The global lightweight compact wheel loader market is estimated to expand at a sluggish pace, reaching the valuation of US$ 2.03 Billion in 2030. Lightweight compact wheel loaders are emerging as preferred equipment on job sites for many projects, a regular-sized wheel loader may be very large for the worksite. In these cases, lightweight compact wheel loaders offer the perfect option of size, power, and capabilities.
- Key Takeaways of Lightweight Compact Wheel Loader Market Study
- The most recent innovation in the market for tiny wheel loaders is remote-controlled lightweight wheel loaders. In order to prevent accidents, remote-controlled compact wheel loaders remove the human factor from the production process. They also improve an operator’s quality of life because they operate in an office setting rather than a subterranean one.
- Compact track loaders are anticipated to account for around a third of the market for lightweight compact wheel loaders worldwide.
- A recent development in the market is the renting of wheel loaders. In the rental sector, skid steer loaders and small track loaders are becoming more popular.
- To satisfy consumer demand for an enhanced operator environment, control, and comfort, manufacturers are developing lightweight compact wheel loaders with cutting-edge features and functionality that are intended exclusively for the rental market.
The market for lightweight compact wheel loaders is expected to grow from US$1.61 billion in 2021 to US$2.03 billion in 2030. The market is anticipated to grow as new, lightweight compact wheel loaders with integrated modern technology like telematics are being introduced.
Sales of lightweight compact wheel loaders are anticipated to reach US$ 1.64 billion by 2022, growing at a 2.7% CAGR over the projection period of 2022–2030, according to a recent FMI poll.
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The COVID-19 or coronavirus pandemic has affected a majority of the countries in Europe and Asia, with North America expected to follow soon. The pandemic is causing shutdowns of industrial and commercial activities, drastically hampering the global economy. Long-term supply contracts of the lightweight compact wheel loaders are affected. Recovery will be gradual.
Market Landscape Moving Towards Consolidation
It is anticipated that Tier I manufacturers will dominate the market for lightweight compact wheel loaders.Tier-I firms are concentrating on growing their distribution channels in various countries and setting up manufacturing facilities in order to increase their footprints. Some significant market participants in the world market for lightweight compact wheel loaders are refocusing on research & development, product development, and acquisition.
For instance, in 2019, CNH Industrial N.V. created new electrohydraulic controls for compact wheel loaders. The machine is equipped with more than 20 electrohydraulic actuators and 20 sensors, which enhances operator controllability and gives the choice of several operating modes.
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Lightweight Compact Wheel Loader Market Taxonomy
Product
- Compact Track loaders
- Skid Steer Loaders
- Backhoe Loaders
- Wheeled Loaders
Application
- Construction
- Agriculture & Forestry
- Industrial
- Utilities
- Facility/ Property management
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- MEA
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Lightweight Compact Wheel Loader Market Structure Analysis
The global lightweight compact wheel loaders market is highly competitive due to presence of large number of players. Doosan Corporation, Wacker Neuson SE, Hitachi Construction Machinery Co. Ltd, CNH Industrial N.V., are Tier-I players involved the global lightweight compact wheel loader market.
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