LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global compact loaders market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global compact loaders market will grow at a CAGR of close to 2% during the forecast period. The growth of construction activity is a major factor driving the market’s growth.
The growing focus on infrastructure is enabling economic growth and improving the living standards of people. As a result, construction activity is growing globally. Developed economies such as the US, Canada, and countries in the European Union are trying to improve their current infrastructure. Repair work on bridges, dams, buildings, and roads is expected to drive the growth of construction activity in these developed economies.
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In this report, Technavio highlights the technological advances as one of the key emerging trends driving the global compact loaders market:
The adoption of advanced technology and telematics in compact loaders is expected to increase with the on-set of technologies such as AI, ML, blockchain, advanced analytics, Big Data, IoT, virtual assistants, automated vehicles, augmented reality (AR), and virtual reality (VR). The adoption of these technologies is increasing in numerous industries. For example, IoT is adopted in several industries to connect devices. The integration of such technologies in compact loaders will allow players to construct safe and regulatory compliant compact loaders.
“With the advent of advanced sensors being equipped with compact loaders, key performance indicators related to maintenance issues such as the breakdown of parts, stress in the chassis, fuel levels, and temperature variations, can be monitored. Advanced compact loaders provide alerts when such issues are detected, which prevents equipment downtime and increases cost and operational efficiencies,” says a senior analyst at Technavio for research on construction.
IoT is being used to manage machine hours, fuel consumption, idle time, and global positioning system (GPS) tracking. Such features allow owners to schedule preventive maintenance, increase productive parameters, and decrease the theft and misuse of equipment.
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Global compact loaders market segmentation
This market research report segments the global compact loaders market into the following applications (construction and agriculture) and key regions (the Americas, APAC, and EMEA).
The construction segment held the largest market share in 2017, accounting for nearly 43% of the market. The market share for this application is expected to increase by 2022. The fastest growing application is manufacturing, which will account for nearly 25% of the total market share by 2022.
The Americas was the leading region for the global compact loaders market in 2017, accounting for a market share of nearly 45%. By 2022, the Americas is expected to continue dominating the market and register the highest growth rate.
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