The market for compact construction equipment is projected to grow at an annual rate of 5.1%, according to new research from ResearchAndMarkets.com.
The group says that the market will grow from $39.5 billion this year to $56.1 billion in 2032. Fuel for growth comes from “continuously increasing government and private investments in residential, non-residential, and commercial sectors in Asian and North American countries,” according to “Compact Construction Equipment Market by Type (Excavator, Loader, Skid Steer, Track Loader, Compactor, Telehandler), Propulsion, Power Output, Engine Capacity, Function, Electric Construction Equipment, Battery Chemistry, & Region - Global Forecast to 2032.”
The group suggests that demand will be boosted because compact equipment has led the implementation of electrification.
