Around 50% Demand for Skid Steer Loaders Expected from Construction Industry through 2031: Fact.MR
Published : 16 Jun 2021 Industry: Automotive
The versatility of skid steer loaders, as far as their uses are concerned, complemented by features such as improved productivity, fuel efficiency, and reduced carbon emissions, make them the top choice across various industries such as agriculture, mining, and especially construction. With construction activities picking pace after temporary shutdowns in 2020 due to the COVID-19 pandemic, demand for skid steer loaders will see a steady rise across regions. Rising urbanization is necessitating the need for fast-tracking infrastructure projects such as construction of highways, metros, roads, and ports, where these loaders are used on a large scale. They can also be used in compact spaces, and can perform a range of tasks by changing their attachments, which further drives demand from various industries.
As per Fact.MR analysis, the global skid steer loader market registered a growth of around 3% in 2021 over 2020, and is projected to progress at the same pace through 2031.
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.
COVID-19 Impact Analysis
The skid steer loader market cannot be studied in isolation from the COVID-19 impact. Owing to supply chain issues, scarcity of labor, and closure of plants, demand was affected due to stagnant construction activities across the globe.
Both, partial and complete lockdowns led to erratic industrial operations. However, with things easing up and industrial activities gradually getting back on track, especially construction activities, demand for skid steer loaders will see a rise, both, in the short term and long term.
Research & Development Efforts to Boost Market Growth
Construction equipment manufacturers are attempting to develop energy-efficient skid steer loaders that are ideal for multiple tasks, such as commercial and residential construction, agricultural activities, mining and forestry applications, landscaping, and pushing and digging.
Moreover, rising environmental concerns have stimulated the development of battery-operated skid steer loaders to reduce carbon emissions caused by diesel-based loaders. Other notable developments in the market are integration of GPS systems with these machines, autonomous and self-driven loaders, wireless connectivity, and increased operator comfort.
Technological progress by manufacturers is improving the maneuverability of skid steer loaders and promoting sustainable attributes such as reduction of fuel consumption and carbon emissions, which is complementing demand growth.
The main competitors tracked and analyzed by Fact.MR in the global skid steer loader market 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.
Valuable Insights into Skid Steer Market Report
In its latest report, Fact.MR has presented a detailed analysis of the global skid steer loader market, along with an assessment for the years 2021-2031. To provide a better understanding, the market has been segregated into several segments.
Based on lift, the market is divided into radial and vertical. Capacity of up to 2000 lbs, 2000 to 3000 lbs, and above 3000 lbs come under the segment of operating capacity. The engine power segment is sub-segmented into up to 65 hp, 66 to 80 hp, and above 80 hp. Based on application, the skid steer loader market is divided into construction, agriculture and forestry, mining, industrial, ground maintenance, and others. Lastly, based on region, the market is divided into North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA.
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