Skid Steer Loader Market Is Projected To Grow At More Than 2.7% Rate Through The Forecast Period

Skid Steer Loader Market Size was valued at USD 2.10 billion in 2021 and is projected to grow from USD 2.16 billion in 2022 to USD 2.67 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 2.7 % during the forecast period (2022 – 2030).

Skid steer loaders are essential pieces of earthmoving equipment that are used extensively in several construction activities as well as material handling such as unloading, lifting, and loading heavy loads. The skid steer loader developers focus on manufacturing compact equipment since these are used in congested and restrained construction areas and are used with engines for better efficiency.

The tools placed at the front vary on the basis of the requirement of the respective operation, making it extremely versatile. The escalating number of construction activities worldwide in commercial and residential spaces will be highly favorable for the skid steer loader market in the years ahead.

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Market Drivers:

The world over, nearly 45 thousand skid steers in 2018, were sold and the demand should cross 70 thousand units by 2024. The anticipated market growth can be credited to the surge in infrastructure projects across the globe. Other than this, their ability to perform in restricted spaces and the lower operating costs render them the most preferred choice at mining and construction sites.

The demand for skid steer loaders will garner momentum thanks to their compact size as well as the versatility they offer during operations. Skid steer loaders are able to maneuver in congested spaces during construction activities where big vehicles are unable to reach. Moreover, these machines can be outfitted with a variety of attachments such as buckets, forks, augers, hydraulic hammers, trenchers, landscape rakes, and stump grinders, depending on the task to be conducted. Their ability to carry out several tasks by just changing the attachments will also elevate their demand across multiple industry verticals.

Skid loaders have gained immense popularity in North America and are used extensively in several mining and construction activities. However, their use in other regions of the world remains in the nascent stage.

Market Restraints:

The significant costs of maintenance as well as the high capital investments required would be major restraining factors for the skid steer loader market. The need for skid steer loaders is significantly higher in medium & large-scale businesses. The small-scale businesses don’t conduct operations using skid steer loaders, which is another major challenge for the worldwide market.

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Market Competitive Landscape:

The important companies active in the skid steer loader industry include

Bobcat Company, Case Construction Equipment, Caterpillar, J C Bamford Excavators Ltd., Terex Corporation, Hitachi, Ltd., Komatsu Ltd., Liebherr Group, Liugong Machinery Co., Ltd., Lonking Holdings Limited

Market Segmentation

By Type

Wheeled and tracked are the types of skid steer loaders in the market.

By Application

Logistics, Construction, Forestry, and Agriculture are the major applications of skid steer loaders.

The construction segment can witness slightly stronger growth compared to other segments, on account of the rising number of construction activities worldwide. North America along with the Middle East and Africa are spending heavily on infrastructure development. Ground maintenance and landscaping will record substantial growth thanks to the soaring number of construction activities in residential and commercial spaces.

By Operating Capacity

Up To 1,250 Lbs, 1,251- 2,000 Lbs, 2,001-3,000 Lbs, 3,001-4,000 Lbs, and More Than 4,000 Lbs are the segments, depending on the operating capacity. The 1,251- 2,000 Lbs segment will be taking the lead in the coming years. Skid steer loaders with this operating capacity are largely preferred for ground maintenance work, agricultural operations, and landscaping, particularly at small to medium farms. Mounting awareness with regard to the advantages offered by skid steer loaders and the resulting surge in their adoption will favor the worldwide market.

By Power Train

Electric and conventional are the key segments, with respect to power train.

By End-Use Industries

Mining, Landscaping and Ground Maintenance, Agriculture, Logistics and Construction are the top end-use industries.

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Regional Insights

Asia Pacific will dominate the worldwide skid steer loader market in the following years, thanks to the huge contributions from China, which is in the middle of a substantial boom in manufacturing. The country houses one of the biggest construction sectors in the world, which accounts for 30% of the overall construction investments, globally. China will be spending around USD 15 trillion on construction and buildings by 2030. The massive jump in the value of the construction sector will augment the demand for skid steer loaders in the ensuing years.

Despite the skid steer loader sector in India being relatively new, developers are increasingly using this equipment, given its perception as an app-driven, efficient machine. Surging confidence about the equipment’s impressive features and performance capabilities in multiple sectors will be favorable for the Indian market.

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