Skid Steer Loader Market to Garner USD 2,374.50 Million by 2030 at 2.80% CAGR - Report by Market Research Future (MRFR)
Skid Steer Loader Market Insights and Industry Analysis by Application (Infrastructure Sector, Residential Sector) and By Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America), Competitive Market Size, Share, Trends, and Forecast to 2030
New York, USA, June 23, 2022 (GLOBE NEWSWIRE) -- Skid Steer Loader Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Skid Steer Loader Market Information by Type, Application, Operation Capacity, Power Train, End-Use Industry and Region - Forecast till 2030”, the market is estimated to grow at a 2.80% CAGR to reach USD 2,374.50 Million by 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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|2030 Market Size||USD 2,374.50 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Application, Operation Capacity, Power Train, End-Use Industry and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||The capability of performing varied tasks and efficient operation in varied terrain|
|The capabilities of changing the tools according to the desired activities|
Market Competitive Landscape:
The important companies active in the skid steer loader industry include
- CNH Industrial
- John Deere
- Wacker Neuson
- Tai a Luyue
- Ditch Witch
- WE CAN
- Sunward Equipment Group
Market USP Covered:
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.
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.
Browse In-depth Market Research Report (153 Pages) on Skid Steer Loader: https://www.marketresearchfuture.com/reports/skid-steer-loader-market-2328
COVID 19 Analysis
The skid steer loader market has been significantly affected by the COVID-19 outbreak. Given the pandemic scenario, numerous countries had to go under a lockdown, to control the rising cases. Owing to this, the demand and supply chain have been disrupted, which has affected the worldwide market. The infrastructural projects, manufacturing units, industries, and various operations had to be put on hold owing to the pandemic situation.
The volatile costs of raw materials and the COVID-19 pandemic have restricted the growth rate of the market. On the bright side, the situation is getting back to normal, which means that the market in the future will see better growth.
Wheeled and tracked are the types of skid steer loaders in the market.
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.
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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