In 2018, the value of the global compact wheel loaders market was ~US$ 4.7 Bn and forecasted to reach US$ 6.6 Bn by the end of 2029, according to a recent market study published by Future Market Insights (FMI). The global compact wheel loaders market is estimated to grow at significant CAGR of ~3% during the forecast period of 2019-2029.
The compact wheel loaders market report anticipates that compact track loaders in the product segment are projected to generate significant growth in the global compact wheel loaders market throughout the forecast period. The report provides key developments and trends of the compact wheel loaders market across North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East and Africa.
Growing Preference for Electric Compact Wheel Loaders in the Construction Industry
The compact wheel loaders market is majorly associated with the construction industry, and growing construction spending, especially in developing countries, such as India, China, and Brazil, will account significant revenue share in the compact wheel loaders market, opines the FMI study. Factors such as high productivity and efficiency, excellent material handling capacity, high fuel efficiency, high speed, and low heat development in the digging range, and others are boosting the sales of compact wheel loaders over the forecast period.
Furthermore, stringent government regulations regarding carbon emissions and rules regarding carbon emissions in countries such as the U.S., Germany, France, and Italy are captivating construction equipment manufacturers to develop more environmental-friendly equipment. To reduce carbon emissions, manufacturers are involved in the development of methane engine compact wheel loaders, which reduce carbon emissions up to 70%, and increase the fuel efficiency by 30%. Manufacturers are also focusing on the introduction of electric mobility in compact wheel loaders.
Moreover, governments of several countries promote electric vehicles to reduce carbon emissions. This creates opportunities for the development of electric vehicles, and is expected to positively impact the growth of the compact wheel loaders market. The growing agriculture sector, increasing adoption of new technology across several regions, and increasing requirement of compact, small-size user-friendly wheel loaders are some of the factors, which are driving the global compact wheel loader market growth.
Europe Market to Create Significant Growth Opportunities
The FMI study on global compact wheel loaders market opines that Europe and North America markets are driving the demand for compact wheel loaders, and these regions are expected to dominate the market during the forecast period. However, the East Asia market is also estimated to hold a significant market share in the global compact wheel loaders market. China is likely to hold an prominent share in the East Asia compact wheel loaders market, and the market is expected to grow at a CAGR of ~3% in terms of value in the forecast period of 2019-2029.
The study on compact wheel loaders market assesses growth prospects of markets across several regions such as North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East & Africa. By product type, compact track loader, skid steer loader, backhoe loader, and wheeled loader segments are projected to play an important role in the growth of the compact wheel loaders market. Moreover, number of prominent OEMs taking initiatives and adopting new technologies to ensure advancements in products is expected to create demand for compact wheel loaders.
Global Compact Wheel Loaders Market: Competitive Landscape
Some of the key players involved in the manufacturing of compact wheel loaders are Caterpillar Inc., Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Deere & Company, Liebherr Group, Volvo Construction Equipment Co. Ltd., Doosan Corporation, Wacker Neuson Group, Yanmar Holding Co. Ltd., and Sany Heavy Industry Co., Ltd. and others.
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