The global skid steer loaders market is anticipated to value USD 2.6 billion until 2025. It is also expected to register a CAGR of 2.4% over the forecasted years, 2019 to 2025. The surging need to carry out infrastructure and construction activities is expected to trigger the market growth for skid steer loaders.
The construction & mining application segment accounted for substantial growth due to the increasing number of construction activities. On the other hand, the landscaping & ground maintenance segment is projected to hold a significant share in the upcoming years owing to the increasing number of lawns and open spaces in commercial and residential spaces.
In 2018, the 1,251 lbs to 2,200 lbs ROC segment dominated the global market in terms of volume on account of their rising usage to carry out activities like landscaping, ground maintenance, and farming operations. While more than 2,200 lbs segment is projected to register a CAGR of 3.5% due to benefits like higher fuel efficiency and the requirement of low horsepower engines.
In 2018, North America accounted for the highest share across the global market due to improving the infrastructure and construction sector across this region. On the other hand, the Asia Pacific is projected to account for the highest CAGR of 4.0% over the forecasted period, 2019 to 2025 owing to the rising presence of major players in countries like China, Japan, and India.
The market for the skid steer loader market includes key players such as AB Volvo, Caterpillar, Komatsu Ltd., JCB, Inc., and Bobcat Company. They are constantly developing strategies such as mergers, partnerships, and acquisitions for widening their geographical reach and for expanding their product portfolio.
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Further key findings from the report suggest:
• The ROC segment of more than 2,200 lbs is anticipated to register substantial growth in the upcoming years.
• The construction & mining application segment accounted for the largest market share of more than 50.0% across the global market in 2018.
• In 2018, North America held the largest share in terms of revenue across the global skid steer loaders market.
• The key players in this market are AB Volvo, Caterpillar, Komatsu Ltd., JCB, Inc., and Bobcat Company.
Million Insights has segmented the global skid steer loaders market on the basis of Rated Operating Capacity (ROC), application, and region:
Skid Steer Loaders Rated Operating Capacity (ROC) Outlook (Volume, Units; Revenue, USD Million, 2015 - 2025)
• Upto 1,250 lbs
• 1,251 lbs to 2,200 lbs
• More than 2,200 lbs
Skid Steer Loaders Application Outlook (Volume, Units; Revenue, USD Million, 2015 - 2025)
• Construction & Mining
• Landscaping & Ground Maintenance
Skid Steer Loaders Regional Outlook (Volume, Units; Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa