According to an eminent research firm, Market Research Future (MRFR), the global skid steer loaders market would grow substantially over the forecast period (2017 – 2023). In its recently published study report, MRFR also states that the market is likely to demonstrate an aggrandized growth by 2023, surpassing its previous growth records; with a striking CAGR during the forecast period 2017-2023.
Skid steer loaders are compact, sturdy, and engine-powered machines that have lift-arms and attachments. These are designed to save labor work in the construction industry. They are used in numerous tasks of carrying materials required at the construction site. One of the crucial requirements in building works, skid steer loader witnesses a massive uptake across construction sectors, globally.
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Increasing number of smart city projects, globally, are allowing the skid steer loader market to garner colossal traction over the recent years. Increasing population in the urban areas is a significant force driving investments in the development of smart cities. Subsequently, the adoption of innovative technology in the construction process is also increased, which results in increasing the size of the skid steer loaders market.
The new trend of renting skid steer loaders is driving the usages of such high-cost machines for construction projects. Innovations in skid steer loader have assured a promising fortune for the construction industry. Over the last decade, construction firms have grown enormously. The actual motive behind this innovation was to reduce labor and time.
Infrastructure development activities across the globe are proving to be the major growth propeller. Besides, the economic activity requires adequate infrastructure to move goods and services from producer to seller to buyer. Building new infrastructures and maintaining the existing ones demands various types of machinery. Residential and commercial construction activities require a large number of machinery.
Conversely, hefty prices of skid steer loader are a key factor impeding the growth of the market. Additionally, the cost associated with the maintenance of this equipment pose challenges to the growth of the market. Adversely, increasing government investments made in the infrastructure development, promise excellent opportunities for market growth.
Players leading the global Skid Steer Loader Market include : Case CE (Netherlands), Bobcat Company (US), Caterpillar Inc. (US), Terex Corporation (US), Komatsu Ltd. (Japan), LiuGong Machinery Co. Ltd. (China), J C Bamford Excavators Ltd. (UK), Lonking Holdings Limited (China), Hitachi Ltd.(Japan), and Liebherr Group (Switzerland) among others.
Global Skid Steer Loader Market – Segmentation
For a better scope of understanding, the report has been segmented into two key dynamics:
By Application: Infrastructure, Commercial, and Residential Construction Sector.
By Regions: Asia Pacific, Europe, North America, and the Rest-of-the-World.
Global Skid Steer Loader Market – Regional Analysis
The North American region accounts for the largest share in the global skid steer loader market. Factors such as the increasing adoption of skid steer loaders among residential as well as industrial & infrastructural construction projects drive the regional market. Rising population and high per capita disposable income in urban households is a key driving force increasing the demand for construction activities and hence, the uptake of these loaders.
The US is one of the lucrative markets, showcasing a range of high-performance skid steer loaders. The trend of steady developments in commercial and residential structures in the US are projected to continue boosting the market growth in the region.
The skid steer loader market in the European region accounts for the second-largest share, globally. Rapidly growing construction activities in the region foster market demand. Furthermore, factors such as the increasing up gradation, and repair activities in the existing infrastructure augment the demand for the skid steer loader in the region.
European countries such as Germany and the UK heading with the continuously increasing construction values in both, the public and private sectors are expected to foster the regional market, creating a huge potential demand.
The Asia Pacific region has emerged as a profitable market for skid steer loader, globally. Growing residential and non-residential construction activities led by the growing population in China, Japan, and India attribute to the growth of the regional market.
With the booming construction industry, the region is expected to create a substantial revenue pocket over the forecast period. Moreover, the increase in industrialization and the rapid urbanization led by improving economic conditions drive the growth of the market in the APAC.
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