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The global lightweight compact wheel loader market is estimated to expand at a sluggish pace, reaching the valuation of US$ 2.03 Bn in 2030. Lightweight compact wheel loaders are emerging as preferred equipment on job sites for many projects, a regular-sized wheel loader may be very large for the worksite. In these cases, lightweight compact wheel loaders offer the perfect option of size, power, and capabilities.
As per the recent survey by FMI, sales in the global lightweight compact wheel loader market are projected to total US$ 1.64 Bn by 2022, exhibiting growth at 2.7% CAGR over the forecast period 2022-2030.
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Key Takeaways of Lightweight Compact Wheel Loader Market Study
The COVID-19 or coronavirus pandemic has affected a majority of the countries in Europe and Asia, with North America expected to follow soon. The pandemic is causing shutdowns of industrial and commercial activities, drastically hampering the global economy. Long-term supply contracts of the lightweight compact wheel loaders are affected. Recovery will be gradual.
Market Landscape Moving Towards Consolidation
The lightweight compact wheel loader market is expected to dominate by tier-I manufacturers. Tier-I players are focusing on the expansion of their footprints by increasing distribution channels in various regions and establishing manufacturing units. Some prominent players involved in the global lightweight compact wheel loader market are shifting their focus on technological development, product development, and acquisition.
For instance, in 2019, CNH Industrial N.V. developed a new compact wheel loaders with electrohydraulic controls. With more than 20 electrohydraulic actuators and 20 sensors installed on the machine, this technology improves operator controllability and provides an option to select different operating modes.
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LIGHTWEIGHT COMPACT WHEEL LOADER MARKET TAXONOMY
LIGHTWEIGHT COMPACT WHEEL LOADER MARKET STRUCTURE ANALYSIS
The global lightweight compact wheel loaders market is highly competitive due to presence of large number of players. Doosan Corporation, Wacker Neuson SE, Hitachi Construction Machinery Co. Ltd, CNH Industrial N.V., are Tier-I players involved the global lightweight compact wheel loader market.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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