Skid Steer Loader Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Lift Type (Vertical Lift, Radial Lift), By Operating Capacity (Small Frame (up To 700kg), Medium Frame (700-1000kg), Large Frame (more Than 1000kg)), By End-User (Landscaping And Ground Maintenance, Construction, Mining, Warehousing, Others), And By Geography - Forecasts From 2023 To 2028

Due to their small size and operational agility, skid steers are projected to see an increase in demand. Skid loaders are small and easy to move, which is useful for construction projects where large trucks cannot go or are more challenging to control. Moreover, depending on the particular task to be completed, these machines can be equipped with a variety of attachments, including hydraulic hammers, forks, stump grinders, trenchers, and landscape rakes, among others. Their acceptance across multiple industries has benefited from their versatility, which allows them to carry out numerous jobs by simply switching attachments. In North America, skid loaders are widely utilised in a variety of construction and mining operations. However, other applications for skid steers are still in their infancy. One of the main factors limiting the uptake of skid steer loaders in developing nations like India, according to the head of sales and marketing at Caterpillar India, is the customers' high pricing of these systems relative to conventional backhoe loaders. The business is paying attention to spreading knowledge about the uses and advantages of its product. Thus, it is anticipated that increasing knowledge of the machine's multiple use cases will steadily propel the Asia Pacific market.

Increase in warehousing to drive the market

Based on their small size and heavy-weight lifting ability, skid steer loaders are projected to be adopted for numerous logistics and warehousing operations as e-commerce platforms take off. Additionally, a series of technological advancements have given rise to highly developed loaders with hydraulic brakes, pallet fork attachments, and other features, supporting the market's expansion. The market is being fueled by an increase in warehouse construction as these pick-to-light systems streamline warehouse operations. The number of warehouses in the US increased from April 2020 to April 2021, increasing employment in the warehousing and storage industry by 13.6%, according to the Bureau of Labour Statistics. This surge can be due to the country's expanding retail and e-commerce operations, which are predicted to drive the market to massive growth throughout the projected period. The country's burgeoning retail sector is projected to contribute significantly to market growth. The US Department of Commerce predicts that retail sales will increase over the next few years and will total USD 5.4 trillion by 2025. As a result, it is anticipated that as the retail industry expands, so will the requirement for pick-to-light systems, as these systems facilitate material handling precision and effectiveness while lowering labour costs. It is anticipated that the sector will benefit significantly from the continuous expansion of the e-commerce warehouses of international corporations like Amazon. For instance, Amazon stated in August 2021 that it was increasing its Florida investment and would be constructing six brand-new structures to support services closer to its clients. More than 2,000 full-time employees were anticipated to be hired in the State as a result of the innovative robotics fulfilment centre and five delivery stations. Small things like books, gadgets, and toys would be picked, packaged, and shipped to clients by workers at the facility, which would increase demand for these systems. Thus, it is anticipated that developments like these in the e-commerce sector will sustain and strengthen the market.

North America to hold a sizeable share

The market for skid steer loaders is anticipated to be dominated by North America. The expansion of the building sector and the rise in landscaping operations are two major factors adding towards the anticipated growth. Additionally, the region is distinguished by the strong presence of OEMs, manufacturers, and a sizeable client base. Based out of this region, businesses like ASV Sales & Services, Bobcat Company, and Caterpillar have a big contribution to revenue growth. Along with participating in market activities like mergers and acquisitions, businesses in the industry are also developing innovative product and service lines and assuring competitive rates. For instance, Yanmar Holdings announced its acquisition of ASV Holdings, one of the top manufacturers and distributors of both skids steer loaders and small tracked loaders in September 2019. Due to ASV Holdings' extensive network of dealers and Yanmar Holdings' significant regional footprint, this deal enabled Yanmar Holdings to improve its standing globally.

COVID-19 Insights

The COVID-19 pandemic caused lockdowns to be enacted throughout most nations to avoid the spread of the fatal virus, which forced the construction sector to suspend operations. The bulk of the world's skid steer loader producers experienced significant problems, including the closure of entire operations and limited production productivity as a result of governmental lockdowns, which also had an impact on the creation of skid steer loaders. Due to the spread of the coronavirus, the skid steer loader market was hampered by a lack of labour. Due to the outbreak of the virus, the skid steer loader market experienced instability, which created uncertainty for the demand and supply chain for skid steer loader producers.

Skid Steer Loader Market Scope:

Segmentation:

• By lift type
  • Vertical Lift
  • Radial Lift
• By operating capacity
  • Small Frame (up to 700kg)
  • Medium Frame (700-1000kg)
  • Large Frame (more than 1000kg)
• By end-user
  • Landscaping and Ground Maintenance
  • Construction
  • Mining
  • Warehousing
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others