Compact Track Loader Market
Compact Track Loader Market Analysis by Engine Capacity (4 L-10 L, 10 L-16 L, 16 L-22 L), by Power Output (50 HP-100 HP, 200 HP – 300 HP), by Fuel Type (Gasoline, Diesel), by Application (Construction Equipment, Agriculture Equipment, Marine Engines) & Regional Forecast 2022-2032
Global Compact Track Loader Market Outlook
The global compact track loader market is estimated at USD 3,296.7 Million in 2022 and is forecast to surpass USD 4,809.8 Million by 2032, growing at a CAGR of 3.8% from 2022 to 2032.
Global compact track loaders market is stipulated to be roughly 3% of the global construction equipment market in 2022.
Base Year Value (2021A)
USD 3,191.4 Million
Estimated Year Value (2022E)
USD 3,296.7 Million
Projected Year Value (2032F)
USD 4,809.8 Million
Global Growth Rate (2022-2032)
North America Market Share in 2021
North America Growth Rate (2022-2032)
Collective Value Share (U.S, China, India) 2022: Top 3 Countries
Top 3 Companies Market Share in 2021
Key Companies Profiled
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2017-2021 Global Compact Track Loader Market Outlook in Comparison to 2022-2032 Growth Forecast
The compact track loaders contains the high-flotation rubber tracks, like that of skid steer loaders, allowing the machines to work in poor conditions and sensitive surfaces as well. The manufacturers are concentrating on escalating the number of attachments in a bid to upgrade the product usefulness in the compact track loader market. A number of manufacturers in the market are offering more attachments like snow pushers, pallet forks, snow blades, rotary cutters etc. resulting in better command over work.
Fact.MR projects the compact track loader market is expected to witness exhibiting growth at 3.8% CAGR during 2022 and 2032 in comparison to a CAGR of 2.4% with which it grew from 2017 and 2021.
Real Time Guidance offering Ease and Convenience coupled with Rapid Urbanization to Support Growth of the Market
Various players in the construction equipment market are going for innovations to make it more convenient for the operator. The recent developments that have been added to compact track loaders are expected to provide for higher accuracy by enhancing the functionality. For instance, provision of real time guidance for assisting operator is major technological enhancement in compact track loaders meeting job parameters with high precision, accuracy and with convenience and safety is the main function of the real time guidance system. This is estimated to support market growth by 1/5th of current levels during the forecast years of 2022-2032.
In addition to this, urbanization is expanding globally at a positive rate. The rising urbanization in the emerging economies like India, China, Argentina, Mexico, and Brazil is contributing to the growth of the construction industry in both residential and commercial domains. The escalating demand for shops, offices, houses, and other residential construction along with the rising population is expected to drive the demand for compact track loaders globally.
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Increasing Construction and Infrastructure Activities Coupled with enhanced usage in Energy Sector to Drive Demand in the Market
The infrastructure sector and the construction sectors have undergone tremendous growth. The emerging economies in the Asia Pacific region have witnessed uptrend in infrastructure activities such as railway construction, road construction, bridges etc. This has led to increased adoption of construction equipment. The frequency of these activities in the region is rising on a large scale, which is supporting the growth of the compact track loaders market.
Energy and power has been a vital industry for many years. The infrastructure development in this important sector is essential to ensure effective operations. The energy and power sector has been witnessing growing number of projects across the globe and is expected to further expand in the forthcoming years. Compact track loaders are used in lifting and material handling in the energy and power sector. Therefore, the demand of compact track loaders remains majorly influenced by the energy sector infrastructure projects. The rise in the energy sector infrastructure is expected to boost the market growth of compact track loaders. Thus, above listed factors are estimated to support market demand by 1.8X over the period of 2022-2032.
High Cost and Lack of Skilled Labor along with Stringent Emission Norms to Restrain Market Growth
Design of compact track loader has evolved continuously with consumer requirements. However, improved design requires investments, leading to greater expenditure, and thus, more making the equipment. Therefore, key players in the market face challenges to make cost-effective products while improving productivity and efficiency. At the same time, technologically advanced compact track loaders with wider ranges of electronic features require professional operators who are skilled and trained as handling them inappropriately may lead to mishaps. Operational and safety programs are mandatory for operators. Lack of skilled operators to operate such equipment is likely to hamper the adoption, particularly in developing countries.
The construction equipment market is likely to face stagnation because of stringent emission norms, thus restraining the demand for the compact track loaders market. Government agencies such as EPA (Environmental Protection Agency) levy heavy fines on manufacturers who do not meet the standard norms, primarily due to the reason that the construction equipment uses more diesel engines than other sectors. However, variation of norms from territory to territory and from region to region is likely to impact the market. For instance, a new machinery may have to comply with stringent emission regulations in North America and Europe as compared to other parts of the world
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Which region accounts for more enhanced demand for Compact Track Loader Market?
North America compact track loader market accounts for the largest market share of 74.8%. The region is projected to register a CAGR of 4.4% during the forecast years. This is basically attributed to the key players in the compact track loaders market investing heavily in research and developmental activities in order to employ new features in the equipment with a view to enhance productivity and convenience. The development of new technologies is expected to fuel the adoption of compact track loaders in different applications in coming years.
What is the market scenario in Asia-Pacific Compact Track Loader Market?
The Asia Pacific region is estimated to hold 6.3% of the overall compact track loader market share and is projected to grow at a CAGR of 2.8% over the forecast years of 2022-2032. The growth in the region is attributed to the growth in the rental activities in heavy duty equipment, which is fueling growth in the compact track loader market. With the rising construction projects, multiple companies in the construction sector are preferring short project time duration. Thus, leasing or renting of equipment offers a cost-effective choice to use for short period of time rather than investing in older machines or buying new ones. This, is likely to support compact track loader market growth in coming years.
Which engine capacity segment holds dominant market share and is likely to show higher growth in Compact Track Loader Market over the assessment period?
Under the engine capacity, the 16 L-22 L segment dominates the market by holding 37.8% of the overall compact track loader market share and is projected to register CAGR of 4.5% over the assessment period of 2022-2032. This is attributed to the consumers preferring more of it because of enhanced operational efficiency and productivity.
Which fuel type segment is estimated to support market growth in the Compact Track Loader Market during the forecast period?
Under the fuel type segment, the compact track loader market is segmented into gasoline, diesel, and others. Amongst them, the diesel segment accounts for the largest market share of 72.3% and is projected to grow at a CAGR of 4.6% over the assessment period. This is basically attributed to the engines in the compact track loader running smoothly on high-quality diesel fuel.
Competitive Landscape: Top Companies in Compact Track Loader Market
The global compact track loader market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships.
Also, new product development as a strategic approach is adopted by the leading companies to upscale their market presence among consumers. These strategies have resulted in the manufacturing of compact track loader market.
Fact.MR has provided detailed information about price points of key manufacturers in compact track loader market positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.
- ASV Holdings Inc. in 2019 signed a merger agreement with Yanmar Holdings. This acquisition is likely to bolster the compact equipment offerings by the Yanmar Holdings in the loader segment
- Caterpillar Inc. in 2021 acquired Enhanced Energy Group Inc. This acquisition is likely to enable reduction in greenhouse gas emissions with the combination of patented technology of the company with Caterpillar Oil & Gas Solutions
Global Compact Track Loader Market by Category
By Engine Capacity, Global Compact Track Loader Market is segmented as:
- <4 L
- 4 L-10 L
- 10 L-16 L
- 16 L-22 L
- Above 22 L
By Power Output, Global Compact Track Loader Market is segmented as:
- <50 HP
- 50 HP-100 HP
- 100 HP- 200 HP
- 200 HP – 300 HP
- Above 300 HP
By Fuel Type, Global Compact Track Loader Market is segmented as:
By Application, Global Compact Track Loader Market is segmented as:
- Construction Equipment
- Agriculture Equipment
- Marine Engines
- Industrial Trucks
- Power Sports
By Region, Global Compact Track Loader Market is segmented as:
- North America
- Latin America
- East Asia
- South Asia & Oceania
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