Global Skid Steer Loader Market to Reach US$ 2.7 Billion by 2028, Stimulated by Significant Growth in the Construction and Mining Industries

August 28, 2023 | Automotive Industry

According to the latest report by IMARC Group, titled “Skid Steer Loader Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global skid steer loader market size reached US$ 2.3 Billion in 2022. A skid steer loader is a versatile compact construction machine extensively utilized in various industries for material handling, digging, grading, and other tasks. It is characterized by its distinctive small size, maneuverability, and ability to turn on the spot. It features a pivoting arrangement that enables the wheels on one side to drive at a different speed or direction than the wheels on the other. This unique design allows skid steers to perform tight turns and navigate confined spaces with remarkable ease. It has various attachments, such as buckets, forks, and augers, to undertake diverse functions, making them indispensable assets in construction, landscaping, agriculture, and maintenance projects.

Global Skid Steer Loader Market Trends:

The increasing demand for skid steer loaders due to their ability to quickly switch between tasks using a range of attachments as industries continue to focus on enhancing operational efficiency and productivity is one of the major factors contributing to the market growth. In line with this, the growing product popularity in construction firms, agriculture enterprises, and logistics companies, owing to its cost savings and increased project turnaround time, is propelling the market growth. Additionally, the widespread application of skid steer loaders for their compact footprint in the construction sector, particularly in urban construction projects, indoor renovations, and landscaping tasks, is providing a considerable boost to the market growth. In addition to this, the growing adoption of skid steer loaders in the agricultural sector for loading and unloading materials, tilling, and digging, coupled with the rising demand for efficient farming practices and the need to optimize labor and resources, are positively impacting the market growth. Furthermore, the growing emphasis on safety and operator comfort, prompting manufacturers to integrate advanced features into skid steer loaders, such as ergonomic controls, improved visibility, and enhanced operator cabins, are creating a positive outlook for the market growth. In line with this, the rising environmental consciousness and the increasing demand for eco-friendly skid steer loaders, are providing remunerative opportunities for the market growth. Looking forward, the market value is projected to reach US$ 2.7 Billion by 2028, expanding at a CAGR of 2.7% during 2023-2028.

Market Summary:

Based on the operating capacity, the market has been segmented into 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.
On the basis of the power train, the market has been bifurcated into electric and conventional.
Based on the end-use, the market has been divided into construction, mining, logistics, landscaping and ground maintenance, agriculture and others.
Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.
The competitive landscape of the market has also been examined, with some of the key players being The Volvo Group, Yanmar Power Technology Co. Ltd., Doosan Infracore Co., Ltd., Caterpillar Inc., CNH Industrial N.V., Deere & Company, J C Bamford Excavators Ltd, Komatsu Ltd., Kubota Corporation and Wacker Neuson SE.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Operating Capacity, Power Train, End Use, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	The Volvo Group, Yanmar Power Technology Co. Ltd., Doosan Infracore Co., Ltd., Caterpillar Inc., CNH Industrial N.V., Deere & Company, J C Bamford Excavators Ltd, Komatsu Ltd., Kubota Corporation and Wacker Neuson SE
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