By Application – Segment Analysis
Construction Segment is expected to grow at CAGR of 1.6% during the forecast period. Because of the high demand for earth moving equipment in the construction sector, the construction segment is likely to dominate the compact loaders market. The world's major economies, such as the U.S., China , Japan , India, France and Brazil, are witnessing expansion, which in turn is likely to boost the construction industry as a result of increased investment in infrastructure development in these countries. The growth of the market for compact loaders is driven by the expansion of the construction industry, as it is commonly used by construction companies for earth moving and building material loading. The construction industry is rising at a substantial rate and is expected to have a remarkable speed over the forecast period due to the advancement of technologies requiring infrastructure development such as adequate roadways, lane maintenance technology is needed. In addition, growing industrialization also requires a considerable amount of construction thus boosting the construction industry.
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By Geography - Segment Analysis
North America currently dominates the global Compact Loader market with a share of more than 45.5%. Growth of compact loader market in this region is because of increasing demand from the agriculture and mining sectors, coupled with increased regional construction activities. Compact loaders are widely used in a range of applications because of their Compactness. An additional increase in the number of infrastructural projects is expected to drive growth in the compact loader market in North America. There is a tremendous need in the U.S. to upgrade existing infrastructure, especially road infrastructure. According to the U.S. government 's figures, one out of nine U.S. road bridges is in desperate need of repair, 30% of major roads are in bad condition and 42% of major urban highways are congested. This will help to boost the market growth of compact leader.
Drivers – Compact Loader Market
Growing use of technologies like AI, ML, Blockchain, IoT, AR and VR
Increase in the use of technologies such as AI, ML, blockchain, IoT, virtual assistants, autonomous vehicles, AR, and VR and new innovation has been a key factor for this market to grow. The increasing adoption of these technologies would further drive the adoption in compact loaders. The growth of construction activities coupled with the emergence of new technology would lead to a growth of the demand for compact loaders market.
Growth in Construction Activities
Growth in construction activities across the globe will be the most important factor in boosting market growth for compact loaders. In recent years, APAC has seen significant infrastructure growth, while developed economies like Canada, the US and various EU countries are concentrating on developing their current dam, building and bridge infrastructure. This promotes investment and increases the number of infrastructure projects, which in turn would increase the need for building equipment and heavy equipment such as compact loaders and therefore allow its demand to expand and market to grow.
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Challenges – Compact Loader Market
High Cost & COVID-19 Pandemic
High cost is expected to impede compact loader market growth. It is not possible to bear these high costs for SMEs and to maintain it as compact wheel loader has a higher initial purchase price, in many cases it is not possible for many small companies to bear it and high cost is expected to hamper the market growth. In COVID-19 pandemic, manufacturing sector is affected very badly and thus this will also hamper the growth of compact loader.
Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in Compact Loader Market. Compact Loader Market is expected to be dominated by major companies such as Caterpillar, Deere and Company, Volvo AB, Komatsu Corporation, and CNH Industrial N.V.
Acquisitions/Technology Launches
In December 2019, Komatsu launched its new Stage V compliant WA80M-8 compact loader, complete with Komtrax telematics for fleet management, efficiency maximisation and support.
In March 2020, CASE Construction Equipment launched its next generation of compact track loaders (CTLs) and skid steers with the introduction of the B-Series. The five CTL and nine skid steer models span radial and vertical lift patterns.
Key Takeaways
The increase of mechanization is also leading to growth demand for compact loaders. Growing mechanization can be seen in rural and semi-urban areas, where customers prefer compact earth digging or levelling loaders and other related jobs, even for small-scale building projects.
The major economies of the world, such as the United States, China, Japan, India, France, and Brazil, are experiencing growth, which is likely to boost the construction industry as a result of increased investment in infrastructure development in these countries.
Compact loader market growth in North America is due to growing demand from the agricultural and mining sectors, coupled with increased regional building activities.
Growth in construction activities across the globe will be the most important factor in boosting market growth for compact loaders.
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