Skid Steer Loader Market Covering Trends, Market Share and Forecast to 2029

Posted on 2019-10-09 by Mark Hub in Automotive // 0 Comments

The skid steer loader market continues to witness significant opportunities across the globe on the backdrop of the increasing demand for energy-efficient construction equipment and constructional activities, worldwide, according to the new Fact.MR study. Fact.MR has come out with an exclusive report for the skid steer loader market, for the forecast period of 2019 and 2029. The main objective of this report is to provide important insights on the market scenario and technological advancements in the skid steer loader market. Also, the study on the skid steer loader market offers key trends, restraints, and opportunities that are expected to impact the growth of the skid steer loader market.

There are not many activities that skid steer loader cannot perform, and they are deemed to be the most versatile construction machinery available in the market at present, on the premise of their application flexibility. Currently, manufacturers are providing several new enhancements to skid steer loader for facilitating operations of mason contractors, potentially making them more profitable. Various attachments have been developed by manufacturers for use in skid steer loader, such as hydraulic breakers, grapples, sweepers or angle brooms, pallet fork attachments, and concrete mixers. Masonry contractors are becoming more and more aware about the capabilities of skid steer loader, and preferring their adoption to improve process efficiency. The increasing adoption of skid steer loader plays an important role in driving the skid steer loader market across the globe.

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Several skid steer loader manufacturers have been actively exploring, applying, and developing various types of attachments for improving their flexibility and versatility, and broadening the adaptability of their mainframe. A large number of professional attachment vendors have emerged through the research & development of various efficient and professional product variants, for meeting the increasing demand from OEMs. The development of various attachments is coaxing OEMs towards making improvements in the configuration and design of skid steer loader for supporting attachment installation, mutual promotion between attachments and skid steer loader, and encouraging technological progress.

Energy and power has been a vital industry for many years. Infrastructure development in this important sector is essential to ensure effective operations. The energy and power sector has been witnessing a growing number of projects across the globe, and is expected to further expand in the forthcoming years. Skid steer loader are used for lifting and material handling in the energy and power sector. Therefore, the demand for skid steer loader remains influenced by energy sector infrastructure projects. Hence, rise in energy sector infrastructure is expected to boost the market growth of skid steer loader.

Across the globe, on the backdrop of construction equipment, and high initial and maintenance cost, medium- and small-sized enterprises are preferring rental construction equipment. In addition, using construction equipment such as skid steer loader on a rental basis helps end-use contractors in decreasing the cost of their construction projects. Some construction equipment manufacturers, such as Caterpillar and Volvo, have been offering skid steer loader to different construction companies on a rental basis, which decreases their operating expenses. Equipment rental further aids construction industries in utilizing recent innovations, and spending extra capital required for equipment ownership on other resources, thereby complementing their business expansion.

Stringent Emission Norms and Comparatively High Cost to Hamper the Skid Steer Loader Market Growth

Stringent emission norms regarding the use of construction equipment is hampering the demand for skid steer loader. Due to this reason the construction equipment uses more diesel engines as compared to other sectors. Government agencies such as EPA (Environmental Protection Agency) inflict heavy fines on manufacturers who do not meet the standard norms. However, these norms vary from one region to another, and one territory to another. For instance, in North America and Europe, new machinery has to follow even more rigorous emission regulations as compared to other parts of the world, which hampers the growth of the skid steer loader market in the region.

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In most countries in the Asian region, manual labor is still an ideal choice for limited construction-related activities because of the low operating costs. Also, skid steer loader are relatively expensive, due to which, builders find it difficult to purchase/lease them; hence, manual labor is preferred over skid steer loader, and it indirectly affects the growth of the skid steer loader market.

The agricultural sector is an important end user, but high product cost remains a challenge for the growth of skid steer loader market. Horsepower and loading capacity are two of the primary factors considered while purchasing skid steer loader for agriculture purposes. Other important factors include the loader’s breakout force, which determines the long-term maintenance of the equipment. Moreover, skid steer loader can be utilized for the purpose of lifting or transporting field materials. Thus, improvements and modifications in skid steer loader are attractive, but high costs are preventing the adoption of this equipment in the agricultural sector.

Demand for Higher Operator Safety and Comfort Creating Opportunities for Players in the Skid Steer Loader Market

Despite the skid steer loader’s smaller dimensions, in order to meet the changing needs of the global market coupled with higher levels of operator comfort and safety, the manufacturers in the market are continuing to improve the working environment of operators by adding more comfort and safety features to their machines. For instance, Bobcat’s newly launched mid-sized and large loader, enhances operator comfort and safety. Similarly, Takeuchi’s loader includes a pressurized cab with air conditioning and heating systems, as well as an adjustable spring suspension seat.

In each country, the construction & agriculture sectors contribute to the growth of their GDP. Furthermore, increasing government spending in the construction and agriculture sectors is projected to create immense opportunities for the skid steer loader market in the coming years.

Integration of GPS Systems into the Design Functionality of Skid Steer Loader is an Emerging Trend

Many manufacturers are integrating GPS machine control systems into the design of skid steer loader and other equipment. The installation of machine control systems in the equipment helps improve efficiency and allows users to work from their offices, without being physically present on site. Additionally, by reducing material wastage and the need for rework, machine control can help improve the sustainability of operations, and such trends are likely to boost the market for skid steer loader.

On the other hand, the public and private sectors are investing huge amounts in infrastructure, along with residential and commercial construction projects. Public-private partnerships help private investors with better institutional and legal frameworks and better guarantees accelerates a country’s infrastructure development, which indirectly drives the skid steer loader market.

Key Market Players Working on Functionality, R&D and Intelligent Machine Systems as Smart Strategies

The global skid steer loader market is estimated to increase over the forecast period, as competitors in the global skid steer loader market are increasing day by day and are increasing their competition with existing market players. Due to this increasing competition, manufacturers in the skid steer loader market are expected to diversify their global presence and product lines by applying different strategies, such as targeted acquisitions, collaborations, and mergers in the skid steer loader market. By visualizing the future scope for skid steer loader, manufacturers are putting a lot of investment in R&D to strengthen their position in the global market. For instance, at Intermat 2018, one of the prominent market players, Volvo Construction Equipment, showcased its most advanced approach to machine management in the industry, with an expanded range of intelligent machine control systems. In the same year, another key market player, Deere and Co., launched the 344L compact loader, with more improved functionality. Furthermore, in year 2018, to expand their business, prominent players in the skid steer loader market, namely Deere & Co. and Wacker Neuson, entered into strategic supplier agreements.

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North America Providing Growth for Skid Steer Loader Market

Urbanization across the globe is increasing at a significant pace. North America is the key region for the skid steer loader market, holding more than 50% share across the globe. The skid steer loader market in North America is estimated to grow at a significant CAGR of 6.7% during the forecast period. United States is considered to be the major market for skid steer loader, with more than 80% share held by this country in the North American skid steer loader market. While considering other regions across the globe, South Asia and Oceania together hold around 13% of total market share across the globe. East Asia, consisting of countries such as China, Japan, and South Korea, are providing ample opportunities for the growth of the skid steer loader market. China dominates the East Asian skid steer loader market by holding more than 50% share in the region. On other hand, regions such as Latin America and MEA hold around 6% market share across the globe, and are projected to experience sluggish growth in the skid steer loader market during the forecast period.

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