The Asia Pacific compact wheel loader market is expected to hold $210m (USD $142m) in revenue by 2030
The global markets for wheel loaders and compact wheel loaders are expected to see significant growth in the coming years, according to new reports.
The global compact wheel loader market is anticipated to reach $9.7 billion (US$6.5bn) by 2030, up from $7.78bn (US$5.25bn) in 2023, according to a new report.
The ‘Compact Wheel Loaders Market: Global Industry Analysis and Forecast (2024-2030)’ report from Maximise Market Research highlights a compound annual growth rate (CAGR) of 3.1 per cent over the next six years.
The Asia Pacific compact wheel loader market, which includes Australia, is expected to hold $210m (USD $142m) in revenue by 2030.
The report highlights Hitachi and Komatsu as some of the many big firms in the Asia Pacific region, and says the high demand for compact wheel loaders in the region may be attributed to the construction industry’s resurgence, as well as government initiatives to improve infrastructure.
“Asian Pacific countries have focused on upgrading infrastructure, which has led to massive construction expenditure, which has resulted in increasing building investment,” the report says.
Construction growth
The report also states that the compact wheel loader market is driven by the growing construction industry, as these loaders are frequently used by construction companies for loading of building materials.
In addition, it says compact wheel loader sales are expected to increase throughout the forecast period due to factors like high productivity and efficiency, good material handling capacity, high fuel efficiency, fast speed and low heat growth in the excavating range.
Technological advancements
The forecast report also highlights the adoption of intelligent assistant systems in compact wheel loaders by construction equipment manufacturers.
“Manufacturers are focusing their efforts on creating new items to ensure enhanced operational production and efficiency,” the report says, highlighting wheel loaders introduced in recent times by Liebherr and CNH.
Manufacturing facilities
The report also discusses the establishment of new manufacturing facilities to meet growing demand in the sector.
“Compact wheel loader manufacturers are concentrating their efforts on developing new factories that are expected to help firms boost production capacity and get access to new distribution networks,” it says, pointing to the recent construction of a new facility by Doosan Corporation.
Key players
The forecast also highlights the key players in the compact wheel loaders market, who will play a big part in the growth to 2030.
These include Caterpillar, John Deere, Volvo, Komatsu, CNH, Doosan Bobcat, JCB and Case Construction Equipment, to name a few.
Wheel Loader Market
Growth is also anticipated in the wheel loader market, which is predicted to exceed $31.6bn (US$21.4bn) by 2032, as reported in a research study by Global Market Insights Inc.
The report states that the market growth is propelled by technological advancements in transmission systems, in line with the rising demand for efficient material handling equipment in various industries, including agriculture and construction.
Increased innovations and product launches from leading companies also support the market.
The transmission system segment will witness significant growth from 2024 to 2032, driven by the increasing demand for advanced transmission technologies that enhance wheel loader performance, the report states.
As industries such as construction and mining require more reliable and efficient equipment, the demand for wheel loaders equipped with advanced transmission systems is expected to surge, solidifying this segment’s leading position in the market.
The wheel loader market is experiencing increased demand due to continuous efforts by companies like Caterpillar and Komatsu to enhance their product lines with more fuel-efficient and technologically advanced models.
These improvements cater to the growing need for versatile and durable construction equipment, driving market growth as industries prioritise productivity and sustainability in their operations going forward.
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