The skid steer loaders market is experiencing significant growth, with an estimated size of US$ 3.53 billion in 2023, following from US$ 2.5 billion in 2022. This expansion is attributed to the widespread usage of skid steer loaders across various applications such as site clean-up, material spreading, road sweeping, and more, which accelerates market growth. Future Market Insights projects a robust compound annual growth rate (CAGR) of 11.34% between 2023 and 2033, with the market expected to reach around US$ 10.33 billion by 2033.
The surge in sales of skid steer loaders is primarily driven by the increasing demand for energy-efficient construction equipment. Government investments in infrastructure development projects, both in developed and developing countries, are further stimulating the construction industry, thereby boosting the demand for skid steer loaders. Moreover, their ability to operate in confined spaces and lower operating costs make them a preferred choice for construction and mining sites, driving sales during the forecast period.
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Overall, the rising number of infrastructure projects worldwide, coupled with the versatility and cost-effectiveness of skid steer loaders, is expected to fuel their demand significantly in the coming years, contributing to the market’s substantial growth trajectory.
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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