The new study by Fact.MR delivers key insights on the global skid steer loader market in its published report. According to the report, in terms of revenue, the global skid steer loader market is estimated to expand at a CAGR of 7.6% by value, and 6.7% by volume, over the forecast period.
Growing Demand for Energy-efficient Construction Equipment to Support Market Growth
In order to get certifications regarding energy efficiency, construction companies are increasingly focusing on the sustainable development of projects. With construction industries needing to decrease pollution during their projects, manufacturers are shifting their focus towards the development of low-emission and more energy-efficient construction equipment, and skid-steer loader are not an exception. For example, Case Construction introduced an upgraded skid-steer loader model with improved features for end users. Construction equipment manufacturers are taking more efforts for developing energy-efficient skid-steer loader, ideal for multiple tasks such as commercial and residential construction, agricultural, mining and forestry applications, landscaping, and pushing and digging.
Urbanization across the globe is increasing at a positive rate, especially in emerging economies such as India, which, in turn, is contributing to the growth of the construction industry. Construction activities in both, commercial and residential domains, are rising due to the increasing population and growing demand for offices, shops, houses, and other residential buildings, which is expected to drive the demand for skid steer loader, worldwide.
Comparatively High Cost, and the Presence of Alternatives Such as Compact Track Loader, to Hinder Adoption
Fact.MR opines that the designs of skid steer loader have continuously evolved with changing consumer requirements. However, improving equipment design requires heavy investments, which leads to greater expenditure, making the equipment more expensive. Hence, manufacturers face the challenge of making their products cost-effective, while improving efficiency and productivity. At the same time, technologically-advanced skid steer loader with a wider range of electronic features require professional operators who are trained and skilled. Inappropriate handling may lead to accidents, and therefore, operational and safety programs are mandatory for operators. Lack of skilled operators to handle such equipment is hampering their adoption, particularly in developing countries.