The global lightweight compact wheel loader market is estimated to expand at a sluggish pace, reaching the valuation of US$ 2 Bn 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
- Remote-controlled lightweight compact wheel loaders are the most recent development in the compact wheel loaders market. Remote controlled compact wheel loaders remove the human element from the production face to avoid accidents. Further, they increase an operator’s quality of life, as the person is working in an office environment instead of underground.
- In the global lightweight compact wheel loader market, compact track loader is expected to hold approximately a third of market share.
- Renting a wheel loader has been identified as a new trend in the global market. Skid steer loaders and compact track loaders are gaining attention in the rental market.
- Manufacturers are offering lightweight compact wheel loader with advanced features and functionality, designed specifically for the rental market to meet user demand for improved operator environment, control, and comfort.
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
The lightweight compact wheel loader market is expected to dominate by tier-I manufacturers. Tier-I players are focusing on the expansion of their footprints by increasing distribution channels in various regions and establishing manufacturing units. Some prominent players involved in the global lightweight compact wheel loader market are shifting their focus on technological development, product development, and acquisition.
For More Detailed Insights on Lightweight Compact Wheel Loader Market
For instance, in 2019, CNH Industrial N.V. developed a new compact wheel loaders with electrohydraulic controls. With more than 20 electrohydraulic actuators and 20 sensors installed on the machine, this technology improves operator controllability and provides an option to select different operating modes.
What Does the Future Hold?
Compact earth moving equipment is estimated to have high demand in construction and agricultural sectors. As compact track loaders offer higher productivity and better efficiency as compared to skid steer loaders. Therefore, there is shift from tire mounted skid steer loaders to compact track loaders. Additionally, in the earth moving rental equipment market, companies providing lightweight compact wheel loaders and other construction equipment on a rental basis are gaining new openings to expand their businesses and cater to the increasing demand.
Want to Know More?
Future Market Insights has published a market research report on the lightweight compact wheel loader market that contains global industry analysis of 2015-2019 and opportunity assessment for 2020-2030. The report provides insightful analysis of the lightweight compact wheel loader market through three different segments, namely product type, application, and region. The lightweight compact wheel loader market report also provides supply and demand trends, a comprehensive list of suppliers and distributors in the market, along with a detailed overview of the parent market.
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