In a recent published report, Kenneth Research has updated the market report for Skid Steer Loader Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Skid Steer Loader Market products.
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The Skid Steer Loader market is estimated to represent a global market of USD 2.38 billion by 2017 with growth rate of 3.0%.
The global steer loader market is majorly driven by the advancement in technologies. Technological development has led to enhancement in display panel size, featuring information in multiple languages along with the keyless start for increased security. Manufacturers are also providing air-conditioned and sound proof cabins to improve the efficiency and comfort of the operator. Furthermore, key players are focusing on adding LCD displays instead of manual operations, hand controlled joysticks rather than foot controlled function. In addition, rising importance and requirement of landscaping and lawn management applications have forced manufacturers to develop and launch various attachments including heavy-duty mowers, mulchers, brush cutters, and forestry units and thus, in turn, would promote the scope of skid steer loaders.
In 2017, wheeled skid steer loader dominated the market, accounted for significant revenue share. This product is expected to maintain its dominance over the study period. High product visibility is the key factor driving the growth of this product form in the near future. Moreover, it is suitable for use in hard and rough surface including concrete and lawns. In addition, wheeled skid steer loader are usually preferred for speedy work.
Application wise, construction segment held highest revenue share. The compact design, advancement in attachment and improved load carrying capacity is anticipated to increase the adoption of skid steer loader in this sector. These product forms are used for cleaning dirt, loading & unloading of construction materials, and maintaining & grading of land. It was estimated that every day, around 200,000 people migrate to urban areas in developing countries including, China and Bangladesh. This migration has led to increase in spending towards the development of roads, and rail infrastructure. For instance, China’s construction sector posted USD 800 billion in 2017 as compared to USD 700 billion in 2016.
Whereas, landscape & ground maintenance application segment is expected to with promising growth rate. People in developed countries have increased spending toward the maintenance of lawns and garden, as clean & well-kept property gets more value compared to unclean property. Furthermore, well maintained lawn & garden can be used for their enjoyment and refreshment. Lawn & garden maintenance industry has presence of many Mom-and-Pop companies. These companies are mostly run by people who have burnt-out from their corporate job, as well as people who are more than 35 years of age. Therefore, these people are likely to use skid steer loader as a convenient medium for pursuing the maintenance of their lawns as well as gardens.
Regionally, Asia Pacific dominated the global skid steer loader market in 2017 and is projected to growth with decent growth rate. Rising spending towards the infrastructure development including, stadium, sport complex, rail, road, and building in emerging markets including India and China is likely to fuel the product demand. Moreover, the positive outlook towards dairy farming sector especially in India on account of implementation of favourable government regulations for enhancing cattle yield is expected to open new avenue for these product forms.
Key Vendor Takeaway
Key players namely Sunward Equipment Group, LiuGong Machinery Co., Ltd., Wacker Neuson SE, MECALAC, CNH Industrial, Volvo, Manitou Group, Doosan, JCB, Deere & Company, Hyundai, Caterpillar Inc., KUBOTA Corporation, Komatsu, Hitachi Construction Machinery Co., Ltd., XCMG Group, and Takeuchi are studied in detail.
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The manufacturers offer several variants in terms of load carrying capacity, size and controlling system. Owners of skid steer loaders have started realizing that comfort level increases productivity. To that extent, manufacturers of skid steer loader are majorly focusing on operator’s comfort.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
Traders, Distributors, and Suppliers
Government and Regional Agencies
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCT
MARKET, BY APPLICATION
MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of the World
Middle East and Africa
About Kenneth Research
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