
From mid-2020, Volvo CE will begin to launch its range of electric compact excavators (EC15 to EC27) and wheel loaders (L20 to L28), stopping new diesel engine-based development of these models. Read more at oemoffhighway.com/21063694.Volvo Construction Equipment
Taking a closer look at specific regions, Fortune Business Insights highlighted Asia Pacific, anticipating it will “emerge dominant in the global construction equipment market [by 2026]… driven by the emergence of online retail facilities, availability of machinery on a rental basis, rising government investments in infrastructure development, [and a] reduction in capital investments.” Additional investments impacting the Asia Pacific region’s equipment demand growth include the Chinese government’s investment in public infrastructure and renewable energy, as well as residential construction projects. The European region, too, is anticipated to grow due to residential demand, as well as improved employment.
Yanmar ViO82 and ViO80-2BP midi-excavators, as well as the mini-excavator ViO23-6 with zero offset. For more information, to go www.oemoffhighway.com/21049452.Yanmar
Global Info Research’s compact construction equipment market report anticipates a 6.1% CAGR through 2024 from $11.500B USD in 2019 up to $16.400B USD. To read more or order the full report, go to oemoh.com/compact-GIR.
Substantiating those figures, Allied Market Research also noted a similar 6.2% CAGR for the global compact equipment market noting its growth trajectory from $6.25B USD in 2016 to $9.438B USD by 2023. Go to oemoh.com/compact-AMR to learn more and order the full report.
As vehicle electrification and automation become more widespread, this too encourages equipment owners to upgrade their existing fleet for the improved ROI of these more efficient and intelligent vehicle models. Smarter and more efficient equipment also mitigates the skilled labor shortage by allowing even novice operators to provide high productivity and effectiveness.
Kobelco Construction Machinery Europe B.V. SK75SR-7 and SK85MSR-7 midi machines. Learn more at oemoffhighway.com/21047952.Kobelco
This will also positively impact the rental market, considering compact equipment is often used in short-term projects. And, considering an infrastructure development boom could mean multiple ongoing projects, sharing of equipment may not be feasible, meaning even equipment owners will be renting additional compact units.
The market’s growth is not only due to infrastructure developments, but also the vast improvements in equipment versatility. Improvements in the function and power density encourages replacement purchases to displace two vehicles with one for reduced vehicle inventory and cost for equipment owners.
Many OEMs are focusing their research and development efforts on perfecting compact equipment performance in order to offer more robust vehicles that can perform the tasks of two, and sometimes three, pieces of equipment while at a lower price point.
The smaller size of compact equipment coupled with advanced features make the product range a no-brainer for the burgeoning urban projects in tight, congested spaces.