North America Skid Steer and Compact Loader Market Analysis, 2020
The North America Skid Steer and Compact Loader Market Analysis, 2020 research report provides a detailed market analysis of statistics of Skid Steer and Compact loader market which consists of regional and country-wise market size, market forecast, CAGR, market segmentation, market shares of diverse regions and countries, market share of various end-users, by fuel type, by tonnage capacity, by vehicle type, competitive benchmarking, etc.
A skid steer and compact track loader are largely used for construction activity and excavating purposes. Moreover, the increasing need for improved levels of housing, electricity, and transportation can further escalate the demand for the skid steer and compact track loader.
The market is majorly driven by the increasing construction and mining activities in the United States. With rising investments in the construction sector, the demand for the skid steer and compact tracker loader would increase during 2020-25. The North America construction industry exceeded 1.3 trillion in 2019 and is expected to increase around USD 1.44 trillion till 2023. The majority of investments were made for residential, non-residential, and commercial purposes.
According to the MarkNtel Advisors’ research report titled “North America Skid Steer and Compact Track Loader Market Analysis, 2020”, the CAGR is expected to be around 9.5% during 2020-25. The United States accounted for more than 80% of share in terms of volume in the overall North America Skid Steer market. Canada and Mexico are witnessing significant growth in recent years and are anticipated to experience greater demand for skid steer and the compact loader. This demand is projected to rise owing to the increasing mining activity in Mexico and Canada.
Companies are investing in the research and development of the products in this industry to enhance and provide better functionality. Recently, in 2019, Caterpillar launched 16 new Cat D3 skid steer loader and compact track loader which supports smart attachments.
Compact track loaders dominated the North America Skid Steer and Compact Track Loader market in 2019. This is mainly on an account of its wide applications in the areas of agriculture, construction, and mining as these loaders are used for demolition.
With the changing for industries and construction sites, the demand for skid steers is mounting in North America by adding comfort and safety features in the machines. According to the MarkNtel Advisors, the leading companies are Bobcat, Caterpillar, ASV Holdings, Volvo, Deere and Company, Hitachi, Kobelco, Kubota, Komatsu, and Doosan, among others.