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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.
Wheel loaders are multipurpose moveable shovels, designed to carry heavy loads and relocate materials from stockpiles to trucks, or transfer materials around job sites. Wheel loaders are used in industries such as quarry and mining, construction, agriculture & forestry, and many others. Additionally, public sector entities, equipment rental companies, sand and gravel sites and companies dealing with industrial waste also use wheel loaders for site preparation work, digging and moving and placing materials.
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Continuously rising construction activities such as development of transport infrastructure and mega construction projects have been driving the overall growth of the market. Additionally, new product launches by the key players is another factor contributing towards the market growth. For instance, in June 2019, Caterpillar has launched new 920K compact wheel loader with high tipping loads, enhanced stability and intelligent power-management system.
However, high cost associated with wheel loaders and huge initial investment for manufacturing wheel loaders are the factors that have been hampering the growth of the market. Furthermore, technological development such as electrification of wheel loaders can create a big opportunity in the coming years as many regional governments have been taking various initiatives for promoting clean energy due to high environmental concerns.
Wheel Loaders Market by Application
On the basis of application, the wheel loader market is segmented into public infrastructure, forestry and agriculture, mining and other applications. The public infrastructure segment in 2018 accounted for the largest share in the global wheel loader market due to high number of smart city projects across the globe. It is also anticipated to maintain its dominance through the forecast period of 2019 to 2030.
Wheel Loaders Market by Operating Weight
On the basis of operating weight, the market is segmented into <20000 kg, 20000-40000 kg, 40000-60000 kg, and >60000 kg. In terms of market share, in 2018 the segment of <20,000 kg accounted for the largest market share, owing to increasing adoption of <20,000 kg wheel loaders for road construction, waste management, earthmoving, agriculture and many other applications.
Wheel Loaders Market by Region
The global wheel loader market can be segmented into North America, Europe, Asia Pacific, and Rest of World (ROW). Asia Pacific dominated the global market of wheel loader. Asia Pacific region will continue to dominate the global wheel loader market in the forecast period owing to factors such as rising mining activities particularly in China, India, Indonesia and Oceania. Additionally, Asia Pacific is expected to witness the highest CAGR, with the growth in this market centered in China, Indonesia, Japan and India. Rising investment in infrastructure development is another factor propelling the market growth in this region. In 2018, Europe accounted for the second largest share of the global market. However, over the next five years North America is anticipated to outpace Europe in terms of market share and CAGR.
Wheel Loaders Market Prominent Players
The prominent players in the global wheel loaders 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.