As per the report published by FMI, the global skid steer loader market is projected to have a sluggish-paced CAGR of 2.3% during the forecast period. The current valuation of the market is US$ 2.35 Billion in 2022. The market value of skid steer loader is anticipated to reach a high of US$ 2.95 Billion by the year 2032.
Skid steer loaders are gaining traction and the sales can be attributed to the rising demand for energy-efficient construction equipment. The construction industry is anticipated to be the largest end-user of these machines.
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According to the findings of Future Market Insights, an unprecedented surge in the demand for skid steer loaders is witnessed due to their ability to work in tight spaces coupled with lowering operational costs, making them the most suitable and preferred option at mining and construction sites.
The demand for skid steer loaders is also anticipated to gain momentum owing to their properties like compact size, the versatility of operations, and ease of maneuver in operations that cannot be met by large vehicles. The fact that these loaders can be outfitted with different attachments like hydraulic hammers, forks, augers, stump grinders, and more, further stimulates the demand for this product.
Since they have the ability to perform multiple tasks the change of attachments is likely to have a positive impact on their adoption across the different industry verticals. However, it is anticipated by the expert analysts at FMI that the skid steer loaders are comparatively costlier and thus, the builders find it difficult to purchase or even rent them on large scale. High prices are preventing the adoption of this equipment in various sectors affecting the overall growth of the skid steer loader market.
FMI has analyzed that the technological advancements in regards to engines used, operator comfort, telematics integration, and rising awareness about the end number of applications are likely to bolster the expansion of the skid steer loader market during the forecast period.
Key Takeaways from the Skid Steer Loader Market
- The Construction and Mining segment is expected to witness relatively stronger growth, expanding at a CAGR exceeding 3% during the period 2022-2032.
- The 1,251 lbs to 2,200 lbs segment dominated the market for skid steer loaders during the base year, accounting for more than 45% of the volume share.
- Asia Pacific/APAC region is expected to expand at a CAGR of over 4% during the estimated period of study by FMI.
- North America dominated the global market share for skid steer loaders in 2021 with a revenue share of more than 75%.
- North America is projected to expand at a CAGR of 2% during the forecast period.
“With the expansion of the global construction industry, coupled with the rising trend of rental systems flourishing, many new building projects are getting introduced across the countries. This is likely to impact the sales of skid steer loaders during the period 2022-2032” – Says an FMI Analyst
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Competition Landscape in the Skid Steer Loader Market
The forum is identified to be moderately consolidated, and the biggies are making efforts to sustain their market position.
The market payers from the skid steer loader market are anticipated to have lucrative growth opportunities in the future with the rising demand and application of skid steer loaders globally. They are focusing on organic growth strategies such as product launches, product approvals, and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations
Market players are also launching new products, and service lines, and ensuring competitive prices for acquiring larger shares.
Bobcat Company, CNH Agriculture N.V., ASV Sales & Services, Komatsu Ltd., and Wacker Neuson SE are some of the key players in the market.
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Recent Developments in the Skid Steer Loader Market:
- In September 2019, Yanmar Holdings announced the acquisition of ASV Holdings. ASV Holdings is one of the leading suppliers of skid steer loaders and compact tracked loaders. The acquisition helped Yanmar Holdings to leverage the strong dealer network of ASV Holdings and consolidate its position worldwide, especially in North America.
- In October 2018, Bobcat announced the new S100E skid steer loader with a stage V emission standard compatible engine. The machine included a rear camera, auto ride control, cushioned cylinders, LED sidelights, heated cloth air seat, and an auto-reversing fan among other prominent features.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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