SKID STEER LOADER MAR­KET TO GEN­ER­ATE REV­ENUE OF $3.2 BIL­LION BY 2026

PMV Middle East - - MARKET OVERVIEW -

Skid steer load­ers are used to per­form var­i­ous tasks at con­struc­tion and min­ing sites. One of the ma­jor driv­ing fac­tors in the mar­ket is ver­sa­til­ity of skid steer load­ers. These load­ers can be fit­ted with at­tach­ments like back­hoe, an­gle broom, in or­der to per­form var­i­ous tasks such as trench­ing, break­ing con­crete, ver­ti­cal lift­ing, dig­ging, etc. Man­u­fac­tur­ers of skid steer load­ers are also fo­cus­ing on mod­i­fy­ing the de­sign of skid steer on the ba­sis of feed­back from con­trac­tors, rental busi­nesses, and deal­ers. In­creas­ing op­er­a­tor com­fort, pro­vid­ing larger skid steer load­ers, pro­vid­ing high lift ca­pa­bil­ity, and of­fer­ing units with ver­ti­cal-lift are some of the fo­cus ar­eas in the devel­op­ment of skid steer load­ers.

Ac­cord­ing to a mar­ket re­search re­port com­piled by Fact.mr, the global skid steer loader mar­ket is ex­pected to wit­ness slug­gish growth, grow­ing at a CAGR of 3.1% in terms of value. By the end of 2026, the mar­ket is also pro­jected to bring in $3.2 bil­lion of rev­enue. In terms of vol­ume, 134,517 skid steer load­ers are pro­jected to be sold glob­ally.

The re­port in­di­cates that high ini­tial in­vest­ment to own skid steer load­ers is re­strict­ing its mar­ket growth. How­ever, ven­dors are pro­vid­ing fi­nanc­ing op­tions to in­crease sales. This also re­sults in the min­i­mum im­pact on the bud­get of com­pa­nies to own the equip­ment.

The Asia Pa­cific re­gion ex­clud­ing Ja­pan (APEJ) is ex­pected to re­main dom­i­nant in the global skid steer loader mar­ket dur­ing the fore­cast pe­riod. By 2026 end, APEJ is ex­pected to bring in nearly $1.3 bil­lion rev­enue. Ow­ing to var­i­ous fac­tors such as in­creas­ing ur­ban pop­u­la­tion, and adop­tion of ad­vanced tech­nol­ogy in the process of con­struc­tion, the re­gion is likely to see the growth in the mar­ket. North Amer­ica fol­lowed by Europe is also an­tic­i­pated to wit­ness growth in com­ing years. Growth in the con­struc­tion ac­tiv­i­ties in the U.S. and Canada are driv­ing the mar­ket growth in the re­gion.

Ver­ti­cal lift skid steer load­ers are an­tic­i­pated to wit­ness growth through­out the fore­cast pe­riod and bring in nearly $2.5 bil­lion in rev­enue by 2026. Skid steer load­ers with 65-80 HP of en­gine power are ex­pected to be highly pre­ferred and pro­jected to ex­ceed $1.9 bil­lion in rev­enue by 2026. Op­er­at­ing ca­pac­i­ties in the range of 2000-3000 Ibs are likely to be pre­ferred by cus­tomers and pro­jected cre­ate an in­cre­men­tal op­por­tu­nity of over $300 mil­lion dur­ing 2017-2026.

The con­struc­tion sec­tor, pro­jected to ex­ceed $1.5 bil­lion in rev­enue by 2026, is ex­pected to be the largest mar­ket for skid steer load­ers.

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