2023. It is expected to reach USD 15.31 billion in 2032, growing at a CAGR of 5.65% over the forecast period (2024-32).
    Europe has the largest share of the mini excavator market.
    The advantages of using small excavators and expanding global infrastructure and development initiatives are the key drivers for the growth of the mini excavator market.
    Normative development for small excavators and technological progress are the trends in the mini excavator market.
    The key players in the global mini excavator market include AB Volvo Group, Caterpillar Inc, Cukurova Ziraat, Deere and Company, Hitachi Ltd, Hyundai Construction Equipment Co. Ltd, J C Bamford Excavators Ltd, Kobe Steel Ltd, Komatsu Ltd, and Takeuchi Mfg. Co Ltd.

    We are featured on :