Global Wheel Loaders Market – Increase in Infrastructure Development to Boost Growth | Technavio

LONDON–(BUSINESS WIRE)–#Construction–The global
wheel loaders market is expected to grow at a CAGR of more
than 9% during the period 2018-2022, according to a new market research
study by Technavio.

The report categorizes the global wheel loaders by end-user
(construction industry and agriculture industry), and by power output
(80HP, 40-80HP, less than 40HP). The report also determines the
geographic breakdown of the market in terms of detailed analysis and
impact, which includes key geographies such as APAC, the Americas, and
EMEA.

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Market driver: 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. However,
global crude oil prices witnessed stabilization during 2017, and
according to the World Bank, this stabilization will continue in 2018.
It is expected that the production cuts by various oil-producing nations
will result in global crude oil price to increase by 100% in 2020 and
116% in 2025, respectively when compared with the price of USD 30/barrel
in 2014.

According to a senior analyst at Technavio for construction
research, “It is expected that the stability in oil prices will drive
global economic growth and will lead to growth in government spending.
This is expected to result in the resumption of pending and deferred
infrastructure projects. In addition to this, new developmental projects
will be sanctioned, thus leading to the recovery in demand for
construction equipment such as wheel loaders.”

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Market trend: 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. Telematics consists of remote
communications and informatics, which are used for fleet tracking or
managing a group of vehicles and other assets.

Market challenge: 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). To achieve flexibility and adapt to the prevailing
economic conditions, mining and construction companies started renting
their machinery for a specific time based on their needs. The
construction machinery rental market has high penetration in the
developed countries in EMEA and the Americas. This trend of renting
construction machinery is rapidly gaining momentum in developing nations
as well. Technavio expects that the construction machinery rental
market will grow at a CAGR of over 3% during the forecast period.

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Some of the major contributors in the global
wheel loaders market:

• Caterpillar
• Doosan Infracore
• Hitachi Construction Machinery
• J C Bamford Excavators
• Komatsu
• Terex

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