Press release
North America Skid Steer & Compact Track Loader Market By Type (Skid Steer & Compact Track Loader), By End Use Application (Construction, Agriculture & Others), By Country (United States, Canada & Mexico), Competition, Forecast & Opportunities, 2028
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The global compact track loader market is anticipated to reach a market size of USD 4461 Mn by 2028, as per a research study published by Fact.MR for the forecast period of 2018 to 2028. The compact track loader market is foreseen to exploit striking opportunities from the growing constructional activities across the globe. Key players in the compact track loader market such as Deere and Co. and Caterpillar Inc. have recognized construction to be a highly attractive segment, primarily in developing regions such as India, China, and Indonesia. Construction industry segment alone contributes to around 49% of the total market share in 2018, which makes it stand out as a remunerative segment in the compact track loader market.
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Agriculture is also foreseen to be an attractive segment in the compact track loader market and is poised to create untapped opportunities for market players of compact track loader market. Agriculture is rapidly expanding in terms of productivity and technology, which is creating a massive demand for technically-advanced equipment. The wave of agricultural demand and enhanced agricultural output owing to the expanding population seems to bode well for proliferation of compact track loader market.
The compact track loaders available in the market come in various engine capacities ranging from up to 65 HP, 65-80 HP, to above 80 HP. The 65 to 80 HP has been anticipated to be the most dominant one in terms of revenue in the compact track loader market. This depicts the widespread embracement of 65 to 80 HP over its variants in the compact track loader market. Up to 65 HP is foreseen to trail the 65- 80 HP compact track loader in terms of revenue followed by the above 80 HP variant over the forecast timeline.
APEJ is estimated to prosper in the compact track loader market owing to high infrastructure investments. As per industry estimates, around 70% of the global infrastructure investments is pumped in emerging economies. There is a huge demand for commercial and residential construction projects, which is foreseen to augur well for the construction equipment industry. APEJ is anticipated to grow at a CAGR of 3.6% in the compact track loader market during the forecast timeline, which is likely to present attractive opportunities for key players of compact track loader market to leverage.
Key players operating in the compact track loader market are proactively investing in innovations to earn sound returns on investments. Major leaders operating in the compact track loader market are making deliberate strides to advance in precision agriculture in a bid to facilitate virtual monitoring across fields. Moreover, strategic moves such as mergers and collaborations are also helping the key players of compact track loader market to magnify their customer base and revitalize the sales & distribution networks. The acquisition of Blue River Technology by Deere and Co., a leading player in the compact track loader market, was a diligent move to advance implementation of machine learning in agriculture. Moreover, organic growth and product development strategies are being adopted by manufacturers in compact track loader market to enhance their operational efficiencies.
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