Global Compact Loaders Market 2018-2022
About Compact Loaders
Compact loaders are used in various industries such as construction, agriculture, and mining to load and move materials. Compact loaders are smaller and have lower capacity than conventional heavy construction equipment.
Technavio’s analysts forecast the global compact loaders market will post a revenue of more than USD 10455 million by 2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global compact loaders market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Compact Loaders Market 2018-2022
Technavio recognizes the following companies as the key players in the global compact loaders market: Caterpillar, Deere & Company, Doosan Bobcat, Hitachi Construction Machinery, and Komatsu.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is adoption of advanced technology. The adoption of advanced technology such as virtual reality, automated vehicles, Big Data, augmented reality, virtual assistants, the blockchain, AI, advanced analytics, IoT, ML, and telematics in compact loaders is gaining prominence around the globe as it enables vendors to construct safe and regulatory compliant compact loaders.”
According to the report, one driver in the market is growth in construction activity. The construction activity is rising across the world due to the economic growth, growing focus on infrastructure, and improving living standards of people. In addition, various developed economies including Canada and the US and countries in the European Union (EU) are increasingly focusing on enhancing their existing infrastructures such as dams, buildings, and bridges.
Further, the report states that one challenge in the market is increase in manufacturing costs. The components used in loader assemblies such as diesel tanks, hydraulics, air ducts, covers, fenders, and oil reservoirs are expensive. Due to the focus of environment an operator safety and the implementation of stringent regulations, the cost of manufacturing compact loaders is increasing.
Caterpillar, Deere & Company, Doosan Bobcat, Hitachi Construction Machinery, and Komatsu.
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