Skid Steer Loaders Market– Statistics And Analysis & Forecast To 2025Posted by Mrudula Anil Karmarkar on June 7th, 2021 The global skid steer loaders market size is expected to reach USD 2.6 billion by 2025, exhibiting a revenue based CAGR of 2.4% over the forecast period, according to a study conducted by Grand View Research, Inc. Regulated demand from the construction sector coupled with introduction of several state-of-the-art skid steer loader variants with superior features such as compact size, and easy operability, are the major factors driving the demand. In addition, the rising adoption of skid loaders for landscaping activities is also expected to have a positive impact on the product demand. Another major reason contributing to the demand for skid steer loaders is their ability to get into tight spaces. Although the machines are small in size, they have enough power to perform heavy construction activities. For instance, the Bobcat S70 has a width of only 901 mm but is equipped with a 23.5 horsepower engine and has a rated operating capacity of 343 kg. The growing preference for comfort among operators is compelling manufacturers to focus on manufacturing loaders with enhanced cabin comfort. For instance, CNH Industrial N.V. offers skidsteers with a cabin that have increased headroom and improved visibility. Similarly, recently introduced AB Volvo’s C-Series skid steer loaders offer operators with 27% more cabin space as compared to their previous models. Thus, growing preference for improved comfort and operational efficiency is expected to drive growth of the skid steer loaders market over the forecast period. Skid loaders have numerous advantages over other construction equipment that make it popular in the construction industry. The machines can perform different tasks and can operate on different types of terrains. The wheeled models can be used on uneven or rough terrains by installing Over-The-Tire (OTT) tracks that are easy to maintain and replace. The abovementioned benefits, coupled with lower operating costs, are anticipated to surge demand for skidsteers over the next six years. The demand for skidsteers is also anticipated to gain momentum owing to the compact size and versatility offered in operations. Skid loaders are compact and can maneuver in tight spaces which helps 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. Skid Steer Loaders Market Report Highlights
Skid loaders are popular in North America and are used on a large scale in many construction and mining activities. However, the use of skid steers in other regions is still in the nascent stage. According to the head of sales and marketing, Caterpillar India, high price perception among customers as compared to traditional backhoe loaders is one of the major reasons for the limited adoption of skid steer loaders in emerging economies like India. The company is focusing on creating awareness about the applications and features of its product. Thus, increasing awareness about various applications of the machine is expected to gradually drive the Asia Pacific market. The skid steer loaders market is expected to experience considerable growth owing to technological advancements with respect to engines used, telematics integration, and operator comfort. For instance, in October 2018, Bobcat announced the new S100E skid steer loader with stage V emission standard compatible engine. The machine included a rear camera, auto ride control, cushioned cylinders, LED sidelights, heated cloth air seat, and auto-reversing fan among other prominent features. The advent of technologically advanced machines is anticipated to propel the demand for skid loaders. On the other hand, the demand for skid loaders is facing tough competition from the rising adoption of Compact Tracked Loaders (CTLs). According to data published by ASV Sales & Service, CTLs outsold skidsteers in 2015. However, the growth of skidsteers is expected to be steady over the forecast period owing to better operating costs. The total cost of ownership of skid loaders is less as compared to CTLs due to the high price associated with tracks. Additionally, the CTLs are limited to sandy terrain and are rendered useless on concrete or asphalt surfaces. Thus, low cost of ownership and versatility of usage is anticipated to drive the skid steer loader market growth over the forecast period. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/6984/ibb Key market players include Bobcat Company, CNH Agriculture N.V., ASV Sales & Services, Komatsu Ltd., and Wacker Neuson SE, among others. In a moderately consolidated market, all established players are trying to sustain their market position. Initiatives and strategies adopted include striking strategic partnerships, making strategic investments, and engaging in mergers and acquisitions. Market players are also launching new products, service lines and ensuring competitive prices. For instance, in September 2019, Yanmar Holdings announced the acquisition of ASV Holdings. ASV Holdings is one of the leading suppliers for skid steer loaders and compact tracked loaders. The acquisition helped Yanmar Holdings to leverage strong dealer network of ASV Holdings and consolidate their position worldwide, especially in North America. Grand View Research has segmented the global skid steer loaders market based on Rated Operating Capacity (ROC), application: Skid Steer Loaders Rated Operating Capacity (ROC) Outlook (Volume, Units; Revenue, USD Million, 2015 - 2025)
Skid Steer Loaders Application Outlook (Volume, Units; Revenue, USD Million, 2015 - 2025)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com
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