Portland, OR, Sept. 01, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global mulcher attachment equipment market accounted for $482.7 million in 2020, and is expected to reach $806.5 million by 2030, registering a CAGR of 5.0% from 2021 to 2030.
Rise in residential and non-residential construction, surge in adoption of precision farming, and maintenance of industrial application drive the growth of the global mulcher attachment equipment market. However, fluctuation in raw material prices and high cost required for mulching machines hinder the market growth. On the contrary, government support for the development of agricultural activities is expected to open lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- The Covid-19 pandemic hampered the manufacturing industry due to the implementation of strict lockdown measures. This hampered the production of mulcher attachment equipment.
- Moreover, the prolonged lockdown in European and Asian countries delayed the manufacturing and production of excavator mulcher and compact track loaders.
- The pandemic resulted in a halt in construction and landscaping activities, which hampered the demand for mulcher attachment equipment.
The report segments the global mulcher attachment equipment market on the basis of vehicle type, capacity, application, and region.
Based on vehicle type, the skid steer loaders segment held the largest share in 2020, accounting for nearly half of the market. Moreover, the segment is expected to register the highest CAGR of 5.3% during the forecast period. The report includes an analysis of segments such as excavators and others.
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On the basis of capacity, the heavy-duty segment dominated in 2020 in terms of revenue, contributing to more than half of the market. However, the light-duty segment is projected to manifest the highest CAGR of 5.5% from 2021 to 2030.
The global mulcher attachment equipment market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is estimated to register the highest CAGR of 6.1% during the forecast period. However, the market across North America held the largest share in 2020, accounting for nearly two-fifths of the market.
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The global mulcher attachment equipment market includes an in-depth analysis of the prime market players such as Caterpillar Inc, Bandit Industries Inc, Deere & Company, Alamo Group Inc, Fecon LLC, Lamtrac Global Inc, CNH Industrial N.V., Tigercat International Inc, FAE Group S.p.A, and Ventura Group Inc.
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