The global skid steer loader market was valued at approximately USD 2.5 billion in 2022. This figure was 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.
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.
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)
Market Segmentation Analysis:
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
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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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