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.
Get Free PDF Sample Copy of the Report (Including Full TOC, List of Tables & Figures, Chart and Covid-19 Impact Analysis) : https://www.millioninsights.com/industry-reports/skid-steer-loaders-market/request-sample
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.
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.
COVID-19 Impact Insights
The skid steer loaders market growth has been negatively impacted on account of ongoing COVID-19 pandemic. Stagnancy in mining and construction activities owing to the imposition of lockdown and travel restrictions are expected to hinder the demand for skid steer loaders. Also, obstruction in the supply chain and fluctuating raw material prices are hampering the market growth.
But rapid technological advances being undertaken by the manufacturers to develop multi-purpose loaders are expected to trigger the market growth over the post-pandemic period. Moreover, the surging need for harvesting agricultural yield and maintenance of lawns is projected to boost their demand.
Global Skid Steer Loaders Market : Key Players
AB Volvo, Caterpillar, Komatsu Ltd., JCB, Inc., and Bobcat Company.
Know More Insights @ https://newsonmarketblog.wordpress.com
No comments:
Post a Comment