The use of compact loaders in the construction sector will gain a considerable market share owing to swift rise in the number of construction projects in different economies. Expansion in the construction industry depends upon the number of factors including investment in real estate, GDP growth, activities related to M&A, developing business models like PPP. Agriculture & Forestry is the 2nd largest application are of compact loaders throughout the assessment period. North America and APEJ is likely to be the hotspots of the compact loaders market and are propelling the demand in agricultural & forestry segment. Additionally, applications in compact loaders in industrial and utilities are anticipated to witness significant expansion throughout the assessment period.
Factors Influencing Growth of Market
As compact loaders equipment are largely utilized in construction sector, number of opportunities are awaiting owing to announcement of new construction projects. A trend towards mechanization is another factor driving the growth of the market. Increasing mechanism is likely to be experienced in semi-urban and rural areas, where for small scale construction projects, customers are preferring compact loaders for excavation or levelling and other associated work.
The global market for compact loaders is projected to reach approximately US$ 13.3 Bn, in terms of value by the end of forecast period, registering single-digit CAGR throughout the assessment period.
Market Analysis Based on Segmentation
Based on applications and product type, the report segments the market into various segments. The global market for compact loader, on the basis of product type has been sub-segmented into skid steer loaders, wheeled loaders, compact track loaders, backhoe loaders. Based on application type, the market has been segmented into industrial & forestry, agricultural & forestry and construction.
On the basis of product type, the compact track loaders segment was anticipated to reach a valuation of nearly US$ 2.85 Bn by the end of and is poised to reach US$ 4.2 Bn value by the end of 2027, reflecting a value CAGR of single-digit throughout the assessment period.
The agriculture and forestry segment, by application type is projected to be valued at almost US$ 2.4 Bn by the end of 2017 and is estimated to reach valuation of almost US$ 3.2 Bn by 2027-end, exhibiting single-digit CAGR throughout the forecast period.
The report also reveals the performance of the global market for compact loaders across the major regions such as Asia Pacific excluding Japan (APEJ), Middle East & Africa, North America, Eastern Europe, Japan, Western Europe, and Latin America. The market in the North America is anticipated to reach valuation of almost US$ 4 Bn by the end of 2017 and is estimated to reach nearly US$ 5.6 Bn value by the end of forecast period, reflecting a single-digit value CAGR throughout the forecast period. In terms of value, the market in the APEJ region is likely to showcase significant single-digit growth rate throughout the forecast period.
Some key players operating in the compact loaders market has been profiled in the report such as Takeuchi Mfg. Co, Ltd, Caterpillar Inc., Hitachi Construction Machinery Co. Ltd., CNH Industrial N.V., Yanmar Holding Co. Ltd., Liebherr Group, Doosan Corporation, Deere & Company, Sany Heavy Industry Co. Ltd., Xuzhou Construction Machinery Group Co. Ltd, Volvo Construction Equipment, KUBOTA Corporation, and Komatsu Ltd.
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