According to a recent market study published by Growth Market Reports, titled, “Global Skid Steer Loaders and Compact Track Loaders Market By Type, By Propulsion, By Capacity, By Purpose Area, By End-Use and By Region: Size, Share, Trends, and Opportunity Analysis, 2015-2030”, the market was valued at US$ 7,407.9 Million in 2021 and is anticipated to expand at a growth rate of 4.4% by 2030.

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A skid steer loader, also referred to as a wheel loader or skid loader, is a small piece of construction machinery frequently used for digging. Landscaping, building, farming, and material handling all make use of skid steer loaders. These are four-wheeled vehicles with the left and right driving wheels being separately driven while the front and rear wheels on each side are mechanically linked to rotate at the same speed.

The skid steer is a portable, adaptable, and mobile machine. In order to lift and carry big loads, skid steer loaders are frequently fitted with buckets. Skid steer loaders are used for trenching, excavating, excavation, landscaping, and snow removal. Although skid steers have many mechanical pieces, the bucket, cab, lift, tyre, drive motor and axle are its essential parts.

The skid steer loaders and compact track loaders market has been fragmented based on type, by propulsion, by capacity, by purpose area, by end-use, and by region. By type, skid steer loaders and compact track loaders market is categorized in skid steer loaders, and compact track loaders. In terms of propulsion, the market is categorized as electric, and conventional.

By capacity skid steer loaders and compact track loaders market is categorized in Up To 1550 lb, 1550 lb.– 2000 lb., 2000 lb. – 3000 lb., 3000 lb. – 4000 lb, More than 4000 lb. Based on purpose area market is categorized in commercial, and residential. By end-use skid steer loaders and compact track loaders market is categorized in construction, agriculture, mining, and others. On the basis of region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.

Key factors that are anticipated to fuel the demand for Skid steer loaders and compact track loaders during the forecast period are the growing demand for Skid steer loaders and compact track loaders in for construction, which is generated by the rapid rise in the population. the rising availability of GPS-operated, self-driven, and autonomous loaders with wireless connectivity. Demand for autonomous loaders is steadily growing, due to labor shortage in the construction industry.

The Coronavirus disease 2019 (COVID-19) pandemic highlighted economic disparities, global interdependence, and governance challenges. Pandemics are isolated concerns for businesses and prospects for emerging patterns and vulnerabilities. COVID-19 has a moderate impact on the industry, due to the simultaneous reduction of supply and demand. The COVID-19 pandemic caused a slight slowdown in market expansion.

As per Growth Market Reports Industry Analyst, Partha Paul, “The migration of people from rural areas to urban areas is stimulating high investments in the development of infrastructure and smart cities and the adoption of cutting-edge technologies in the construction process, which is contributing to the expansion of the skid steer loaders and compact track loaders market.

The market is anticipated to be fueled by the rising availability of GPS-operated, self-driven, and autonomous loaders with wireless connectivity. Demand for autonomous loaders is steadily growing, due to labor shortage in the construction industry. This is increasing the importance of technology in the construction industry. According to GEHL, RT 105 offers a lot of flexibility. These types of loaders are small enough to fit through gates and backyards for landscape applications. Furthermore, their low weight indicates low ground pressure, resulting in less disturbance to yards.

Key Takeaways from the Study

  • Players in the Skid steer loaders and compact track loaders market include Doosan Bobcat, Caterpillar, KUBOTA Corporation, John Deere, Komatsu Ltd., JCB, AB Volvo, CNH Industrial, Wacker Neuson SE, Liugong Machinery Co., Ltd., Takeuchi Global, ASV Holdings, Inc., Manitou, GAMZEN PLAST PRIVATE LIMITED and Bull Machines held a major market share of the Skid steer loaders and compact track loaders market in 2021.

  • Skid steer loaders are compact and operate in tight spaces, which helps in construction activities where other construction equipment's are difficult to operate. These loaders are equipped with different attachments such as hydraulic hammers, trenchers, forks, buckets, augers, stump grinders, and landscape rakes, depending upon the specific task to be performed. Skid steer loaders and compact track loaders perform multiple tasks by changing attachments. The migration of people from rural areas to urban areas is stimulating high investments in the development of infrastructure and smart cities and the adoption of cutting-edge technologies in the construction process, which is contributing to the expansion of the skid steer loaders and compact track loaders market. The skid steer loader and compact track loaders market is anticipated to be driven by the significant demand for construction, which is generated by the rapid rise in the population.

  • In terms of type, the market is segmented into skid steer loaders, and compact track loaders. A compact track loader has high maneuverability. In contrast to skid-steered loaders, track loaders travel laterally. Machines with track loads provide improved grip on slick or unsteady conditions. They are a versatile component of any fleet and perform many tasks. This is expected to increase the demand for skid steer loaders and compact loaders.

  • On the basis of propulsion, the global skid steer loaders and compact track loaders market is segmented into electric, and conventional. Electric skid steer loaders and electric compact track loaders create low noise and are characterized by low emissions, which helps to eliminate the negative impact on the environment. Electric loaders are easy to operate and are efficient. Governmental support for electrical vehicles and high efficiency of electrical skid loaders are projected to increase the use of electric skid steer loaders.

  • The global skid steer loaders and compact track loaders market is segmented into construction, agriculture, mining, and others. Skid steer loaders and compact tracked loaders are used in construction sites for carrying heavy-weighted materials. Increasing urbanization and population are predicted to increase in the construction industry. This is expected to fuel the construction segment in the forecast period.

  • In terms of region, the global Skid steer loaders and compact track loaders market is divided into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. North America accounted for XX% share of the market in 2021, due to high growth in the housing sector, especially in the US, which in turn, boosted the construction equipment industry. This leads to high growth in the skid steer loaders and compact track loaders market. Housing affordability increased, mainly due to the decline in the federal funds rate in March 2020. Present home inventory levels goes down, due to the increase in demand for houses. Builders scrambled to build new homes, thus pushing up prices. Post-pandemic, the housing completion rate is expected to increase, due to shortage of skilled labor.

Report Scope

Report Metric

Details

Market Value in 2021

US$ 7,407.9 Million

Market Growth Rate (from 2022 to 2030)

4.4%

Historical Data

2015 & 2020

Base Year

2021

Forecast Period

2022 - 2030

Units Considered

Value (US$ Million)

Market Segments

By Type, By Propulsion, By Capacity, By Purpose Area, By End Use, and By Region

Key Companies Profiled

Doosan Bobcat, Caterpillar, KUBOTA Corporation, John Deere, Komatsu Ltd., JCB, AB Volvo, CNH Industrial, Wacker Neuson SE, Liugong Machinery Co., Ltd., Takeuchi Global, ASV Holdings, Inc., Manitou, GAMZEN PLAST PRIVATE LIMITED and Bull Machines.

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail of tailor-made purchase options to meet your research requirements.

 

Target Audience

  • Supply-side: Manufacturer and distributors

  • Demand Side: Construction Industry, Agriculture Industry, Mining Industry

  • Regulatory Side: Concerned government authorities and other approval regulatory bodies