Instead of manually transferring materials to different locations, several industries across the world are witnessing a growing uptake for the use of heavy duty equipment. This has resulted into a rise in adoption of compact wheel loaders across agriculture, military, construction, material handling, snow removal and other industrial applications. Thus, compact wheel loaders have been acknowledged as a profoundly efficient equipment that can serve multiple operations in hostile work surroundings.
The global compact wheel loaders market is expected to reach a valuation of US$ 314 Million by the end of 2026 and highly likely to grow at a CAGR of 2.5% during the forecast period 2017 – 2026.
Operating weights of compact wheel loaders play a key role in their product development and sales. Compact wheel loaders with more than 6,000 kg operating capacity and less than 6,000 kg operating capacity are broadly categorized for the analysis developed in the report. Compact wheel loaders with operating weight under 6,000 kg are estimated to account for major value share in the global market, and will register a robust CAGR over the forecast period. This growth can be attributed to the rising adoption of less than 6,000 operating weight among end user for its improved efficiency in moving between confined spaces, and high performance in material hauling.
On the basis of bucket capacity, more than 1 cubic meter and less than 1 cubic meter are the main segments, among which the demand for compact wheel loaders with more than 1 m3 bucket capacity is expected to remain high. By the end of 2026, over US$ 200 Mn worth of compact wheel loaders with more than 1 m3 bucket capacity are expected to be sold globally.
Based on the application of compact wheel loaders, ground maintenance, construction, mining, landscaping, and forestry & agriculture, among others, are the key segments. Among these, application of compact wheel loaders in construction is observed to remain prevalent and is more likely to reach an estimated value of nearly US$ 160 Mn by the end of forecast period. Increasing global population that demands rapid developments in building construction and transport & commercial infrastructure in coming years will factor the growing sales of compact wheel loaders in construction industry.
Where can market players attain highest prospects?
Based on the regions, the Asia-Pacific excluding Japan (APEJ) is expected to remain highly profitable market for compact wheel loaders worldwide. APEJ is observed as one of the fastest emerging economies where countries like India and China are attributing to the growth of the market. The ever-increasing population in the region has led to an increase in construction activities for facilitating urbanization and industrialization at rapid pace. The Middle East & Africa (MEA) region is expected to witness moderate growth owing to the rising inclination towards fortifying commercial infrastructure activities in tourism and hospitality sector.
What are the dynamic aspects to bolster the market growth?
The global compact wheel loaders market growth is being shaped up by the following factors:
- High demand for compact wheel loaders operating on lower horsepower to boost adoption
- Provisions for upgrading the overall compact wheel loader to strengthen rapport between manufacturers and end-users
- Growing construction sector to uplift demand
In addition to this, increasing consumer preference for compact wheel loaders over skid steer loaders is expected to offer tremendous opportunities for market players.
Who are the key market players to instrument innovations?
Majority of companies in the global compact wheel loaders market are expected to employ new technologies for miniaturization of components used in manufacturing compact wheel loaders. JCB Inc., Volvo Construction Equipment, Komatsu, Caterpillar, Deere & Company, Kubota Corp., Case Construction Equipment, Hitachi Construction Machinery, Doosan Bobcat Inc. and Yanmar Holdings Co. Ltd. are some of the leading players operating in the global compact wheel loaders market.
A sample of this report is available upon request @ https://www.futuremarketinsights.com/reports/sample/rep-gb-6058