Compact Loaders Market Overview
Compact Loaders Market Size was valued at USD 25 Billion in 2022 and is projected to grow from USD 29 Billion in 2023 to USD 40 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.00% during the forecast period (2023 - 2030).
Main Drivers and Primary Barriers
Compact wheel loaders are no longer considered single tool equipment; they are now extensively used as multi-tool equipment. With the surge in advancements in product offerings, the versatility and productivity of compact wheel loaders has mounted at rapid pace. At present, this equipment are commonly utilized in various landscaping projects and construction sites, given their widespread attachment options, low-fuel consumption as well as optimum size. Having said that, the coronavirus pandemic has induced standstills within the manufacturing sector, negatively impacting the sales of Compact Loaders Market Growth all over the world.
On a brighter note, a huge number of manufacturers in the market are devising elaborate strategies to equip compact loaders with the latest technologies in a bid to elevate operational output as well as the overall efficiency. To cite a reference, Liebherr Group recently built compact loaders that were equipped with intelligent assistant systems and joystick steering that facilitate better operation.
A significant portion of the compact loaders market is largely dependent on the worldwide construction industry. Generally deployed for loading as well as unloading of massive materials, compact loaders help bridge the gap between skid steer loaders and large wheels. Therefore, the swiftly growing number of bridge and road construction projects around the world can increase the uptake of compact loaders in the approaching years. Apart from this, leading companies in the compact loaders market are placing their bets on industrial and agriculture forestry industries.
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Market Segmentation
The compact loaders market has been considered for type, engine capacity, and application.
The applications of compact loaders are landscape maintenance, construction, mining, agriculture forestry, and others. The expansion of the road construction industry has led to significant market growth for compact loaders in recent years. As a result, the segment of construction can gain the highest traction in the global market in the coming years.
The compact wheel loader, as per the type segment, caters to tracked and wheeled. It is believed that in 2018, the top position was held by the track loaders segment and the market study dictates that the segment can achieve the highest growth rate during the evaluation period. Since track loaders are deployed in almost every type of land surface areas, their demand is expected to remain strong throughout the given period.
The engine capacity-based segments are up to 65 HP, 65–80 HP, and above 80 HP. The compact loaders with capacity range of 65–80 HP are generally light equipment and find extensive use in landscaping and agriculture, which is responsible for its massive demand in the market.
Regional Outlook
The regional segmentation of the compact loaders market includes Asia Pacific or APAC, the Middle East Africa or MEA, South America, Europe, and North America.
In 2018, it was reported that the APAC had clinched the leading position in the global market, trailed by North America. The consistently mounting number of road construction projects has accelerated the speed of the market growth in the region. The governments are investing considerably in infrastructure development, with many of the projects currently underway, which can lead to higher growth for the compact loaders industry. It is also anticipated that the regional market can procure the highest growth rate in the years ahead, thanks to the speedy urbanization rate in India, Malaysia, Indonesia and China, among other developing countries within the region.
Opportunities in North America are abound since compact loaders are increasingly replacing steer loaders in the construction and mining industries. A majority of North American vendors are striving to capitalize on the surging number of construction projects in India and China, resulting in greater demand for compact loaders. Also, with the aim to enhance the product versatility, renowned manufacturers are working on boosting the number of attachments and draw in more end-users to expand their customer base.
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Latest Developments
May 2020
Bobcat adds new soil asphalt spreader attachment to its family of advanced compact loaders. The new machine can be used in pavement construction, to repair or widen the roads, to cover trenches, backfill, and to pour sub-base materials.
Top Contenders
Top contenders in the compact loaders industry are Deere Company (US), Wacker Neuson Group (Germany), Sany Heavy Industry Co., Ltd. (China), Liebherr Group (Switzerland), KUBOTA Corporation (Japan), Komatsu Ltd. (Japan), Doosan Corporation (South Korea), Xuzhou Construction Machinery Group Co. Ltd. (China), Caterpillar Inc.(US), Yanmar Holding Co. Ltd. (Japan), Takeuchi Mfg. Co, Ltd., (JAPAN), CNH Industrial N.V.(UK), Hitachi Construction Machinery Co. Ltd. (Japan), Volvo Construction Equipment (Sweden), to list a few.
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