Press Release

A USD 15.2 Billion North America Skid Steer & Compact Track Loader Market to Surge at a Steady CAGR of Around 9.5%

The North America Skid Steer & Compact Track Loader Market size is valued at about USD 15.2 billion in 2024 and is anticipated to grow at a CAGR of about 9.5% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The skid steer and compact track loader are the two loader variants. The loader with the wheels is called the skid steer loader and the one with the tracks is called the compact track loader. This machinery is typically used in farming & agriculture, landscaping, construction, and mining activities for digging, plowing, lifting, and material handling. Hence, the growth in the skid steer and compact track loader industry in North America is driven in close sync with the growth across these industries. Also, the loader's ability to execute all these tasks is possible due to its ability to integrate multiple buckets, used in different types of tasks.

Additionally, a rise in construction works related to residential, non-residential, manufacturing, power, healthcare, and highways & streets in the region have indicated the potential growth present in the market. Also, the rise in the consumption of consumer electronics and the increasing adoption of electric vehicles has fueled the demand for the rear earth elements, which could lead to a jump in mining activities in the region. The development of such scenarios can significantly boost the growth in the skid steer and compact track loader industry in the region.

However, such development is being challenged by the rise in environment-friendly regulations as the companies operating in this market will now have to comply with these regulations and align their products accordingly. This will lead to companies making substantial investments in their product development which will impact their margins. Moreover, this can also lead to a decline in mining activities due to the polluting nature of the industry, impacting the growth of the market. But the technological advancement and the integration of the loaders with the latest technologies can improve or add functionalities such as remote control and assisted autonomy which could propel the growth of the skid steer & compact track loader industry in North America, further states the research report, “North America Skid Steer & Compact Track Loader Market Analysis, 2024.”

Segmentation Analysis

Compact Track Loader Segment Holds Major Market Share

Based on the type, the market is further bifurcated into, skid steer, and compact track loader. Compact track loader currently holds the largest market share when considering the segmentation based on type. Compact track loaders despite being a little expensive compared to skid steer have eaten its market share due to various factors that improved the overall performance and operators' comfort in the compact track loader. These factors include lesser vibrations and higher ground traction due to the presence of tracks that exert a lot less pressure on the ground. This slight change has improved the productivity and functionality of the loader, especially for jobs in poorer ground conditions.

The US Dominates the Industry in North America

In North America, the United States seized the largest share of the skid steer and compact track loader industry. The main reason for this is that the USA is the largest economy and has the largest population in the region which drives massive consumption in the country leading to significant growth across various industries. Because of this leading OEMs of skid-steer and compact track loaders operate in the country. Thus, due to the impact of these several positive aspects, the United States is anticipated to augment the size & volume of the regional skid steer and compact track loader industry in the coming years.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Bobcat, Caterpillar, AB Volvo, Deere and Company, Hitachi, Kobelco, ASV Holdings, Kubota, Komatsu, JCB, and Others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across various countries?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?