Skid steer loaders are used to perform various tasks at construction and mining sites. One of the major driving factors in the market is versatility of skid steer loaders. These loaders can be fitted with attachments like backhoe, angle broom, in order to perform various tasks such as trenching, breaking concrete, vertical lifting, digging, etc. manufacturers of skid steer loaders are also focusing on modifying design of skid steer on the basis of feedback from contractors, rental businesses, and dealers. Increasing operator comfort, providing larger skid steer loaders, providing high lift capability, and offering units with vertical-lift are some of the focus areas in the development of skid steer loaders.
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High initial investment to own skid steer loaders is restricting the market growth. However, vendors are providing financing options to increase the sale. This also results in the minimum impact on the budget of companies to own the equipment.
According to the market research report compiled by Fact.MR, the global skid steer loader market is expected to witness sluggish growth, growing at a CAGR of 3.1% in terms of value. By the end of 2026, the market is also projected to bring in US$ 3,273.3 million revenue. While in terms of volume, 134,517 skid steer loaders are projected to be sold in the global skid steer loader market. Following are few insights on how the global skid steer loader market will perform in the coming years.
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6 Key Insights on Global Skid Steer Loader Market
- Asia Pacific Excluding Japan (APEJ) is expected to remain dominant in the global skid steer loader market during the forecast period. By 2026 end, APEJ is expected to bring in nearly US$ 1,300 million revenue. Owing to various factors such as increasing urban population, and adoption of advanced technology in the process of construction, the region is likely to see the growth in the market
- On the other hand, North America followed by Europe is also anticipated to witness growth in coming years. Growth in the construction activities in the U.S. and Canada are driving the market growth in the region.
- Vertical lift Skid steer loaders are anticipated to witness growth throughout the forecast period. Vertical lift are projected to bring in nearly US$ 2,500 million revenue by the end of 2026.
- Skid steer loaders with 65-80 HP of engine power are expected to be highly preferred in the market. 65-80 HP engine power skid steer loaders are projected to exceed US$ 1,900 million revenue towards the end of 2026.
- 2000-3000 Ibs of operating capacity is likely to be preferred by customers. 2000-3000 Ibs operating capacity is projected create an incremental opportunity of over US$ 300 million during 2017-2026.
- The construction sector is expected to be the largest sector using skid steer loaders. The construction sector is projected to exceed US$ 1,500 million revenue by 2026 end.
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The report has also profiled key players in the global market for skid steer loader, which will operate in the market through 2026. These companies are Caterpillar Inc., Deere & Co., Komatsu Ltd., Hitachi Construction Machinery Co., Ltd., Volvo Construction Equipment and Services, Inc., Doosan Bobcat Inc., Yanmar Co., Ltd., CNH Industrial N.V., JCB, Inc., Kubota Corporation, Hyundai Heavy Industries Co., Ltd., Wacker Neuson SE, XCMG, Guangxi Liugong Machinery Co., Ltd., B E M L Ltd, Kato Works Co., Ltd., Sany Group Co. Ltd., Takeuchi Construction Machinery, and Zhejiang Hero Time Machinery Co., Ltd.
Mohit Loshali, an experienced campaigner, writes about the latest evolutions and trends in the automotive and allied domains. He has helped clients from across the globe with his thought-provoking research and analysis.