PUBLISHER: The Business Research Company | PRODUCT CODE: 1391114
PUBLISHER: The Business Research Company | PRODUCT CODE: 1391114
“Compact Wheel Loaders Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on compact wheel loaders market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for compact wheel loaders? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The compact wheel loaders market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Compact wheel loaders are versatile machinery used for tasks such as digging, stockpiling, materials collecting, transporting, and sorting in various industries. They feature a bucket-equipped arm for dragging, scooping, and moving materials efficiently. These loaders play a multifunctional role in fleets, capable of handling diverse tasks.
The main types of products in the compact wheel loaders market include compact track loaders, skid steer loaders, backhoe loaders, and wheeled loaders. Compact track loaders are small tracked vehicles designed for digging and loading materials in different environments. They are particularly suitable for operations on soft ground or projects with minimal ground disturbance. These loaders come in various operating weights, including less than 6000 kg and more than 6000 kg, making them applicable in construction, ground maintenance, landscaping, mining, forestry, agriculture, and other industries.
The compact wheel loaders market research report is one of a series of new reports from The Business Research Company that provides compact wheel loaders market statistics, including compact wheel loaders industry global market size, regional shares, competitors with a compact wheel loaders market share, detailed compact wheel loaders market segments, market trends and opportunities, and any further data you may need to thrive in the compact wheel loaders industry. This compact wheel loaders market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The compact wheel loaders market size has grown steadily in recent years. It will grow from $5.39 in 2023 to $5.64 in 2024 at a compound annual growth rate (CAGR) of 4.8%. The historic growth in the compact wheel loaders market can be attributed to several factors, including the expansion of construction and infrastructure development, increased urbanization with population migration to cities, the versatile and multi-purpose applications of compact wheel loaders, the demand for efficient material handling and earthmoving equipment, and the increased use of compact equipment in landscaping and agriculture.
The compact wheel loaders market size is expected to see steady growth in the next few years. It will grow to $6.76 in 2028 at a compound annual growth rate (CAGR) of 4.6%. The forecasted growth in the compact wheel loaders market can be attributed to several factors, including an emphasis on environmental regulations and emissions compliance, the expansion of rental and leasing services for compact equipment, the growing use of telematics and IoT in equipment fleet management, the demand for electric and hybrid compact wheel loaders, and market penetration in emerging economies and developing regions. Major trends in the forecast period include the adoption of electrification and hybrid technology, compact wheel loaders with telematics integration, advanced operator comfort and safety features, autonomous and semi-autonomous capabilities, and a focus on compact dimensions and articulation, as well as advanced hydraulic systems.
The growth of the compact wheel loaders market is anticipated to be driven by the expansion of the construction industry. The construction sector encompasses a broad range of activities related to infrastructure development, renovation, and maintenance, and it has experienced an upswing due to factors such as rapid industrialization and urbanization. Compact wheel loaders play a crucial role in enhancing the efficiency and safety of construction operations across various applications. Their versatility makes them valuable in reducing operating costs, contributing to the overall productivity of construction projects. As indicated by reports from the United States Census Bureau, the value of residential and non-residential construction in the U.S. saw a notable increase of over 8% between 2020 and 2021. Additionally, global construction output is projected to experience substantial growth, reaching a total of approximately US$15.2 trillion by 2030, according to reports from Oxford Economics.
Another contributing factor to the growth of the compact wheel loaders market is the increase in urbanization. Urbanization, the process of population migration from rural to urban areas, has been ongoing, and compact wheel loaders find significant utility in various construction and infrastructure development tasks in urban settings. The World Economic Forum reported that more than 55% of the world's population, equivalent to over 4.3 billion people, lived in urban areas in 2022, and this percentage is expected to rise to 80% by 2050.
Innovation in product offerings is a notable trend in the compact wheel loaders market, with major companies actively introducing new and advanced models to strengthen their market position. Caterpillar, a prominent construction machinery and equipment company, launched next-generation Cat 906, 907, and 908 compact wheel loaders in May 2022. These new models feature a re-engineered operator's station with exclusive Cat technologies to enhance the overall operator experience. The introduction of multifunction joysticks and ergonomic controls contributes to improved usability and operational efficiency, aligning with the demand for advanced features in the market.
Major companies in the compact wheel loaders market are actively developing innovative products to meet increased demand for powerful and productive machines. In October 2023, Bobcat Company released the L95, the most powerful and productive compact wheel loader in its lineup. With a 74-horsepower engine and a rated operating capacity of 3,981 pounds, the L95 caters to demanding applications in construction, landscaping, and agriculture. It boasts a spacious cab for operator comfort and intuitive controls, along with features like self-leveling bucket and quick-attach system for enhanced efficiency.
In August 2021, Hyundai Heavy Industries Holdings (HHIH) Co completed the acquisition of Doosan Infracore, a South Korea-based construction equipment and compact wheel loader manufacturer. This strategic move aims to bolster HHIH's presence in the construction industry and increase investments in technology and innovation.
Major companies operating in the compact wheel loaders market include Caterpillar Inc., Deere & Company, Hitachi Construction Machinery Co. Ltd., Komatsu Ltd., Volvo AB, CNH Industrial N.V., Yanmar Holdings Co. Ltd., J.C. Bamford Excavators Limited, Kubota Corporation, Case Construction Equipment, Larsen & Toubro Limited, Holland Construction, Wacker Neuson Group, Sany Heavy Industry Co. Ltd., Liugong Machinery Co. Ltd., Liebherr Group, Doosan Infracore Co. Ltd., Bobcat Company, Terex Corporation, Hyundai Heavy Industries Co. Ltd., Shandong Lingong Construction Machinery Co. Ltd., Sunward Intelligent Equipment Co. Ltd., Changlin Company Limited, Weichai Holding Group Co. Ltd., Xiamen XGMA Machinery Co. Ltd., Lovol Heavy Industry Co. Ltd., Zoomlion Heavy Industry Science & Technology Co. Ltd., Shantui Construction Machinery Co. Ltd., Foton Lovol International Heavy Industry Co.
Asia-Pacific was the largest region in the compact wheel loaders market in 2023. The regions covered in the compact wheel loaders market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the compact wheel loaders market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
The compact wheel loaders market consists of sales of buckets, forks, couplers, lifting jibs, rakes, pushers, shovels, augers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.