In 2022, the global skid steer loader market was valued at approximately USD 2.5 billion. This figure is projected to rise to USD 3.53 billion in 2023. According to Future Market Insights, the market is expected to grow at a robust CAGR of 11.34% from 2023 to 2033, reaching an estimated value of around USD 10.33 billion by 2033.
However, several economic challenges could influence this growth trajectory. Persistent food and fuel inflation remain significant global issues, adversely affecting consumer confidence and spending habits. In response to rising inflation, governments are likely to increase interest rates, which could slow down job creation and overall economic activity. This environment of higher interest rates and weaker demand may lead to reduced capital expenditures, as companies become more cautious with investments.
Additionally, ongoing concerns about potential new COVID-19 outbreaks and the uncertain post-pandemic recovery path present real risks. The global economy has already faced severe supply chain disruptions and manufacturing delays, and these issues could be exacerbated by future pandemic-related challenges.
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Despite these hurdles, the skid steer loader market is poised for significant growth, though the pace and stability of this expansion will largely depend on how these economic and global health challenges are managed.
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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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global skid steer loader market providing historical data for 2017 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the skid steer loader market is segmented based on major By Size (Small Frame, Medium Frame, Large Frame), By Ownership (Rental Companies, Construction Companies, Others) By Lift Type (Radial Lift, Vertical Lift) and Region: (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding China & Japan, Japan, China, Middle East & Africa)
About the Automotive Division at Future Market Insights
The automotive team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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