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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.
