The anticipated size of the skid steer loaders market in 2022 was USD 2.5 billion and is estimated to be USD 3.53 billion in 2023. Growth in the usage of skid steer loaders is mainly used for site clean-up, material spreading, road sweeping, backfill, grass and slab preparation, and other applications that help in accelerating the growth of the market.
Future Market Insights has mentioned in its reports that the skid steer loaders market will expand at a CAGR of 11.34% between 2023 and 2033, totaling around USD 10.33 billion by 2033.
Sales of skid steer loaders are anticipated to rise owing to the rising demand for energy-efficient construction equipment. Increased government investments in infrastructure development projects in both developed and developing countries are expected to stimulate the construction industry, consequently raising the demand for skid steer loaders. Sales of skid steer loaders are expected to increase at a great pace during the forecast period.
Increased demand for skid steer loaders is due to an increase in the number of infrastructure projects around the world. Capacity to work in confined spaces, along with cheaper operating costs, makes them a popular choice on construction and mining sites. This further propels the sales of skid steer loaders during the forecast period.
The demand for skid steer loaders is also predicted to gain traction thanks to the compact size and adaptability offered in operations. The sales of skid steer loaders are growing as they are compact and can navigate in confined locations, making them useful in construction tasks where larger trucks cannot reach or are difficult to operate. Skid steer loader market share is growing as these loaders can be furnished with various attachments such as forks, buckets, hydraulic hammers, augers, stump grinders, trenchers, and landscape rakes.
| Attributes | Details |
|---|---|
| Projected Forecast Value (2022) | USD 2.5 billion |
| Projected Forecast Value (2023) | USD 3.53 billion |
| Projected Forecast Value (2033) | USD 10.33 billion |
| Growth rate | 11.34% CAGR |
| Forecast period | 2023 to 2033 |
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The global skid steer loader market grew at a CAGR of 10.62% between 2017 and 2022. Growth forecasts remain optimistic, with the market predicted to exhibit a CAGR of 11.34% between 2023 and 2033.
The rise in the level of urbanization, with the rise in investments in the development of smart cities and innovative infrastructure projects, helps in the enhancement of the demand of the market. Upsurge in the demand from the agriculture sector will help in cushioning the rate of growth of the market.
Beneficial opportunities that will help in carving for the growth of the skid steer loaders market are due to high growth in the preference for high-specification units as a result of technical innovations.
Demand for Skid Steer Loaders is rising
Loading and unloading a large volume of material from one location to another is a critical aspect of the construction and agriculture industries. As a result, the demand for skid steer loaders is rising.
A skid steer loader is a small machine with a sturdy frame and raised arms. The sales of steer loaders are increasing as they are used in a variety of industries, including construction, agriculture, mining, and others.
Another factor leading to the rise in demand for skid steer loaders includes its several advantages, including high productivity, enhanced efficiency, high lifting capacity, high speed, good fuel efficiency, and lower carbon emissions. Due to these applications and benefits, the sales of skid steer loader is expanding at an exponential rate around the world.
As the global construction industry expands, many new building projects are introduced across various countries, increasing the sales of skid steer loaders and driving the market. A new trend that is rising in the industry is a rental system, which is also supporting the growth of the skid steer loader market share.
Expansion of the Construction Sector and Construction Equipment Industry
Europe is expected to lead the skid steer loader market during the projected period due to the expanding construction sector, construction equipment industry, and the presence of several skid steer loaders suppliers in this area driving the sales of skid steer loaders, thus holding a market share of 23%.
Strong Expansion in the Mining and Agriculture Industries
North America is a key market for skid steer loaders, with revenue forecast to expand by double digits due to strong expansion in the mining and agriculture industries. North America holds a market share of 32.2% whereas the United States is considered to hold a major portion of this market with a value share of 28.4%.
Due to the increasing number of building projects and the growing acceptance of new technologies, the North American skid steer loader market is predicted to rise significantly.
Increase in Population and the Rise in Purchasing Power Parity
The Asia Pacific skid steer loader market is anticipated to grow at a significant rate over the forecast period. This is attributed to a rise in construction activity, with a substantial increase in population, and the rise in purchasing power parity in many Asia Pacific nations such as India, China, and Japan are thus fuelling the demand for construction activities, that would help in accelerating the growth of the skid steer loader market.
Initiatives such as smart city missions in India forecasting at a CAGR of 6.33% and the massive belt road initiative in China expanding at a CAGR of 6.2% are expected to boost the demand for skid steer loaders.
Small Size is Mainly Used in this Market
Small size skid loader, a person can travel and work where other machines cannot. More work can be done in hard-to-access work areas as these small-sized loaders help in tackling serious work specially in tight areas where, by replacement of manual labor, and by tossing aside the hand tools and wheelbarrows. Small-size skid loaders thus, hold a market share of 55%.
Construction Companies Hold a Major Position in the Market
Construction companies use more skid steer loaders as it helps in working much faster and not only does it consume less time but also helps in construction activities where large vehicles cannot reach or are difficult to operate. Skid steer loader market thus holds a market share of 62%.
Some of the important key players in this market are:
Some of the important developments in the market are:
| Report Attribute | Details |
|---|---|
| Growth rate | CAGR of 11.34% from 2022 to 2032 |
| The base year for estimation | 2022 |
| Historical data | 2018 to 2022 |
| Forecast period | 2023 to 2033 |
| Quantitative units | Revenue in USD billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis |
| Segments Covered | By Size, By Ownership, By Lift Type, By Region |
| Regional scope | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East and Africa |
| Country scope | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, Israel |
| Key companies profiled | CNH Industrial; Doosan Corporation; Takeuchi Construction Machinery; Kato Works Co. Ltd.; Hyundai Heavy Industries Co; Hitachi Construction Machinery Co.; Deere & Co; Komatsu Ltd.; LiuGong Machinery Co. Ltd; Lonking Holdings Limited; Caterpillar Inc; Liebherr Group |
| Customization & Pricing | Available upon Request |
From 2018 to 2022, the global market exhibited a 5.4% CAGR.
The global market size to reach USD 10.33 million by 2033.
North America is projected to emerge as a lucrative market.
The growth potential of the skid steer loader market is 11.33% through 2033.
The small size segment is highly preferred in the global market.
The growing mining and agriculture industries driving the United States market.
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Skid Steer Loader Market
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