According to Stratistics MRC, the “Global Skid Steer Loaders Market” is accounted for $2.15 billion in 2018 and is expected to reach $3.17 billion by 2027 growing at a CAGR of 4.4% during the forecast period. Introduction of superior features such as compact volume and improvement of smart cities are the major factors driving the market growth. However, rise in manufacturing costs of these loaders is restraining the market growth.
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Skid steer loaders are earthmoving equipment utilized for numerous tasks, such as loading and unloading of construction material, in the construction industry. It is a rigid framed, small or compact machine with lift arms. It is powered from a battery or an engine; however most of them are engine powered, owing to the need for higher efficiency. The tool fitted with the arms is changeable as per the desired work. Its ability to support attachments makes them versatile in nature. They are highly maneuverable, owing to their compact size and easy functionality.
Opportunity: Demand for Higher Operator Safety and Comfort would provide ample opportunities for the market growth.
In spite of the skid steer loader’s smaller dimensions, in order to meet the changing needs of the market along with higher levels of operator comfort and safety, the manufacturers in the market are improving 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 that 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.
Driver: Compact size and versatility offered in operations of skid steer loaders is driving the market growth.
Skid loaders are compact and can maneuver in tight spaces which help in construction activities where large vehicles cannot reach or are difficult to operate. Additionally, these loaders can be outfitted with different attachments such as forks, buckets, hydraulic hammers, auger, stump grinder, trencher, and landscape rake, depending upon the specific task to be performed. Their ability to perform multiple tasks just by changing attachments has positive impact on their adoption across industry verticals.
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Depending on operating capacity, 1550 lbs – 2000 lbs sensor segment is expected to grow at the significant market share during the forecast period as they are preferred for landscaping and ground maintenance work and for agricultural operations, especially for small to medium sized farms. Increasing awareness regarding the benefits offered by skid loaders and resulting adoption is a significant factor contributing to the high market share.
Asia Pacific region is anticipated to hold considerable market share during the forecast period:
By geography, the Asia Pacific region is anticipated to hold considerable market share during the forecast period due to anticipated urbanization and industrialization in the region during the forecast period. The growth is attributed to the rising construction activities in emerging economies such as China and India. Investments made by the governments in view of infrastructural development are driving the demand for construction equipment including skid loaders. The region is house to major players, such as Komatsu Ltd., Hyundai Heavy Industries Co., Ltd., and Kubota Corporation among others.
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Some of the key players profiled in the Skid Steer Loaders Market include ASV Holdings Inc, Caterpillar Inc, CNH Industrial N.V., Deere & Co, Doosan Bobcat Inc, JCB Inc, KOBELCO Construction Machinery Co Ltd, Komatsu Ltd, KUBOTA Corporation, Monitou BF SA, Sany Group Co Ltd, Volvo Construction Equipment and Services Inc, Wacker Neuson SE and XCMG Construction Machinery Co Ltd.
ASV Holdings Inc: In February 2020, ASV Holdings Inc launched lighter, faster, stronger RT-50 Posi-Track loader. The new loader features an industry-leading performance-to-weight ratio and joins the RT-25 and RT-40 — two of the industry’s smallest sit-in compact track loaders — as a powerful, lightweight machine. All three are ideal for rental houses, commercial businesses, weekend warriors or as an addition to landscape, construction or snow-clearing fleets.
CNH Industrial N.V: In November 2019, CNH Industrial N.V acquired ATI Track Systems , a global manufacturer of rubber track systems for high horsepower tractors and combine harvesters. This acquisition will provide customers of CNH Industrial’s global agricultural brands, Case IH and New Holland Agriculture, with access to factory-fit industry-leading track technology, extending the available range and enabling them to tailor their choice based on their specific floatation, suspension and traction requirements.
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