Fact.MR Report: What is the Impact of COVID-19 on the Skid Steer Loader Market?

Award winning market research company Fact.MR's latest research report on skid steer loaders projects that the market is poised to register stable growth in 2021 over 2020, with long-term growth prospects appearing largely optimistic. A modest CAGR exceeding 3% is anticipated for the 2021-2031 forecast period. Supply chain disruptions experienced during the pandemic crisis rendered growth prospects sluggish in the previous year.

Easing of lockdowns since Q4 2020 have led to a resurgence of key end-use industries, most notably construction and infrastructure development. Hence, skid steer loader sales have rebounded in recent months. Prominent manufacturers are targeting the Asia-Pacific region in order to make stupendous gains in the upcoming forecast period.

India represents lucrative growth opportunities, with the domestic construction industry set to emerge as the 3rd largest by 2025. As part and parcel of its self-reliance program, the Indian government has recently unveiled the Affordable Rental Housing Complex (ARHC) scheme to promote housing in forthcoming years. This is likely to stimulate demand for skid steer rollers in the near-term. The industry is expected to grow at over 11% by 2021-end.

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Likewise, the Chinese construction sector is poised to generate credible revenue streams for skid steer loader manufacturers. Since the latter half of the pandemic, the government has been issuing construction bonds to keep projects afloat, thus buoying the industry out of a predicted recession. As of July 2020, nearly 30% of the bonds were utilized to fund industrial parks, town construction projects and infrastructure development.

"As the global population experiences a meteoric rise, massive infrastructure projects are on the cards, with over two out of five megacity projects expected to accommodate over 10 million inhabitants by the end of the decade. Hence, sales of skid steer loaders equipped with advanced software are expected to proliferate," says the Fact.MR analyst.  

Key Takeaways from the Skid Steer Loader Study

By lift type, vertical skid steer loaders are expected to remain lucrative, generating three out of four sales

Construction industry to remain primary application area, capturing nearly half of the revenue share in 2021

Ensuring optimal performance of power attachments to render 65-80 HP steer loader adoption a definite certainty

U.S. to account for a substantial market share, attributed to the presence of numerous steer loader start-ups

U.K. to register steady annual growth, owing to ownership of farms greater than 1,000 Ha per farmer

Germany & France to experience steady growth due to advancements in agriculture

China to reach nearly US$ 600 Mn by 2021, owing to a booming construction industry, Japan and South Korea to remain attractive growth hotspots

Competitive Landscape

Prominent players operating in the skid steer loader landscape include CNH Agriculture N.V., ASV Sales & Services, Bobcat Company, Wacker Neuson SE Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Deere & Co., Yanmar Co. Ltd. and Kubota Corporation among others. Key expansion strategies include portfolio diversification, capacity expansion and technological advancements.

Several manufacturers are leveraging AI and Industry 4.0 to automate their product offerings. For instance, in 2020, Kubota Corporation invested a stake in American startup FarmX Inc. to manage and automate irrigation, minimize crop stress and maximize yield. This initiative is expected to assist the company in equipping its steer loaders with advanced software to achieve greater precision in agricultural operations.

Bobcat Company is a prominent skid steer loader manufacturer, offering a range of equipment such as the S70 Skid Steer Loader, the S450 Skid Steer Loader, the S510 Skid Steer Loader and the S62 Skid Steer Loader among others. The S510, for instance, offers maximized uptime with its innovative and new fuel system for more efficient operation and easy serviceability.

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More Valuable Insights into Skid Steer Market Report

In its latest report, Fact.MR has presented a detailed analysis of the global skid steer loader market, along with an assessment for the years 2021-2031. To provide a better understanding, the market has been segregated into several segments. Based on lift, the market is divided into radial and vertical. Capacity of up to 2000 lbs, 2000 to 3000 lbs, and above 3000 lbs come under the segment of operating capacity. The engine power segment is sub-segmented into up to 65 hp, 66 to 80 hp, and above 80 hp. Based on application, the skid steer loader market is divided into construction, agriculture and forestry, mining, industrial, ground maintenance, and others. Lastly, based on region, the market is divided into North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA.

Key questions covered in the report:

What is aftermarket sales of skid steer loader?
What are the key suppliers of skid steer loader?
How construction sector recovered to become the largest end user of skid steer loaders market?
How Bobcat dominating market by selling more skid steer loaders than its contemporaries combined
What is the replacement rate of skid steer loaders in the market?

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This release was published on openPR.