Global Wheel Loaders Market 2018-2022
About Wheel Loaders
Wheeled loaders are a type of tractors that are mounted with square-shaped buckets, which are used to lift loose materials such as sand, gravel, and dirt from the ground. Wheeled loaders are also used for clearing rubble, digging, and loading materials onto a truck.
Technavio’s analysts forecast the global wheel loaders market to grow at a CAGR of 9.01 % during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global wheel loaders market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of wheel loaders.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Wheel Loaders Market 2018-2022
Technavio recognizes the following companies as the key players in the global wheel loaders market: Caterpillar, Doosan Infracore, Hitachi Construction Machinery, J C Bamford Excavators, Komatsu, and Terex.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is telematics in construction. The economic crisis of 2008 resulted in a slowdown in all industries, including the construction industry. Following the recession, the construction industry was forced to adapt to changing economic scenarios and make improvements in efficiency. This led to the construction industry becoming one of the most enthusiastic adopters of advanced technology. One such technology that the construction industry has readily embraced is telematics.”
According to the report, one of the major drivers for this market is Stabilization of global crude oil prices. Owing to the weak global crude oil market during 2014 and 2016, the construction sector in oil producing countries came to a halt. The Middle East countries, such as Saudi Arabia, Kuwait, and Oman, experienced a downturn in the growth of the construction sector. With the overall global economy in a downslide during this period, the construction and mining sectors faced difficult times, resulting in various projects, including government projects, being temporarily put on hold.
Further, the report states that one of the major factors hindering the growth of this market is Growing rental equipment market. Construction machinery such as wheel loaders and tracked excavators are very expensive and require high initial investments. Therefore, for short duration projects or small-scale projects, it is difficult for mining and construction companies to buy them, owing to the low return on investment (ROI). The financial crisis of 2008 had a negative impact on construction companies, thus compelling them to adapt to the changing global economic scenario. In order to achieve flexibility and adapt to the prevailing economic conditions, mining and construction companies started renting their machinery for a specific time period based on their needs. By doing so, construction companies are able to save on the cost of buying the machinery as well as eliminate the maintenance costs.
Caterpillar, Doosan Infracore, Hitachi Construction Machinery, J C Bamford Excavators, Komatsu, and Terex.