According to a new research report published by Future Market Insights (FMI), the compact wheel loaders market is anticipated to top US$ 6.64 Billion, growing at a CAGR of 3.3% during the forecast period 2022 to 2029.
Compact wheel loaders are widely used in many industries to transport items from one place to another. They are mostly used as a bridging equipment between skid steer and big wheel loaders in the construction industry. Additionally used in the industrial, utility, and agricultural sectors are compact wheel loaders. Due to consumers’ increasing desire for electric models in order to attain zero carbon emissions, the market for compact wheel loaders is developing.
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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
Because there are only a few manufacturers producing compact wheel loaders all over the world, the market for these machines is highly competitive. The top companies in the market for compact wheel loaders are Caterpillar, Inc., Komatsu Ltd., Deere & Company, Doosan Corporation, and Volvo Construction Equipment. Over 40% of the market share worldwide is held by the top 5 players. One of the primary methods used by well-known businesses all over the world is the introduction of technologically improved products while adhering to stringent environmental standards.
Key Companies Profiled
- Komatsu Ltd., Caterpillar Inc.
- Wacker Neuson Group
- Deere & Company
- KUBOTA Corporation
- CNH Industrial N.V.
- Xuzhou Construction Machinery Group Co. Ltd.
- Hitachi Construction Machinery Co. Ltd.
- Volvo Construction Equipment
- Yanmar Holding Co. Ltd.
- Doosan Corporation
- Liebherr Group
- Takeuchi Mfg. Co. Ltd.
- Avant Tecno Oy
- TOBROCO-GIANT
- MECALAC
- Schäffer Maschinenfabrik GmbH.
Rising Preference towards Electric Compact Wheel Loaders to Attain Zero Carbon Emission
Globally, governments are imposing strict laws in an effort to lessen their carbon footprint. Given their cutting-edge engine technology, electric compact wheel loaders reduce carbon emissions by about 30% when compared to traditional construction machinery.
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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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