Skid Steer Loader Market Soars: Projected to Reach US$ 10.33 Billion by 2033 with 11.34% CAGR Growth

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 sales of skid steer loaders are poised for growth due to the escalating demand for energy-efficient construction equipment. With increased government investments in infrastructure development projects in both developed and developing nations, the construction industry is expected to experience significant expansion, thereby driving up the demand for skid steer loaders. Consequently, it is anticipated that the sales of skid steer loaders will experience substantial acceleration during the forecast period.

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Fears of new COVID outbreaks and uncertain post-pandemic path pose a real risk of the world has thus experienced more acute supply chain pain and manufacturing disruptions.

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.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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This release was published on openPR.