Global wheel loaders market expected to reach a value of around USD 8,065 million by 2027, at a CAGR of around 9.6% between 2019 and 2027.
NEW YORK, UNITED STATES, February 17, 2020 /EINPresswire.com/ — Facts and Factors Market Research has published a new report titled “Wheel Loaders Market By Loader Type (Articulated, Skid Steer, Compact Backhoe, and Others), By Application (Mining, Forestry & Agriculture, Public Infrastructure, and Others), By Operating Weight (<20000 Kg, 20000—40000 Kg, 40000—60000 Kg, and >60000 Kg), and By Power (<125 hp, 125—175 hp, 175—600 hp, and >600 hp): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2027”.
According to the report, the global wheel loaders market was valued approximately USD 3,561 million in 2018 and is expected to reach a value of around USD 8,065 million by 2027, at a CAGR of around 9.6% between 2019 and 2027.
Wheel loaders are versatile mobile shovels that are used to transfer materials from stockpiles to trucks or transport materials around different job locations. Wheel loaders are a part of construction machinery, which is equipped with a front-mounted bucket that is supported by a boom structure. Wheel loader transfers materials into the bucket via machine’s forward motion and then lifts it. The bucket is then transported at its respective destination, where the loader releases the material from the bucket. Wheel loaders are used for a wide variety of purposes, such as loading trucks with materials like earth and rocks. These also have the ability for earth excavation. Wheel loaders possess high speed along with being suitable for long haul distance.
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The growing rate of urbanization and industrialization majorly driving the wheel loaders market
The primary growth driver of the wheel loaders market is the rapid industrialization and swift urbanization. Wheel loaders are commonly used in mining activities, construction projects, defense lands, and others. Growing industrialization and rapidly rising construction activities over the last couple of decades across the world have led to swift urbanization, particularly in the emerging nations mainly from the Asia Pacific and Europe. This, in turn, has greatly resulted in the increasing adoption of wheel loaders in the construction sector. Additionally, wheel loaders assist in several activities that can’t be performed using large bulldozers due to their huge size. These tasks are easily performed by wheel loaders, owing to their flexibility and compact size. Thus, the growing rates of industrialization and urbanization are majorly accelerating the wheel loaders market development on a global scale.
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The compact backhoe segment is projected to grow rapidly among the loader type
In 2018, the compact backhoe segment accounted for around 343 million of the wheel loaders market. It is also estimated to grow at a CAGR of 9.7% over the forecast period, owing to the growing product requirement by the mining industry.
The <125 hp segment is likely to register the highest CAGR in the future
The <125 hp segment will be the fastest-growing in the future in the wheel loaders market. It will register a CAGR of 10.3%, owing to the flourishing global mining and construction industries. In 2018, this segment accounted for 40.88% share of the global market.
Browse the full “Wheel Loaders Market By Loader Type (Articulated, Skid Steer, Compact Backhoe, and Others), By Application (Mining, Forestry & Agriculture, Public Infrastructure, and Others), By Operating Weight (<20000 Kg, 20000—40000 Kg, 40000—60000 Kg, and >60000 Kg), and By Power (<125 hp, 125—175 hp, 175—600 hp, and >600 hp): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2027” Report at https://www.fnfresearch.com/wheel-loaders-market-by-loader-type-articulated-skid-172
The Asia Pacific to dominate the global wheel loaders market over the estimated timeline
Asia Pacific is the fastest-growing wheel loaders market and will register CAGR of 10.1% in the future. This can be attributed to the rapidly increasing construction activities in the building/infrastructure sector, rising regional agricultural automation, and escalating rate of adoption of advanced technology across the region.
Key players operating in the wheel loaders market are Palazzani Industrie, Caterpillar, Hitachi Construction Machinery, Deere & Company, AB Volvo, Doosan Corporation, Sany Group, CNH INDUSTRIAL, J C Bamford Excavators, KUBOTA Corporation, Liebherr-International Deutschland, Wacker, Komatsu, Mecalac, YANMAR, LiuGong Construction Machinery, Neuson, and Pettibone Traverse Lift, among others.
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This report segments the wheel loaders market into:
Global Wheel Loaders Market: By Loader Type
Global Wheel Loaders Market: By Application
Forestry and Agriculture
Global Wheel Loaders Market: By Operating Weight
Global Wheel Loaders Market: By Power
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Source: EIN Presswire