According to a new research report published by Future Market Insights (FMI), the compact wheel loaders market demand is is anticipated to top US$ 6.64 Bn, growing at a CAGR of 3.3% during the forecast period 2022-2029.
Compact wheel loaders are utilized in several industries to load materials from one place to another. They are majorly used in the construction industry, where they are a stepping-stone between skid steer and large wheel loaders. In addition, compact wheel loaders are used in the agriculture, industrial, and utility sectors. Increasing preference towards electric compact wheel loaders to attain zero carbon emission is propelling the growth of the compact wheel loaders market.
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Key Takeaways of Compact Wheel Loaders Study
- Latin America, Oceania, and South Asia are estimated to grow at a significant pace, owing to ongoing construction activities and infrastructural investments in these regions.
- Several advantages such as better maneuverability, lifting abilities, and multiple attachments compatibility are broadening the adoption of compact track loaders.
- Construction activity is anticipated to remain the foremost application in the global market, and hold the dominating market share throughout the forecast period
- Key market players are focusing on launching new products driven by advanced technologies to gain a competitive advantage in the global compact wheel loaders market landscape.
- The ongoing global COVID-19 health crisis is estimated to negatively impact the overall construction equipment market, due to prolonged inactivity in the construction industry, interrupted fund flows for operations, and overall delays in construction project timelines.
- As a preventive measure against the COVID-19 crisis, a majority of manufacturers are prioritizing workforce safety and are shutting down most of their production plants for a limited time duration.
- In certain regions, the construction equipment industry is facing challenges of complying with strict standards. These standards require manufacturers to invest heavily in new technologies, thus shrinking their returns on investments (ROI).
“Realizing a gradual decline in worldwide demand, players are limiting the production of compact wheel loaders to avoid the overstocking of products. Market participants need to develop robust production strategies in order to reduce risks of opportunity loss to their companies.”
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Compact Wheel Loaders Market: Competitive Landscape
The compact wheel loaders market is consolidated, owing to the presence of a limited number of manufacturers across the globe. Caterpillar, Inc., Komatsu Ltd., Deere & Company, Doosan Corporation, and Volvo Construction Equipment are the leading players in the compact wheel loaders market.
Top 5 players account for over 40% share in the global market. Introduction of technologically-advanced products while adhering to stricter environmental regulations is among the key strategies being adopted by prominent manufacturers, worldwide.
Rising Preference towards Electric Compact Wheel Loaders to Attain Zero Carbon Emission
Governments across the globe are enacting stringent regulations in an effort to reduce carbon footprint. Electric compact wheel loaders curb carbon emissions by around 30% as compared to conventional construction equipment, given their advanced engine technology.
COMPACT WHEEL LOADERS MARKET TAXONOMY
The global compact wheel loaders market is segmented in detail to cover every aspect of the market and present complete market intelligence to the readers.
Product
- Compact Track Loaders
- Skid Steer Loaders
- Backhoe Loaders
- Wheeled Loaders
Application
- Construction
- Agriculture & Forestry
- Industrial
- Utilities
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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