The construction and mining sector in North America has been on the rise in the last few years. Moreover, North America has a robust manufacturing ecosystem of some of the leading manufacturers of skid steer and compact track loaders such as Caterpillar, Bobcat, Hitachi, Parker, JCB, and Komatsu. Various companies are actively investing in the research and development of machines and making advancements. The rate of investments in the construction sector in North America are anticipated to exceed by USD 1.2 trillion every year. Due to the robust investment in the construction sector, equipment manufacturers offer immense opportunities in North America as well as cater to the rising demand from other regions.
According to the MarkNtel Advisors’ research report titled “North America Skid Steer and Compact Track Loader Market, 2020”, the market size of the Skid Steer and Compact Track market is forecast to register a CAGR of around 9.5% during 2020-25. The market is majorly driven by the United States followed by Canada and Mexico. The United States is the leader of the skid steer market acquiring around 80% of the market share owing to the increasing urbanization and investment in the construction sector.
The total market size of construction exceeded by USD 1.3 trillion in 2019. The investments made by the construction industry were majorly in the residential, non-residential, and non-building structures.
Strict Government Norms to Act as a Challenge for the Growth of Skid Steer and Compact Track Loader Market
Skid steer and compact track loaders use diesel as the main fuel type in the construction sector. The governments of Europe and the United States have imposed strict regulations regarding the emission of fuels. Government agencies like the Environmental Protection Agency (EPA) in the United States impose fines on the manufacturers that do not follow the standard norms. All the new machinery also needs to be in accordance to the stringent standards and norms, which restrict the growth of the skid steer and compact track loaders market. The agricultural sector is the most significant end-user in the market where skid steer and compact track loaders are actively used. These types of equipment are used to transport crops and agricultural products and for lifting field material as stated in MarkNtel Advisors’ in their research report, “North America Skid Steer and Compact Track Loader Market, 2020”.
Research and Development by Manufacturers
To enhance the overall functionality, the OEMs are investing in the research and development with improved designs and integration of intelligent machines systems with GPS enabled to increase the sales of the skid steer and compact loaders. Volvo Construction Equipment introduced the most advanced approach to machine management in the industry with the launch of intelligent machine control systems at Intermat in 2018. Deere and Company launched 344L compact loaders with enhanced functionality.
According to the MarkNtel Advisors, the major leading companies are Bobcat, Caterpillar, ASV Holdings, Volvo, Deere and Company, Hitachi, Kobelco, Kubota, Komatsu, and Doosan among others.
“North America Skid Steer and Compact Track Loader Market, 2020”, provides comprehensive qualitative and quantitative insights on the industry potential, key factors such as trends, drivers, hotspots, and growth opportunities and challenges available for Skid Steer and Compact Track Loaders providers across the region. Moreover, the report also encompasses the key leading players in the industry, along with competitive benchmarking and competition matrix, and company profiling.
1. By Type (Skid Steer and Compact Track Loader)
2. By Application (Agriculture, Construction, and Others)
3. By Capacity (Upto 2000 lbs, 2001 to 2700 lbs and up to 2700 lbs)
4. By Engine Power (up to 65 HP, 65 to 80 HP and Above 80 HP)
5. By country (United States, Canada, Mexico)
6. By Competitors (Bobcat, Caterpillar, ASV Holdings, Volvo, Deere and Company, Hitachi, Kobelco, Kubota, Komatsu, and Doosan)
Key questions answered in the study:
1. What are the current and future trends of the North America skid steer and compact loader market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the globe?
4. How the competition has been shaping across the countries followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the North America skid steer and compact loader market industry?
6. What are the customer orientation, purchase behavior, and expectations from North America skid steer and compact loader market suppliers across various regions?