Demand for skid steer loaders has been rising at a CAGR between 2.5% to 3% over the last 5 years. This market continues to witness significant opportunities across the globe, on the backdrop of increasing demand for energy-efficient construction equipment.
With the construction industry growing steadily, demand for skid steer loaders is also increasing, and construction is the largest end user of these machines. Vertical lift skid steer loaders are highly sought-after across sectors, with the mid-range type witnessing high demand as far as operating capacity is concerned. Fact.MR’s report has a detailed region-wise analysis, where the region of APEJ leads the way for skid steer loader demand and usage.
The report comprises extensive primary research with detailed analysis of qualitative as well as quantitative aspects by various industry experts and key opinion leaders, to gain deeper insights into industry performance.
The report offers actionable and valuable market insights of Skid Steer Loader. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Skid Steer Loader Market across various industries and regions.
The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Skid Steer Loader market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Skid Steer Loader
This newly published and insightful report sheds light on Market Insights of Skid Steer Loader, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Skid Steer Loader Market.
Which Companies are Leading the Skid Steer Loader Market Space?
Key market players include Bobcat Company, CNH Agriculture N.V., ASV Sales & Services, Komatsu Ltd., and Wacker Neuson SE, among many others. For the Bobcat range in EMEA, total sales unit growth reached 11.0% in 2019 as compared to 2018, with a very impressive growth of around 12.7.
It is the number one company that has established its dominance in the market by selling more skid steer loaders than all its contemporaries combined. In a moderately consolidated market, all the players are trying to boost their market position. Initiatives and strategies adopted include forming strategic partnerships, striking investments, and engaging in mergers and acquisitions.
What is the Impact of COVID-19 on the Market?
Skid steer loaders are used in various industries, from mining, agriculture, forestry, ground maintenance, etc. However, their use in construction activities greatly outweighs all these sectors. Due to the onset of COVID-19, most countries imposed nationwide lockdowns to curb the deadly virus, which brought the construction industry to a standstill, besides causing disruptions in the supply chain and shortage of human resources.
The manufacturing of skid steer loaders as well was significantly affected. The USA is a key producers of skid steer loaders, and according to UNIDO, its machinery industry saw a decline of 4.9% in 2020, directly affecting the skid loader market.
Key Takeaways from Skid Steer Loader Market Report
– The global skid steer loader market was valued at around US$ 2.7 billion in 2020.
– Increasing construction activities across APEJ has resulted in the region accounting for the most demand for skid steer loaders, with a global market share of close to 40% over the next ten years.
– The market in APEJ will also expand at the highest of over 3.5%, with China playing a big part due to rising investments by the government in construction projects.
– Vertical lift skid steer loaders are expected to hold more than three-fourth of the demand share through 2031.
– 2000-3000 lb skid steer loaders (mid-range) will experience greater use across industries, at over 40% of the total market share.
– Around half of the demand for skid steer loaders will come from the construction industry.
– After initial setbacks due to the COVID-19 outbreak, the global skid steer loader market is slated to get back to its original growth pace of around 3% for the long-term duration.