Skid Steer Loaders Global Market Report 2023

Jun 12, 2023

Major players in the skid steer loaders market are Bobcat Company, CNH Industrial N.V., Komatsu Europe International N.V., Wacker Neuson SE, Caterpillar Inc., Deere & Company, AB Volvo, Kubota Canada Ltd.

New York, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Skid Steer Loaders Global Market Report 2023" - https://www.reportlinker.com/p06479854/?utm_source=GNW , Liugong Machinery Co. Ltd., J C Bamford Excavators Ltd., Hitachi Construction Machinery, Takeuchi US, Lonking Holdings Limited, Liebherr-International Deutschland GmbH and Manitou Group.The global skid steer loaders market is expected to grow from $2.30 billion in 2022 to $2.37 billion in 2023 at a compound annual growth rate (CAGR) of 3.08%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The skid steer loaders market is expected to reach $2.71 billion in 2027 at a CAGR of 3.40%.The skid steer loader market consists of sales of wheeled skid steers, tracked skid steers, and other related products.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.The value of goods in this market includes related services sold by the creators of the goods.Skid steer loaders refer to four-wheeled or tracked vehicles with the left-side drive wheels being able to be driven independently of the right-side drive wheels and the front and back wheels on each side being mechanically linked together to revolve at the same pace. It is used for material hauling and digging.North America was the largest region in the skid steer loader market in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.The main types of propulsions of skid steer loaders are electric and conventional.An electric skid steer loader refers to an entirely battery-powered skid steer loader.It is used in site development and landscaping. The two lift types include radial and vertical that have engine power of up to 65 hp, 66 to 80 hp and above 80 hp with an operating capacity of 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. The skid steer loaders are applicable in construction, agriculture and forestry, mining, industrial, ground maintenance, and other applications.The growing construction industry is expected to boost the growth of the skid steer loader market going forward.The construction industry refers to the commercial manufacturing and trade sector that deals with developing, preserving, and repairing infrastructures.Skid steer loaders are the best options for tasks like interior demolition since they can fit in small spaces that other heavy construction equipment cannot, they are also helpful for site development, landscaping projects, and building smaller structures, resulting in boosting the skid steer loaders market. For instance, in February 2022, according to the report published by the Office for National Statistics, a UK-based administrative office of the United Kingdom statistics authority, in 2021, the annual construction sector rose by a record 12.7% compared to the previous year. In December 2021, the volume of monthly construction output climbed by 2.0%. This was entirely due to a rise in new work (3.5%). In addition to the monthly rise, the construction industry’s quarterly production climbed by 1.0% in Q4 2021 compared to Q3. This increase was driven by both new work (1.1%) and repair and maintenance (0.8%). Therefore, the growing construction industry is driving the growth of the skid steer loader market.Product innovation is the key trend gaining popularity in the skid steer loader market.Major companies operating in the skid steer loader market are focusing on developing new products.For instance, in March 2023, Bobcat Company, a US-based manufacturer of farm and construction equipment, launched Bobcat S7X, the world’s first all-electric skid-steer loader.The S7X’s unique characteristic is that it is entirely electric.A 60.5 kWh lithium-ion battery powers it, and electric drive motors and ball screw actuators are used for lift and tilt operations. Together, the battery and electrical powertrain produces astounding performance qualities, with an immediate torque that can be up to three times more than that of conventional loaders. Due to its low vibration and practically silent operation, this skid-steer loader offers users a comfortable and smooth experience.In May 2022, AriensCo, a US-based manufacturer of outdoor power equipment for both consumer and commercial customers, acquired Thomas Equipment for an undisclosed amount.Through the acquisition, AriensCo is going to expand its Gravely brand into the construction and rental markets with a new four-season product line.The acquisition is an ideal addition to the Gravely product line from Ariens. Thomas Equipment is a US-based manufacturer and distributor of skid steer and mini skid steer loaders.The countries covered in the skid steer loader market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resale along the supply chain, either further along the supply chain or as part of other products.The skid steer loaders market research report is one of a series of new reports that provides skid steer loaders market statistics, including skid steer loaders industry global market size, regional shares, competitors with an skid steer loaders market share, detailed skid steer loaders market segments, market trends and opportunities, and any further data you may need to thrive in the skid steer loaders industry. This skid steer loaders market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.Read the full report: https://www.reportlinker.com/p06479854/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. 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