The versatility of skid steer loaders, as far as their uses are concerned, complemented by features such as improved productivity, fuel efficiency, and reduced carbon emissions, make them the top choice across various industries such as agriculture, mining, and especially construction. With construction activities picking pace after temporary shutdowns in 2020 due to the COVID-19 pandemic, demand for skid steer loaders will see a steady rise across regions. Rising urbanization is necessitating the need for fast-tracking infrastructure projects such as construction of highways, metros, roads, and ports, where these loaders are used on a large scale. They can also be used in compact spaces, and can perform a range of tasks by changing their attachments, which further drives demand from various industries.
As per Fact.MR analysis, the global skid steer loader market registered a growth of around 3% in 2021 over 2020, and is projected to progress at the same pace through 2031.
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Key Takeaways from Skid Steer Loader Market Report
- The global skid steer loader market was valued at around US$ 2.7 billion in 2020.
- Increasing construction activities across APEJ has resulted in the region accounting for the most demand for skid steer loaders, with a global market share of close to 40% over the next ten years.
- The market in APEJ will also expand at the highest of over 3.5%, with China playing a big part due to rising investments by the government in construction projects.
- Vertical lift skid steer loaders are expected to hold more than three-fourth of the demand share through 2031.
- 2000-3000 lb skid steer loaders (mid-range) will experience greater use across industries, at over 40% of the total market share.
- Around half of the demand for skid steer loaders will come from the construction industry.
- After initial setbacks due to the COVID-19 outbreak, the global skid steer loader market is slated to get back to its original growth pace of around 3% for the long-term duration.
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Research & Development Efforts to Boost Market Growth
Construction equipment manufacturers are attempting to develop energy-efficient skid steer loaders that are ideal for multiple tasks, such as commercial and residential construction, agricultural activities, mining and forestry applications, landscaping, and pushing and digging.
Moreover, rising environmental concerns have stimulated the development of battery-operated skid steer loaders to reduce carbon emissions caused by diesel-based loaders. Other notable developments in the market are integration of GPS systems with these machines, autonomous and self-driven loaders, wireless connectivity, and increased operator comfort.
Technological progress by manufacturers is improving the maneuverability of skid steer loaders and promoting sustainable attributes such as reduction of fuel consumption and carbon emissions, which is complementing demand growth.
Prominent players operating in the skid steer loader landscape include CNH Agriculture N.V., ASV Sales & Services, Bobcat Company, Wacker Neuson SE Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Deere & Co., Yanmar Co. Ltd. and Kubota Corporation among others. Key expansion strategies include portfolio diversification, capacity expansion and technological advancements.
Several manufacturers are leveraging AI and Industry 4.0 to automate their product offerings. For instance, in 2020, Kubota Corporation invested a stake in American startup FarmX Inc. to manage and automate irrigation, minimize crop stress and maximize yield. This initiative is expected to assist the company in equipping its steer loaders with advanced software to achieve greater precision in agricultural operations.
Bobcat Company is a prominent skid steer loader manufacturer, offering a range of equipment such as the S70 Skid Steer Loader, the S450 Skid Steer Loader, the S510 Skid Steer Loader and the S62 Skid Steer Loader among others. The S510, for instance, offers maximized uptime with its innovative and new fuel system for more efficient operation and easy serviceability.
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