The global skid steer loader market in 2022 was US$ 2.5 billion and is estimated to be US$ 3.53 billion in 2023. Future Market Insights has mentioned in its reports that the skid steer loader market will expand at a CAGR of 11.34% between 2023 and 2033, totaling around US$ 10.33 billion by 2033.
The skid steer loader market refers to the industry involved in the manufacturing, distribution, and sales of skid steer loaders, which are compact, engine-powered machines used in construction, landscaping, agriculture, and other industries. Here are some key points about the skid steer loader market:
Definition and Function:
Skid steer loaders are versatile machines with a compact, rigid frame and lift arms that can be equipped with various attachments such as buckets, forks, augers, and hydraulic hammers.
They are capable of performing a wide range of tasks including loading, digging, grading, excavating, and material handling in tight or confined spaces.
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Market Trends:
Growth in Construction and Infrastructure Projects: The demand for skid steer loaders is influenced by the growth of construction and infrastructure development projects worldwide.
Increasing Adoption of Compact Equipment: Skid steer loaders are preferred for their compact size, maneuverability, and versatility, especially in urban construction sites and landscaping projects.
Technological Advancements: Manufacturers are integrating advanced features such as joystick controls, telematics systems, and electric-powered models to improve efficiency, productivity, and operator comfort.
Market Drivers:
Urbanization and Infrastructure Development: The expansion of urban areas and the need for infrastructure projects such as roads, bridges, and buildings drive the demand for construction equipment like skid steer loaders.
Versatility and Efficiency: Skid steer loaders offer versatility in applications and are capable of performing multiple tasks with various attachments, making them cost-effective for businesses.
Rental Market Growth: The rise of equipment rental services and the flexibility they offer to contractors and businesses contribute to the demand for skid steer loaders.
Key Players:
Major manufacturers of skid steer loaders include Caterpillar Inc., Bobcat Company (a subsidiary of Doosan Group), CNH Industrial (Case Construction Equipment and New Holland Construction), Komatsu Ltd., and JCB.
There are also smaller manufacturers and regional players catering to specific markets or niche applications.
Challenges:
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- Competitive Market: The skid steer loader market is highly competitive with numerous players offering similar products, leading to price competition and margin pressures.
- Economic Uncertainty: Fluctuations in the global economy and changes in construction activity levels can impact the demand for skid steer loaders.
- Environmental Regulations: Increasing focus on environmental sustainability and emissions regulations may require manufacturers to invest in cleaner and more efficient engine technologies.
Overall, the skid steer loader market is driven by factors such as urbanization, infrastructure development, technological advancements, and the demand for compact and versatile equipment in various industries. Manufacturers continue to innovate to meet the evolving needs of customers while addressing challenges such as competition and regulatory compliance.
Key Takeaways from the Market Study
- Global skid steer loader market grew at a CAGR of 10.62% between 2017 and 2022.
- Europe is expected to hold a market share of 23%.
- North America holds a market share of 32.2%.
- The United States is considered to hold a major portion of this market with a value share of 28.4%.
- India forecasting at a CAGR of 6.33%
- Under the size segment, small-size skid loaders hold a market share of 55%.
- Under the ownership segment, construction companies hold a market share of 62%.
“High cost of manufacturing affects the disruption in supply chain is considered to be one of the major hindrances of the skid steer loader market”, comments a Future Market Insights analyst.
Competition Landscape
The key players in the skid steer loader market are CNH Industrial, Doosan Corporation, Takeuchi Construction Machinery, Kato Works Co., Ltd, Hyundai Heavy Industries Co, Hitachi Construction Machinery Co., Ltd, Deere & Co, Komatsu Ltd., And others.
- Hyundai Heavy Industries (HHI) Group, announced to present the company’s vision of transforming the ocean for a sustainable future by participating in the world’s largest consumer electronics exhibition CES 2023.
- Hitachi Construction Machinery Co., Ltd., and First Quantum Minerals Ltd announced that they have entered in the development of sustainable mining solutions at First Quantum’s flagship mining operations in Zambia.
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Skid Steer Loader Market Segmentation
By Size:
- Small Frame
- Medium Frame
- Large Frame
By Ownership:
- Rental Companies
- Construction Companies
- Others
By Lift Type:
- Radial Lift
- Vertical Lift
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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