Industrial Wheeled Loader Market
The Business Research Company recently released a comprehensive report on the Global Industrial Wheeled Loader Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, The industrial wheeled loader market size has grown strongly in recent years. It will grow from $13.08 billion in 2023 to $13.77 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to economic growth, rising urbanization, rising infrastructure development, growing mining activities, and agricultural mechanization.
The industrial wheeled loader market size is expected to see strong growth in the next few years. It will grow to $16.99 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to construction industry growth, growing environmental regulations, rental market growth, increasing population, aging fleets, and the need for more efficient machinery drives. Major trends in the forecast period include technological advancements, enhanced fuel efficiency, the development of smart loaders, customized solutions, and expansion in emerging markets.
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Market Drivers and Trends:
Growth in construction activities is expected to propel the growth of the industrial wheeled loader market going forward. Construction activities encompass the processes involved in erecting, renovating, or demolishing structures such as buildings, roads, bridges, and infrastructure. The increase in construction activities is due to population growth, urbanization, infrastructure development, economic expansion, and government investment in construction projects. Industrial wheeled loaders are crucial in construction activities for efficiently transporting and loading materials such as soil, sand, and debris. Their versatility and mobility enhance productivity on construction sites, allowing for rapid movement of heavy loads. For instance, in June 2024, according to a report published by the Bureau of the Census, a US-based agency of the Federal Statistical System, in the first four months of 2024, construction spending in the US reached $635.5 billion, which is 10.9% (±1.2%) higher than the $573.0 billion spent during the same period in 2023. Therefore, growth in construction activities is driving the growth of the industrial wheeled loader market.
Major companies operating in the industrial wheel loader market are increasing their focus on developing large-capacity wheel loaders to meet the growing demand for efficient material handling and enhanced productivity on construction sites. Large-capacity wheel loaders refer to heavy equipment designed to handle significant volumes of materials such as soil, sand, gravel, and debris in construction, mining, and other industrial applications. For instance, in July 2023, Caterpillar Inc., a US-based engine equipment manufacturing company, launched the new Cat 995 wheeled loader, which supersedes the 994K model. The 995 features larger capacity buckets with an extended floor for rapid loading and high fill factors reaching 115%. The loader’s cab has been redesigned for improved visibility and operator comfort, featuring a taller windshield, automatic temperature control, and electrohydraulic speed-sensing steering with force feedback. The 995 also incorporates advanced technology, including a tip-up prevention system, autodig components, and payload overload prevention, which allows for the use of larger buckets without the risk of overload.
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Major Key Players of the Market:
Caterpillar Inc., Hyundai Heavy Industries, Komatsu Ltd., Kubota Corporation, Atlas Copco, Xuzhou Construction Machinery Group, Liebherr Group, Kawasaki Heavy Industries, Sany Group, Volvo Construction Equipment, Hitachi Construction Machinery Co. Ltd, Yanmar Holdings Co. Ltd., JCB (J.C. Bamford Excavators Ltd.), Ter*ex Corporation, CNH Industrial, LiuGong Machinery Co. Ltd., Wacker Neuson SE, Manitou Group, Lonking Holdings Limited, Furukawa Co.Ltd., Shantui Construction Machinery Co. Ltd., Gehl Company, Shandong Lingong Construction Machinery Co. Ltd., Tata Hitachi Construction Machinery Company Pvt Ltd, Mecalac Construction Equipment UK Ltd.
Industrial Wheeled Loader Market 2024 Key Insights:
• The industrial wheeled loader market size is expected to see strong growth in the next few years. It will grow to $16.99 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• Industrial Wheeled Loader Market Driven By Surge In Construction Activities
• Advancement In Large-Capacity Wheel Loader Technology Driving Market Growth
• North America was the largest region in the industrial wheeled loader market in 2023
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This release was published on openPR.
