The global lightweight compact wheel loader market in 2022 was US$ 12.2 billion and is estimated to be US$ 13.53 billion in 2023. Future Market Insights has mentioned in its reports that the lightweight compact wheel loader market will expand at a CAGR of 8.4% between 2023 and 2033, totaling around US$ 30.3 billion by 2033.
The usage of lightweight compact wheel loaders is available in a wide range of industrial applications like loading and off-loading, landscaping, and waste management in congested areas helps in accelerating the growth of the market.
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The increase in demand for such automotive machines across construction has easy maneuverability, and high hauling capacity influencing the market., where forestry industries, material management, and agriculture, arise due to the compact size, multiple attachment compatibility, and high versatility.
Key Takeaways from the Market Study
- Global lightweight compact wheel loader market grew at a CAGR of 7.9% between 2017 and 2022
- North America’s lightweight compact wheel loader market is expected to hold 28.3% of the total market.
- United States considerably holds a value share of 18.1%.
- India is expected to emerge as a lucrative pocket over the assessment period with a market share of 15.2%.
- Germany holds a market share of 20.2% of the market region.
- Under product type, growing demand for compact truck loaders in the lightweight compact wheel loader market holds a market share of 62.3%.
- Under application type, the construction industry has a market value of 41%.
“Extensive emphasis on the construction of massive infrastructure projects is considered one of the massive infrastructure projects favoring lightweight compact wheel loader market growth”, comments a Future Market Insights analyst.
Competition Landscape
Leading players in the global lightweight compact wheel loader market are focusing on the development and launch of novel products integrated with innovative technologies to gain a competitive edge. Others are aiming at mergers, collaborations, and acquisitions with other players to expand their product portfolio. For instance
- In May 2023, the entire lineup of Volvo cars in the United States has conveyed that it will consist of mild hybrid, hybrid, or electric vehicles equipped with Google built-in, announced by Volvo Car of the United States of America.
- In March 2023, Doosan Bobcat, Inc. is highlighting the future of its material handling equipment lineup at ProMat 2023 in Chicago.
The Doosan Industrial Vehicle (DIV) booth will showcase a number of current forklift model families, and the space will also highlight its future branding with multiple machines displayed in Bobcat trade dress. Doosan Bobcat announced its Doosan Industrial Vehicle, Doosan Portable Power and Doosan Industrial Air brands would transition to become part of the Bobcat product portfolio.
Some of the prominent players in the global market are-
- Doosan Corporation
- Wacker Neuson SE
- Hitachi Construction Machinery Co. Ltd
- CNH Industrial N.V.
- Bobcat
- Volvo CE
- Liebherr
- BF-TECNIC SRB DOO
- Ensign Heavy Industries Co., Ltd.
- Schäffer Maschinenfabrik GmbH
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Lightweight Compact Wheel Loader Market by Category
By Product:
- Compact Track loaders
- Skid Steer Loaders
- Backhoe Loaders
- Wheeled Loaders
By Application:
- Construction
- Agriculture & Forestry
- Industrial
- Utilities
- Facility/ Property management
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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