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Skid Steer Loader Market Segmented By propulsion such as Electric and Conventional with lifting capacity such as Up to 1550 lb., 1550 lb. – 2000 lb., 2000 lb. – 3000 lb., 3000 – 4000 lb. and More than 4000 lb
Skid steer loaders are earthmoving equipment utilized for numerous tasks, such as loading and unloading of construction material, in the construction industry. A skid steer loader is a rigid framed, small or compact machine with lift arms. It is powered from a battery or an engine, however most skid steer loaders are engine powered, owing to the need for higher efficiency. The tool fitted with the arms is changeable as per the desired work. The ability of skid steer loaders to support attachments makes them versatile in nature. They are highly maneuverable, owing to their compact size and easy functionality.
Increasing construction activity in the residential sector around the globe is expected to be a key driving factor for growth of the skid steer loader market. Increasing population and rise in purchasing power parity of individuals in developed countries are fueling the demand for construction activities, which in turn is accelerating growth of the skid steer loader market.
Growth of the skid steer loader market is anticipated to be on the positive side, owing to the development of smart cities. Immigration of population from rural areas to urban areas also leads to growth of construction activity and adoption of innovative technology in the construction process, which is estimated to propel the demand for skid steer loaders.
Moreover, rise in the number of infrastructure projects, such as railways, ports, roads and construction of highways, is also an important factor boosting growth of the skid steer loader market. Additionally, skid steer loaders are also used in agriculture and mining activities, owing to their advanced technology and high efficiency. This factor is projected to fuel the growth of skid steer loader market.
The high cost incurred in preventive maintenance and high initial investment are expected to hamper growth of the skid steer loader market during the forecast period. In the current scenario, the rental system of construction equipment is expected to gain traction in the skid steer loader market. The demand for construction equipment on rent in medium and small sized enterprises is quite high, thus prominent vendors in the equipment manufacturing sector are providing skid steer loaders on rent.
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The global skid steer loader market can be divided into five geographical regions, namely North America, Latin America, Europe, Asia Pacific and Middle East and Africa. The market is expected to witness high growth rates in the countries of North America, owing to an increase in construction activities in both residential and commercial sectors.
Asia Pacific is also estimated to hold a prominent share in the skid steer loader market, due to anticipated urbanization and industrialization in the region during the forecast period. Moreover, the Middle East and Africa region is anticipated to register significant growth, owing to the introduction of many key events, such as a FIFA World Cup 2022, Qatar and Dubai Expo 2020, which will necessitate construction work in upcoming years.
Some prominent economies in the European region, such as Germany, Italy, the U.K., France and Russia, among others are expected to contribute a prominent share in the said market during the forecast period.
Examples of some of the market participants identified across the value chain of the global skid steer loader market include:
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