Compact Wheel Loaders Market
Overview and Scope
Compact wheel loaders are machinery that is used to perform tasks of digging, stockpiling, and materials collecting, transporting, and sorting in different industries. It has a bucket-equipped arm that can drag, scoop, or transport items and move them around. They are the multifunctional machinery of any fleet, capable of performing various tasks.
Sizing and Forecast
The compact wheel loaders market size has grown steadily in recent years. It will grow from $5.39 billion in 2023 to $5.64 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to growth in construction and infrastructure development, urbanization and population migration to cities, versatility and multi-purpose applications of compact wheel loaders, need for efficient material handling and earthmoving equipment, increased demand for 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 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to emphasis on environmental regulations and emissions compliance, expansion of rental and leasing services for compact equipment, growing use of telematics and iot in equipment fleet management, demand for electric and hybrid compact wheel loaders, market penetration in emerging economies and developing regions. Major trends in the forecast period include electrification and hybrid technology, compact wheel loaders with telematics integration, advanced operator comfort and safety features, autonomous and semi-autonomous capabilities, focus on compact dimensions and articulation, advanced hydraulic systems.
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Segmentation & Regional Insights
The compact wheel loaders market covered in this report is segmented –
1) By Product: Compact Track Loaders, Skid Steer Loaders, Backhoe Loaders, Wheeled Loaders
2) By Operating Weight: Less Than 6000 Kg, More Than 6000 Kg
3) By Application: Construction, Ground Maintenance, Landscaping, Mining, Forestry and Agriculture, Other Applications
Asia-Pacific was the largest region in the compact wheel loaders market in 2023. The regions covered in the compact wheel loaders market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The expansion of the construction industry is expected to propel the growth of the compact wheel loaders market going forward. The construction industry refers to an industrial branch of manufacturing and trade-related operations that includes infrastructure development, repair, renovation, and maintenance. Construction activities have been on the rise due to rapid industrialization and urbanization. A compact wheel loader makes construction operations safer and more efficient in various applications due to its versatility, which in return reduces operating costs. For instance, in September 2023, according to reports shared by the United States Census Bureau, a US-based government agency, the overall value of residential and non-residential construction in the US increased by over 8% between 2020 and 2021. Furthermore, in September 2021, according to reports published by Oxford Economics, a UK-based economic information services company, global construction output in 2020 stood at US$10.7 trillion. It is projected to experience substantial growth of approximately 42%, adding US$4.5 trillion and reaching a total of US$15.2 trillion by the year 2030. Therefore, the expansion of the construction industry is expected to propel the growth of the compact wheel loaders market.
Key Industry Players
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.
The compact wheel loaders market report table of contents includes:
1. Executive Summary
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