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Loader Bucket Attachments Is Slated To Increase At A CAGR Of 4.6% To Reach A Valuation Of US$ 3.76 Bn By 2029
Increasing safety standards and the need for regular replacement of loader bucket attachments is one of the prime factors contributing to high volume sales. The average service life of a loader bucket attachment is around three to five years, after which, it needs to be replaced or thoroughly serviced. Further, greater attention is being paid to safety standards, such as by OSHA and others, established by regional governments, creating a market opportunity of more than US$ 1.3 Bn over the forecast period of 2022-2029.
On the back of these factors, the global loader bucket attachments market is projected to register a CAGR of 4.6% through period.
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Key Takeaways of Loader Bucket Attachments Market Study
- The rise in infrastructural projects with promising economic growth necessitates manufacturers of heavy-duty off road vehicles to increase efficiency and productivity, creating growth opportunities for players in the loader bucket attachments market.
- Prominent players in the loader bucket attachments market are striving to offer an extensive range of attachments and ground engaging tools. Additionally, these companies strive to offer new products in developing regions where end-use industries have registered double digit growth in the past, such as China, India, and Latin America.
- Between thumbs and grapples, grapples are estimated to gain more prominence, as they can be used to multitask, which leads to increased productivity in demolition, rock handling, scrap handling, and land clearing applications. Grapples are expected to gradually replace thumbs in the latter half of the forecast period.
- Amongst all the loader bucket attachments, ground engaging tools are gaining more acceptance in the loader bucket attachments market, owing to their better productivity.
- Cumulatively, the Americas and Europe have a notable installed base of bulk material handling equipment. The need for frequent maintenance due to safety concerns and the resulting volume sales of loader bucket attachments, coupled with growing concerns regarding proper waste handling is expected bolster the growth of the loader bucket attachments market.
“Increasing infrastructural investments, recovering mining industry, and the prevalence of waste management is anticipated to offer abundant opportunities to manufacturers in the loader bucket attachments market, especially in developing countries.”
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Loader Bucket Attachments: Competition Scenario
The loader bucket attachments market is assessed to be a fairly consolidated market space, where players such as Caterpillar, AB Volvo, Komatsu Ltd., JCB, Doosan Corporation, Deere & Company, and CNH Industrial are projected to maintain their supremacy in the market throughout the forecast period.
What’s in it for you?
The global loader bucket attachments market report published by Future Market Insights details an extensive market analysis for the projected period of 2022-2029, based on attachment type and region. The loader bucket attachments market report offers an exhaustive analysis of major attachments employed in bulk material handling systems across various end-use industries, with their regional market dynamics and sales forecast. The study contains information about emerging market opportunities over the forecast period, and also highlights supply trends, key considerations for manufacturers, and other macro and micro factors impacting the growth of the loader bucket attachments market.
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