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Forecast Period
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2018-2028
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Market Size (2022)
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USD 3588.97 Thousands
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CAGR (2023-2028)
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18.96%
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Fastest Growing Segment
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Construction
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Largest Market
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Larnaca
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Market Overview
Cyprus Mini Front-Load Shovel Loaders & Mini
Excavators Market is projected to grow at 18.96% in coming years due to
increasing infrastructure projects and waste management activities in the
country. Loaders and diggers are mainly used in construction and agriculture
sectors for various purposes. However, large excavators are not suitable for
performing small scale tasks. Mini front end shovel loader and excavator can
perform these tasks easily and cost-effectively. This is likely to drive the
global mini loader and excavator market growth. The rise in demand for mini excavators
due to the growth of the construction sector is expected to drive the growth of
global mini excavator’s market. The increase in population has also led to an
increase in demand in the agriculture sector, which will positively affect the
growth of the mini front end shovel loader market. Mini loaders and excavators
are available in a wide variety of sizes and various lifting capacities. Mini
excavators are widely used for small-scale tasks such as digging small trenches
and pits, handling light loads, maintaining the land surface, etc. Advance
battery technologies have made it easier to own and operate mini excavator.
Latest generation mini excavators have been developed with the help of
integration of cameras or other spatial sensors, which reduces the burden.
Mini excavators are a type of construction
equipment that are equipped with a dipper, boom or bucket that is mounted on a
mobile platform, depending on the application. These excavators are used to
carry out a variety of tasks, such as landscaping, excavation, demolition, pick
& place, material handling, construction activities, and more.
Additionally, mini excavators can be used to complete labor-intensive tasks, or
to carry out works that were previously done with heavy construction equipment.
Furthermore, the Cyprus market for mini front load shovel loaders and mini
excavator is expected to experience significant growth in the near future.
Advancements in battery technologies have made it easier to own and operate
mini excavators. Furthermore, the integration of cameras and other spatial
sensors has led to the development of new generations of mini excavators that
reduce the burden on the operator.
Key Market Drivers
Emission Regulation Scenario
The construction sector has been a major contributor
to the growth of the Cyprus Mini Front Load Shovel Loader and Mini Excavator
Market, as numerous infrastructure projects have been initiated. Numerous
industries, such as food and beverage and retail, as well as healthcare and
automotive, are investing in developing in developing economies due to the
various economic benefits. This is leading to an increase in the demand of
these items, which in turn is impacting the supply chain and logistical
systems. Automated warehouses are becoming increasingly popular in various
industries, which in turn has led to an increase in excavator demand.
Consequently, the demand of mini front loaders and excavators has seen a
significant increase in the past few years. With the combination of these
benefits and the advancement of fuel additives, the overall Cypriot Mini Front
Loader and mini excavator Market is expected to continue to expand at a rapid
rate in the coming years.
Increasing Infrastructure Development
With the initiation of numerous infrastructure
undertakings, the construction industry assumes a pivotal role in propelling
the requirement for mini front load shovel loaders and mini excavators within
the Cyprus market. An illustration of this influence is the Alexandroupolis
Avenue construction project in Strovolos, allocated a budget of USD 13.1
million spanning from 2023 to 2025. Furthermore, the expansion of the Glafkos
Cleridis Avenue in Aglandza, encompassing a budget of USD 2.72 million, and the
reconstruction of the Polis Shopping Center with a financial allocation of USD
3.5 million, further underscore this trend. Consequently, the call for mini
front load shovel loaders and mini excavators in Cyprus has demonstrated a
marked upswing.
Rising Real Estate Projects
Moreover, the expanding scope of real estate
ventures amplifies the requisition for mini front load shovel loaders and mini
excavators within the marketplace. With the issuance of new construction
permits having surged by over two-fold in the past seven years since the
aftermath of the 2013 global financial crisis, the market's trajectory is
poised for continued growth in the forthcoming years. A notable example is the
Neapolis Smart EcoCity, an unprecedented initiative in Cyprus, offering
abundant prospects within the nation's extensive green zones. This overarching
trend accentuates the need for more streamlined machinery to execute tasks with
heightened efficiency in landscaping, material handling, utility operations,
and similar undertakings within urban locales.
Cyprus boasts a substantial agricultural sector, a
cornerstone of its economy, where the utilization of shovel loaders and
excavators stands as a pivotal means to elevate production efficiency. With
over a third of the island's land being subject to irrigation practices, the
influence of these machines extends profoundly. This agricultural prominence is
particularly evident across regions like the Mesaoria Plain and the peripheries
of Paphos, situated in the southwestern expanse of the island. The multifaceted
roles of shovel loaders and excavators within this context encompass an array
of essential functions. These machines are harnessed for a diverse range of
tasks, spanning from the lifting of materials to loading and transportation
activities. Additionally, they facilitate the crucial process of handling crop
residues, a pivotal aspect of sustainable and effective agricultural
management. The significance of these applications reverberates across the
agricultural landscape, contributing significantly to the growing prevalence of
mini front load shovel loaders and mini excavators within the market.
The compelling reliance on these compact machinery
finds its root in their unmatched utility. The dynamic terrain and varied
agricultural practices demand equipment that is not only versatile but also
tailored to navigate the specific demands of the agricultural landscape. Shovel
loaders and excavators, especially their mini iterations, prove to be pivotal
in fulfilling these requisites, offering maneuverability, precision, and efficiency
in tasks ranging from material movement to residue management. This pervasive
penetration of mini front load shovel loaders and mini excavators within the
Cyprus agricultural domain underscores their pivotal role in shaping the
country's agribusiness landscape. As Cyprus continues to uphold its
agricultural heritage and strives for elevated productivity, the symbiotic
relationship between these machines and the industry is poised to thrive,
fostering sustainable growth and technological advancement within the
agricultural sector.
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Key Market Challenges
Increasing Popularity of Alternate Fuels
One of the biggest causes of injury, death, and
accidents at job-site sites is a lack of crane operators' training. Mini excavators
can come into contact with electrical lines, so they need to be cleared from
the wires and verified from sources like government electrical safety
instructions. Technological progress is being held back because people don't
know how to use load signaling systems, which means accidents are more likely
to happen due to falling loads. Companies need to invest more time and money
into training their employees to get the most out of their mini excavators.
Economic Uncertainty
The demand for mini front load shovel loaders and
mini excavators in Cyprus is affected by economic uncertainty and fluctuations.
Recently, the Cypriot economy was impacted by the COVID-19 pandemic and the
lockdowns, as well as the halt in several infrastructure projects. This reduction
in usage of mini front load shovel loaders and excavators has had an impact on
the overall market. Additionally, the ongoing Russia and Ukraine war is also
affecting the market, leading to increased inflation and delays in the delivery
of mini front load shovel loaders and mini excavators. All of these factors are
slowing down the development of the market.
Limited Supply and Lack of Skilled Workforce
In Cyprus, the consistent rise in demand for mini
front load shovel loaders and mini excavator machinery is encountering a
significant challenge. This challenge arises from a shortage of skilled labor
and insufficient after-sales service, hindering the availability of these
machines. Moreover, inadequate operational oversight has contributed to a decline
in import operations and a rise in potential safety hazards, consequently
impeding the overall progress. Furthermore, the constrained movement of
materials, including limitations on waste management and raw material
transportation, has caused a reduction in the supply of mini front load shovel
loaders and mini excavators. Consequently, this has further dampened the pace
of market expansion.
Key Market Trends
Increasing Demand for Improved Fuel Efficiency
Cyprus is experiencing a surge in the rental sector,
with a large number of agricultural and infrastructure companies opting for
Mini Front Load Shoe Loaders and Mini Excavators for their requirements. The
rental industry is not limited to the construction machinery & equipment
sector but can be used to reduce fixed costs and increase sustainability for a
variety of clients and industries. Furthermore, the rental model is
straightforward and eco-friendly, as it minimizes the environmental impact of
equipment. Furthermore, renting can significantly reduce operating costs, thus
increasing its use in a range of industries. Furthermore, digitization enables
rental companies to improve customer service, resulting in an increase in fleet
size, which in turn increases the demand for Mini Front Load Shoe loaders &
Mini Excavators on the market. This is expected to contribute to the growth of
the fuel additives in the United States in the near future.
Increasing Rental Services
Cyprus is experiencing a notable upsurge in the
utilization of rental equipment, as numerous agricultural and infrastructure
enterprises are opting for mini front load shovel loaders and mini excavators
to fulfill their requirements. This trend goes beyond the realm of construction
machinery and equipment, offering assistance to a diverse range of customers
and industries in curbing their fixed expenses while simultaneously enhancing
their eco-friendliness. Additionally, the practice of renting presents a direct
and environmentally conscious approach that mitigates the equipment's ecological
footprint. Furthermore, the act of renting substantially diminishes the
operational expenses tied to equipment, thereby amplifying its adoption across
a wide spectrum of industries. Furthermore, the process of digitization is
empowering rental companies to elevate their customer service, subsequently
augmenting their inventory size and consequently spurring the demand for mini
front load shovel loaders and mini excavators within the market.
Equipment Utilization and Customization
With the progression of technology across diverse
industries, there is a growing requirement for project delivery approaches that
are adaptable and versatile. The usage of mini front load shovel loaders and
mini excavators’ hinges on a range of factors. These encompass the specific
industrial sector, the degree of infrastructure advancement, the complexity and
nature of the project, compatibility with other attachments, the presence of
skilled labor, and prevailing economic conditions. This equipment find application
not only in construction projects for infrastructure and buildings, but also
across various domains like mining, agriculture, prefabrication of housing, and
real estate. Furthermore, the extensive spectrum of applications spanning
multiple industries is anticipated to drive the market growth for mini front
load shovel loaders and mini excavators in Cyprus.
Segmental Insights
Application Insights
Based on application, the Others segment, which
includes Agriculture, Recycling & Waste Management, is the dominating
segment with a majority share in the Cyprus Mini Front Load Shovel Loaders
Market in 2022. It is expected to grow at a CAGR of around 18% by 2028. On the
other hand, the Construction segment is dominating in the Cyprus Mini
Excavators Market with a market share of more than 70% and is expected to
exhibit a CAGR of around 18% by 2028.
Mini excavators and loaders are used in various
industries for lifting, digging, and loading. There are many upcoming projects
expected to increase the demand for mini front shovel loaders and mini
excavators in Cyprus. For example, the construction of the Alexandroupolis
Avenue, Strovolos, with a total cost of Euro12 million (USD13.09 million), and
the Expansion/Improvement of the Avenue in Evagoros, Lanitis, Limassol, with a
cost of Euro8 million (USD8.72 million), which is expected to start in December
2023. Additionally, collaborating and working with local dealers can help
construction equipment businesses grow at a faster pace. Companies can increase
their sales of mini excavators in the Cypriot market by offering multiple
models with different specifications to attract more customers.
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Regional Insights
In 2022, the Nicosia accounted for the largest
share of around 40 % in the Cyprus Mini Front Load Shovel Loaders Market and
Cyprus Mini Excavators Market respectively owing to increasing demand from
recycling and agricultural industry. Mini front load shovel loaders and mini
excavators' market grew in the Nicosia region with a compound annual growth
rate (CAGR) of 56.51% and 44.22 % in terms of volume respectively in 2022 and
are expected to grow at more than 16.47% and 18.31% CAGR in the forecast
period. Additionally, Construction equipment demand is also increasing due to
several ongoing projects in Cyprus, such as the Expansion/improvement of
Larnaca- Dhekelia Coastal road-Phase C at a cost of Euro17.7 million (USD19.31
million) and the revival of the old town of Nicosia at a cost of Euro12 million
(USD13.09 million). Many Investors are showing interest in buying a property
and developing the industrial area of Nicosia and nearby region. Companies in
the above market should focus on expanding their product portfolio and after
sales service, as well as improving their dealership networks, especially in
Larnaca and Nicosia.
Recent Developments
In May-2022, Komatsu announced the launch of the
first electric micro-excavator model, the PC01 E-1, which is an electric
variant of the PC01 machine previously produced by Komatsu.
In March-2022, Volvo Construction Equipment, a
subsidiary of the Volvo Group, unveiled the ECR25, which is designed to meet
the increasing demands of authorities to work sustainably. This new technology
will enable industry to address the issue of global climate change with
equipment that produces less noise, vibration, and exhaust fumes.
In November-2021, Caterpillar unveiled the Next
Generation Mini Excavators, which are 4 tonne and 5 tonne Cat 304 and Cat 305
CR models, respectively. The 304 features a reduced radius design with a narrow
track width, which is narrower than the previous 304 E2 model, allowing for
greater versatility and easier access to tight spaces.
Key Market Players
- HD
Hyundai Construction Equipment Europe (AM Interbrand Ltd.)
- Hitachi
Construction Machinery Europe NV (Unitrak Machinery)
- Joseph
Cyril Bamford Excavators Ltd. (Uniplant ltd.)
- Caterpillar
Inc. (Cyprus Trading Corporation Plc)
- Qingdao
Everun Machinery Co. Ltd. (T.M.L Bullstars Machinery)
- The Mecalac Group (Kykon Ltd.)
- Komatsu
Europe International N.V. (Unitrak Machinery)
- GEHL
Company (Unitrak Machinery)
- CNH
Industrial America LLC. (ConAgro Ltd.)
- Yanmar Compact Equipment EMEA (Char. Pilakoutas (Industrial) Ltd)
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By Operating
Weight
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By Application
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By Region
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Mini Front Load Shovel
Loaders:
Up To 2.5 Tons
2.6 - 6.5 Tons
Mini Excavators
Up to 3 Tons
3.1 - 6 tons
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Construction
Mining
Others
(Agriculture, Recycling & Waste Management)
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Limassol
Nicosia
Larnaca
Rest of Cyprus
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Report Scope:
In this report, the Cyprus Mini Front-Load Shovel
Loaders & Mini Excavators Market has been segmented into the following
categories, in addition to the industry trends which have also been detailed
below:
- Cyprus Mini Front-Load
Shovel Loaders & Mini Excavators Market, By Operating Weight:
o Mini Front-Load Shovel Loaders
§ Up To 2.5 Tons
§ 2.6 - 6.5 Tons
o Mini Excavators
§ Up to 3 Tons
§ 3.1 - 6 tons
- Cyprus Mini Front-Load
Shovel Loaders & Mini Excavators Market, By Application:
o Construction
o Mining
o Others (Agriculture, Recycling & Waste
Management)
- Cyprus Mini Front-Load
Shovel Loaders & Mini Excavators Market, By Region:
o Limassol
o Nicosia
o Larnaca
o Rest of Cyprus
Competitive Landscape
Company Profiles: Detailed analysis of the major companies
present in the Cyprus Mini Front-Load Shovel Loaders & Mini Excavators
Market.
Available Customizations:
Cyprus Mini Front-Load Shovel Loaders & Mini
Excavators market report with the given market data, Tech Sci Research
offers customizations according to a company's specific needs. The following
customization options are available for the report:
Company Information
- Detailed analysis and
profiling of additional market players (up to five).