Compact Wheel Loaders Market - Overview
Compact wheel loader is a type of earth moving machinery, which comprises a tractor and a bucket mounted at the front of the tractor. Compact wheel loaders are categorized on the basis of their gross power, and most compact wheel loaders possess a maximum gross power of less than 100 HP. Moreover, wheel loaders are employed in construction, mining, and agriculture, and forestry; they are utilized in industries for loading unloading, earth-moving, and sometimes, digging as well. The compact wheel loaders market is spread across developed countries and is expanding significantly in developing countries.
Demand for compact wheel loaders is anticipated to rise at a significant pace owing to the expansion of SMEs (small and medium enterprises) and the construction industry. Several SMEs use compact wheel loaders for different purposes and most people are replacing small tractors with compact wheel loaders due to their higher efficiency. Furthermore, expansion of the market for compact wheel loaders is driven by the expansion of the construction industry , as it is widely employed by construction companies for earth-moving and loading of construction materials, and construction industry is growing at a significant rate and is likely to show remarkable pace through the forecast period due to development of technologies which require development of infrastructure as per the upcoming technologies such as proper road lanes are required for the lane keep assist technology. Furthermore, growing industrialization also requires a large amount of construction thus boosting the construction industry. The compact wheel loaders market is in the transition phase, as consumers are replacing their old equipment with compact wheel loaders in order to save time. Some small construction companies and industries may not find wheel loaders to be a cost-effective option/alternative, as the market is in the transition phase. This, in turn, is likely to hamper the compact wheel loaders market.
Compact Wheel Loaders Market - Segmentation
The global compact wheel loaders market can be segmented based on gross power output, operating weight, and application. Based on gross power output, the 50 to 100 HP segment is anticipated to expand at a rapid pace, as compact wheel loaders of 50 to 100 HP power are suitable for applications in construction, forestry and agriculture sectors. However, the other engine segments with different power output are mostly used by very small industries due to lower capacity of compact wheel loaders and higher fuel economy.
Based on operating weight, the less than 600 Kg segment is likely to hold a major share of the compact wheel loaders market, as most manufacturers offer models that weigh less than 600 kg.
Based on application, the construction segment is likely to dominate the compact wheel loaders market owing to the high demand for earth-moving equipment in the construction industry. Major economies of the globe such as the U.S., China, Japan, India, France, and Brazil are witnessing expansion, which in turn is likely to boost the construction industry, owing to rising investment for the development of infrastructure in these countries.
In terms of region, Asia Pacific and the U.S. are likely to be major market for the compact wheel loaders. Asia Pacific comprises rapidly expanding economies and several major manufacturers such as Hitachi Ltd. and Komatsu Corporation. In the U.S., people prefer compact wheel loaders over small agricultural tractors with extra front bucket attachment owing to high purchasing power parity.
Compact Wheel Loaders Market - Key Players
Major players operating in the global compact wheel loaders market include Caterpillar, Deere and Company, Volvo AB, Komatsu Corporation, and CNH Industrial N.V.
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