July 07, 2020
According to the research report titled ‘Global Compact Loader Market Size study with COVID-19 impact, by Product Type (Compact truck Loader, Skid steer Loader, Wheel Loader and Backhoe Loader), by Application (Construction, Agriculture & Forestry, Utilities, Industrial) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global compact loader market was worth USD 10.24 billion in 2019 and is expected to grow with a CAGR of 3.30% during 2020-2026.
For the record, a compact loader is a machinery that includes a loader as well as a tracked chassis and is extensively used in loading and digging applications. The product can be used for numerous tasks in industrial and construction sector owing to its ability to operate efficiently in diverse ground conditions.
Rapid expansion of construction and industrial sectors are major factors driving the compact loader market growth, cites the report. In fact, the Association of Equipment Manufacturer states that the U.S. construction industry grew by 1.1% and 1.9% in the year 2017 and 2018 respectively and is predicted to expand by 1% yearly in the approaching years. Similarly, according to National Investment Promotional & Facilitation Agency, the Indian construction industry is estimated to be worth USD 738.5 billion by the year 2022.
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Apart from this, increased pervasiveness of COVID-19 has impelled the demand for advanced infrastructure for research centers and hospitals, which in turn is fueling the expansion of construction and industrial sectors, thereby further stimulating the compact loader market growth.
Besides this, booming agriculture industry and increasing utilization of compact loaders in farming activities is further aiding the market expansion. However, high costs associated with the product may act as a restraining factor to the overall market growth.
As per product type, the compact loader industry is divided into backhoe loader, wheel loader, skid steer loader and compact truck loader. Elaborating on the application landscape, the market is split into industrial, utilities, agriculture & forestry and construction segments.
Regionally, North America compact loader industry is predicted to expand significantly during the forecast period, primarily driven by flourishing industrial and construction sector.
On the other hand, Asia-Pacific market is poised to witness remarkable growth in the ensuing years. Favorable government initiatives which promote industrialization along with proliferating agriculture sector are complementing the industry outlook in Asia-Pacific.
Kubota Corp., Doosan Corp., Sany Heavy Industry Co. Ltd., Deere & Company, Liebherr Group, Volvo Construction Equipment – Volvo CE, Yanmar Holding Co. Ltd., Hitachi Construction Machinery Co. Ltd., Komatsu Ltd. and Caterpillar Inc. are the key participants in global compact loader industry.