Loader Bucket Attachments Market Outlook (2022-2029)
[230 Pages Report] Global consumption of loader bucket attachments stood at around US$ 2.63 Billion in 2021, and is slated to increase at a CAGR of 4.6% to reach a valuation of US$ 3.76 Billion by 2029.
Attribute
Details
Loader Bucket Attachments Market Size (2022)
US$ 2.74 Billion
Sales Forecast (2029)
US$ 3.76 Billion
Global Market Growth Rate (2022 to 2029)
4.6% CAGR
Share of Top 5 Loader Bucket Attachment Manufacturers
45%
Sales of loader bucket attachments accounted for approximately 21% share of the global compact loader attachments market in 2021. Amongst all loader bucket attachments, grapples are gaining more acceptance across most regions.
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How The Market Progressed Till June 2022?
Market Statistics
Details
H1,2021 (A)
4.4%
H1,2022 Projected (P)
4.5%
H1,2022 Outlook (O)
4.2%
BPS Change : H1,2022 (O) - H1,2022 (P)
(-) 33 ↓
BPS Change : H1,2022 (O) - H1,2021 (A)
(-) 17 ↓
FMI presents a half-yearly comparison and insightful analysis of Loader Bucket Attachments market growth rate. Significant technological developments & increasing demand for waste management that gather the waste from industrial, commercial, and municipal waste yards are enhancing demand for bulk material handling systems like loaders and their attachments.
According to FMI analysis, the variation between the BPS values observed in the Loader Bucket Attachments market in H1, 2022 - Outlook over H1, 2022 Projected reflects a decline of 33 units. However, compared to H1, 2021, the market is expected to rise by 17 BPS in H1 -2022.
The key reasons for this change in growth rate are the increasing pricing of such components which is affecting the market growth, high initial investment cost & Increasing maintenance cost of loader bucket attachments is a key challenge for market growth.
Moreover, the market is expected to have high demand across various regions, Over the next few years, it is anticipated that the need for loader bucket attachments would increase along with growing concerns about effective waste management.
Demand Analysis of Loader Bucket Attachments (2014-2021) Vs. Industry Outlook (2022-2029)
“Significant Proliferation of Infrastructural Projects Fueling Demand for Loader Buckets”
During the historical period of 2014 to 2021, the loader bucket attachments market expanded at a CAGR of 3.7%.
A loader is a large construction machine that is used to remove or load items such as dust, stones, timbers, ice, waste, sand, and other things. The bucket is linked to the opposite edges of arms and is used to pick up and move items from the ground. The bucket assembly for the loader might be a temporary or permanent attachment.
Loader buckets are key functional components of bulk-material handling equipment, such as loader buckets. Increasing safety standards and high requirement for regular replacement of loader bucket attachments are prime factors contributing to high volume sales. Average service life of a loader bucket attachment is approx. three to five years, after which, it needs to be changed or at least properly serviced.
Strict attention is being given to safety standards such as by OSHA and others, established by various governments, creating numerous opportunities for loader bucket producers.
Rise in infrastructural projects with promising economic growth necessitates manufacturers of heavy-duty off road vehicles to increase efficiency and productivity, creating growth opportunities for players in the loader bucket attachments market.
Considering the aforementioned factors, the global loader bucket attachments market is anticipated to rise at a 4.6% CAGR across 2022 to 2029.
What Key Factors are Driving Demand for Loader Bucket Attachments?
“Supportive Government Initiatives for Development of Front End Loaders Driving Market Growth”
Waste management applications such as collecting waste from construction sites, industrial sites, and municipal waste yards accent for bulk material handling systems, including backhoe loaders and wheel loaders, which are further used at landfill sites.
Increasing consumer knowledge, as well as strong government support, are spurring various awareness programs and schemes regarding proper waste management. As these trends sweep the globe, loader bucket attachments market players must craft winning tactics to ensure sizable returns.
Governments in various countries are increasingly spending on the renovation of existing civil facilities as well as upcoming infrastructure projects. In addition to this, the global mining sector is undergoing rapid recovery from an economic slowdown over the past few years. These factors will fuel demand for front end loaders.
The mining industry has recovered quickly from an economic downturn in recent years all over the world. Because removal of mining products requires surface contacting machinery, front end loaders have a variety of applications in the mining industry. These factors, as well as new projects in other countries, will have a significant impact on the growth of the loader bucket attachments market.
Increasing infrastructural investments, recovering mining industry, and the prevalence of waste management are anticipated to offer abundant opportunities to manufacturers in the loader bucket attachments market.
What Challenges are Hampering Demand Growth of Loader Bucket Attachments?
“High Operational Costs Hamper Adoption Rate of Loader Bucket Attachments”
Loader bucket attachments require heavy investment, and also need regular servicing, owing to the mandates for maintenance of such equipment by government authorities to ensure workplace safety.
The need for regular maintenance because of safety concerns and resulting volume sales of loader bucket attachments, coupled with rising concerns regarding proper waste handling, is expected to drive consumption of loader bucket attachments over the coming years.
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Which Region Offers High Growth Opportunity for Loader Bucket Attachment Manufacturers?
“Enhanced Bucket Forks Translating into More Opportunities in Europe”
Europe is expected to lead the global loader bucket attachments market in terms of market value, accounting for nearly 37.3% share in the global market.
In terms of volume share, Europe is estimated to lead the loader bucket attachments market, attributable to an established bucket fork manufacturing sector and high per-capita consumption in the region.
Complemented by a well-established industry of bucket forks, Europe would continue to offer value-capture prospects for manufacturers. Moreover, the loader bucket attachments market in Europe will represent a multibillion-dollar market over the coming years.
Country-wise Analysis
What’s Keeping the U.S. Loader Bucket Attachments Market at the Forefront?
“Rising Construction Industry to Spur Demand for Construction Equipment Attachments”
In the U.S. strong presence of prominent players is aiding the growth of the loader bucket attachments market.
Incumbents are also channelizing their product distribution to the U.S., where swift growth of industry-adjacent sectors is reflecting noteworthy investment opportunities.
Growing use of construction equipment attachments and swelling construction expenditure in the U.S. is further influencing market players to re-evaluate their approaches.
Why is China an Emerging Market for Loader Bucket Attachment Manufacturers?
“Growing Focus on Waste Management to Boost Sales of Construction Tractors”
Rising agricultural and construction operations, as well as rapid urbanization, are driving demand for construction tractors in China.
Inclusion of waste recycling facilities in China has risen, producing significant market opportunities for construction tractors, as management of waste has a close correlation to many global concerns.
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Category-wise Insights
Why are Grapples Gaining Immense Popularity across Geographies?
“Grapples to Garner Largest Revenue Share Owing to Better Productivity”
Grapples are estimated to gain more prominence, as they can be used to multitask, which leads to increased productivity in demolition, rock handling, scrap handling, and land clearing applications. Grapples are expected to gradually replace thumbs in the latter half of the forecast period.
Going forward, manufacturers are also placing their bets on grapples, owing to their greater productivity attribute. As construction machines become more automated, there is a greater demand for enhanced attachment tools such as, grapples that lower operating costs and improve worker safety.
Grapples are essential for a wide variety of applications and account for the highest share in the loader bucket attachments market.
COVID-19 Impact on Market
The COVID-19 pandemic has had a huge impact on the compact loader attachments market. Loader bucket attachment manufacturers have faced numerous hurdles as a result of the COVID-19 pandemic. COVID-19 has already had an impact on equipment and machinery sales.
Now, manufacturers are focusing on expanding their presence in developing economies by forming more partnerships with dealers and other key players to gain market share. This will result in the market having positive growth potential and resuming its original growth trajectory.
Competitive Landscape
Domestic players are facing immense competition from globally established players as well as from counterfeit product suppliers. Prominent players in the loader bucket attachments market are striving to offer an extensive range of attachments and ground engaging tools.
Additionally, these companies strive to offer new products in developing regions. To achieve a competitive advantage, market participants are focusing on increasing their footprints through partnerships and acquisitions. Companies are spending on launching innovative attachments that are strong, durable, and boost the efficiency of loader bucket attachments.
For instance,
In 2020, Sweepster's latest collection sweeper, the SB215, was introduced by Paladin Attachments.
