The mini excavator market in North America has been growing steadily over the past few years. The demand for mini excavators has been driven by the construction industry, which has been experiencing a boom due to the increasing population and urbanization. The mini excavator market has been divided into two segments, namely the rental market and the sales market. The rental market is dominated by large rental companies, while the sales market is dominated by manufacturers and dealers.
The mini excavator market in North America is expected to grow at a CAGR of 4.5% during the forecast period 2021-2026. The market is expected to reach a value of $1.45 billion by 2026. The growth of the market can be attributed to the increasing demand for mini excavators in the construction industry. The mini excavator market is also being driven by the increasing demand for compact and efficient construction equipment.
The sales market for mini excavators in North America is dominated by manufacturers and dealers. The major players in the market include Caterpillar, Deere & Company, Komatsu, Volvo, and BDI. These players have a strong presence in the market and offer a wide range of mini excavators with different features and specifications. The manufacturers are also focusing on developing new technologies and features to make their products more efficient and user-friendly.
The rental market for mini excavators in North America is dominated by large rental companies such as United Rentals, Sunbelt Rentals, and Hertz Equipment Rental. These companies offer a wide range of mini excavators for rent to construction companies and contractors. The rental market is expected to grow at a CAGR of 5.2% during the forecast period 2021-2026. The growth of the rental market can be attributed to the increasing demand for rental equipment in the construction industry.
The mini excavator market in North America is also being driven by the increasing demand for compact and efficient construction equipment. Mini excavators are compact and easy to maneuver, making them ideal for use in urban areas and small construction sites. They are also more efficient than traditional construction equipment, as they require less fuel and can be operated by a single person.
The mini excavator market in North America is expected to face some challenges during the forecast period. One of the major challenges is the increasing competition from Chinese manufacturers. Chinese manufacturers are offering low-cost mini excavators with similar features and specifications as the established players in the market. This is expected to impact the sales of mini excavators in North America.
Another challenge faced by the mini excavator market in North America is the lack of skilled operators. The operation of mini excavators requires specialized skills, and there is a shortage of skilled operators in the market. This is expected to impact the growth of the rental market, as rental companies will need to invest in training programs to attract skilled operators.
In conclusion, the mini excavator market in North America is expected to grow at a steady pace during the forecast period. The market is being driven by the increasing demand for compact and efficient construction equipment. The market is expected to face some challenges, such as increasing competition from Chinese manufacturers and the lack of skilled operators. However, the established players in the market are expected to continue to dominate the sales market, while the rental market is expected to grow due to the increasing demand for rental equipment in the construction industry.
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