The compact wheel loaders market is likely to reach a valuation of US$ 3,866.7 million in 2023. According to FMI estimation, the market is anticipated to expand at a 5.04% CAGR from 2023 to 2033 and is predicted to value at US$ 6,322.1 million by the end of 2033.
A huge range of industrial applications like loading and off-loading, landscaping, digging, and material handling might be used in congested areas accelerating the growth of the market.
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Compact size, comprising multiple attachment compatibility with high versatility, easy maneuverability, and an increase in conveyance capacity are the factors expected to raise the market. Also, the surge in demand can be found in these automotive machines leading to construction, forestry industries, material management, and agriculture.
Upgradations in compact wheel loaders expand their profitable opportunities to the market players in the forecast period. Moreover, the rise in investments thus upgrades the growth of the compact wheel loaders market.
Key Takeaways from the Compact Wheel Loader Market Study
- The compact wheel loaders market is anticipated to raise the demand, expanding at a CAGR of 3.3% during the forecast period of 2022 to 2029.
- Dominant sales in the global compact wheel loaders market expanded at a CAGR of 2.3% between 2014 and 2021.
- China is anticipated to emerge as a highly dominant market, with sales in contribution of 13.9%
- FMI says that Germany holds a market share of 33% and is expected to account for a significant share.
- Dominant growth can be seen in the United States with a value share of 42.2%.
- Compact track loader segment is anticipated to account for a significant share of 54.9%.
- Global compact wheel loader market is segmented into construction, agriculture and forestry, industrial, and utilities with a market share of 67.9%.
“Burgeon residential construction and infrastructural development activities are the important drivers of the global compact wheel loader market”, comments a Future Market Insights analyst.
Competitive Scenario:
Leading manufacturers in the global compact wheel loader market are aiming at launches of advanced automotive types of machinery to enhance their product portfolio and gain a competitive edge. Besides this, some of the companies are focusing on entering into strategic collaboration, merger, and acquisition with other players to expand their market share.
Leading players operating in the global Compact Wheel Loader Market are-
- 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.
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For instance,
- In July 2023, Liebherr is going to be represented at Steinexpo 2023 from 2023 to 2026 August 2023 with over ten machines from its earthmoving and mining product segments.
The main focus of Liebherr’s presence might also be on alternative drives. The latest developments like several crawler excavators, an articulated dump truck, the largest Liebherr wheel loader as well as other wheel loader models, dozers, and a mining excavator will be on display on Liebherr’s main booth, which covers around 1,200 m2.
- In January 2023, Hitachi, Ltd. announced that it has been bolstering the global development of its line-building business leveraging industrial robots (“the robotic SI*1 business”). Additionally, it could merge Hitachi Automation, Ltd. (“Hitachi Automation”) and Kyoto Robotics Corporation (“Kyoto Robotics”), Hitachi Group companies in Hitachi’s Industrial Digital Business Unit, on April 1, 2023, to strengthen the robotic SI business in Japan and ASIAN countries.
Compact Wheel Loader Market Segmentation
By Product:
- Compact Track Loaders
- Skid Steer Loaders
- Backhoe Loaders
- Wheeled Loaders
By Application:
- Construction
- Agriculture & Forestry
- Industrial
- Utilities
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa (MEA)
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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