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.
In order to get certifications regarding energy efficiency, construction companies are increasingly focusing on the sustainable development of projects. With construction industries needing to decrease pollution during their projects, manufacturers are shifting their focus towards the development of low-emission and more energy-efficient construction equipment, and skid-steer loader are not an exception. For example, Case Construction introduced an upgraded skid-steer loader model with improved features for end users. Construction equipment manufacturers are taking more efforts for developing energy-efficient skid-steer loader, ideal for multiple tasks such as commercial and residential construction, agricultural, mining and forestry applications, landscaping, and pushing and digging.
Urbanization across the globe is increasing at a positive rate, especially in emerging economies such as India, which, in turn, is contributing to the growth of the construction industry. Construction activities in both, commercial and residential domains, are rising due to the increasing population and growing demand for offices, shops, houses, and other residential buildings, which is expected to drive the demand for skid steer loader, worldwide.
High Costs and Availability of Attractive Substitutes Like Compact Track Loader, to Hinder Adoption
Fact.MR opines that the designs of skid steer loader have continuously evolved with changing consumer requirements. However, improving equipment design requires heavy investments, which leads to greater expenditure, making the equipment more expensive. Hence, manufacturers face the challenge of making their products cost-effective, while improving efficiency and productivity. At the same time, technologically-advanced skid steer loader with a wider range of electronic features require professional operators who are trained and skilled. Inappropriate handling may lead to accidents, and therefore, operational and safety programs are mandatory for operators. Lack of skilled operators to handle such equipment is hampering their adoption, particularly in developing countries.
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The skid steer loader market cannot be studied in isolation from the COVID-19 impact. Owing to supply chain issues, scarcity of labor, and closure of plants, demand was affected due to stagnant construction activities across the globe.
The gradual transition from using skid steer loader to compact track loader is expected to show substantial growth in the automotive market. Being a novel utility piece on job locations and material handling, automotive compact track loader are gaining a lot of attention as a relatively efficient equipment when compared with skid steer loader. Due to this, few contractors are already replacing skid steer loader with compact track loader due to their high performance and longevity. On account of the reduced size of compact track loader, it gives an advantage to operators to work in tight spaces. Moreover, skid steers offer onlu 5,000 hours before being retired, whereas, compact track loader operate for 6,000 to 8,000 hours for various applications. Based on these factors, the demand for automotive compact track loader is expected to increase over skid steer loader.
North America to Capture a Large Chunk of the Market Share by the End of the Forecast Period
The skid steer loader market is analyzed across regions such as North and Latin America, Europe, East and South Asia, Oceania, and the Middle East and Africa. On a global level, the report assesses different trends and restraints that are driving and restraining the growth of the skid steer loader market in each market segment, and offers different takeaways that prove useful for other potential market entrants in the skid steer loader market. North American dominance in the skid steer loader market is expected to continue, with a market share of ~50% by the end of 2029, owing to the growing demand for energy-efficient construction equipment and growing importance of skid steer loader in the masonry industry in the region. The market in North America is expected to grow at a value CAGR of 6.7% over the forecast period.
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