The global compact loaders market will develop at a 3.5?GR between 2020- 2027, reveals the latest Market Research Future (MRFR) report. Compact loaders or vertical lifting machines are new in the construction industry, yet have gained immense popularity in the road construction project. The rental equipment houses and contractors prefer these machines owing to their improved application like travel to long distances and heavier lifting compared to skid steer loaders.
Various factors are fuelling the global compact loaders market growth. As per the recent MRFR market estimates, such factors include the rising need for road planner surfaces, growth in the number of bridge and road construction projects, excellent power capabilities for pushing, loading, digging, and the ability to work in every kind of surroundings and environments, rapid growth in construction activities, and expansion of mining activities. The additional factors adding market growth include the growing mechanization in urban, semi-urban, and rural areas and wide applications in forestry and agriculture.
On the contrary, the high cost of compact loaders, slow working speed, and the impact of COVID-19 pandemic may limit the global compact loaders market growth over the forecast period.
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Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global compact loaders market based on application, engine capacity, and type.
By type, the global compact loaders market is segmented into tracked and wheeled. Of these, the tracked loaders will lead the market over the forecast period for its wide use in almost all forms of land surface areas. It will grow at a high CAGR.
By engine capacity, the compact loaders market is segmented into above 80 HP, 65-80 HP, and up to 65 HP. Of these, the 65-80 HP segment will dominate the market over the forecast period for its wide use in landscaping and agriculture.
By application, the compact loaders market is segmented into mining, agriculture and forestry, landscape and maintenance, construction, and others. Of these, the construction segment will spearhead the market over the forecast period for the growing road construction sector.
Regional Analysis
By region, the global compact loaders market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, South America, and the Middle East and Africa (MEA). Of these, the APAC region will rule the market over the forecast period. Increase in road construction projects, increasing government investments for infrastructure development, rapid urbanization in Malaysia, Indonesia, India, and China are adding to the compact loaders market in the region.
The global compact loaders market in Europe is predicted to hold the second-largest share over the forecast period.
In North America, the global compact loaders market is predicted to grow at a fast pace over the forecast period. Compact loaders increasingly replacing steer loaders in the mining and construction industries, vendors striving to capitalize on the increasing number of construction projects in China and India, and renowned manufacturers with an aim to improve the product versatility are working to boost the attachments and draw in more end-users to expand their customer base are adding to the global compact loaders market growth in the region.
In South America and the MEA, the global compact loaders market is predicted to have sound growth over the forecast period.
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Key Players
The notable players profiled in the global compact loaders market report include Takeuchi Mfg. Co, Ltd., (JAPAN), Liebherr Group (Switzerland), Yanmar Holding Co. Ltd. (Japan), Sany Heavy Industry Co., Ltd. (China), CNH Industrial N.V. (UK), KUBOTA Corporation (Japan), Xuzhou Construction Machinery Group Co. Ltd. (China), Hitachi Construction Machinery Co. Ltd. (Japan),Wacker Neuson Group (Germany), Caterpillar Inc.(US), Deere & Company (US), Komatsu Ltd. (Japan), Volvo Construction Equipment (Sweden), and Doosan Corporation (South Korea), among others.
The global compact loaders market is highly fragmented and competitive in nature with the presence of several well-established domestic and international players. These industry players have used several strategies to stay ahead such as mergers and acquisitions, partnerships, collaborations, geographic expansions, and others. Further, they are also investing in research and development activities to cater to the burgeoning needs of the customers.
Industry Updates
March 2021- First Bobcat compact wheel loaders have entered production.
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