Wheel Loaders Market is anticipated to grow at a CAGR of 4.69% from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Wheel Loader Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global wheel loaders market valued US$ 15.24 billion in 2018. It is anticipated to grow at a CAGR of 4.69% from 2019 to 2030.
High demand of wheel loaders from new mega construction projects and transport infrastructure is driving the overall growth of the market. Moreover, the rising demand from mining and quarrying application is anticipated to further contribute to the market growth. Key players have been taking several initiatives to expand and mark a strong presence in the competitive market. For instance, Hitachi Construction Machinery Co., Ltd has signed an agreement for establishment of a new company that sells and provides services to construction machinery with NIPPON Machinery B. V. The purpose of this agreement is to expand business, particularly in Central Asia construction machinery market.
Wheel loader is considered as one of the important equipment’s in the construction activities due to its advantages such as high weight loading capacity, and proper material handling. Thereby, new mega construction projects are likely to drive the wheel loader market globally. For instance, in Saudi Arabia, Jubail II is a 22-year-long industrial city project having more than US$ 11 billion investment. In United Kingdom, London Crossrail is the first underground train construction project with approximately US$ 23 billion investment. Increasing number of mega construction projects have been supplementing the overall growth of the market as wheel loaders are highly used in construction activities.
Browse key industry insights spread across 220 pages with market data tables & figures & charts from the report, Wheel Loaders Market is anticipated to grow at a CAGR of 4.69% from 2019 to 2030. in detail along with the table of contents:https://www.marketindustryreports.com/wheel-loaders-market/110
High cost associated with wheel loader is the major limiting factor present in the market. Additionally, need of high initial investment for manufacturing wheel loader is another factor hampering the overall growth of the market.
Asia Pacific is estimated to witness the highest CAGR during the forecast period. Increasing mining, forestry, agriculture and residential construction activities is anticipated to present a lucrative growth scenario for the wheel loaders market in this region. In Asia Pacific region, China accounts for more than 40% of the market share due to increase in infrastructure investment by the government, as well as via Public Private Partnership (PPP) model. However, Indian wheel loaders market is anticipated to grow at a higher CAGR owing to factors such as evolving Indian mining sector, construction and government initiatives for developing infrastructure. Additionally, key players have been launching new and advanced wheel loaders to satisfied customer’s requirement. For instance, SDLG launches its L958F wheel loader in India at bauma CONEXPO India 2018. L958F features include larger bucket capacity, heavier operating weight and a new cooling design system.
Major Players in the Wheel Loader Market
The prominent players present in the global wheel loader market are Caterpillar, AB Volvo, Deere & Company, CNH Industrial N.V., Komatsu Ltd., Hitachi Construction Machinery Co., Ltd., J C Bamford Excavators Ltd., Doosan Infracore, Larsen & Toubro Limited., Liugong Machinery Co., Ltd. and among others.
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