Skid Steer Rental Market Overview
As per MRFR analysis, the Skid Steer Rental Market Size was estimated at 9.54 (USD Billion) in 2022.The Skid Steer Rental Market Industry is expected to grow from 10.03(USD Billion) in 2023 to 15.8 (USD Billion) by 2032. The Skid Steer Rental Market CAGR (growth rate) is expected to be around 5.17% during the forecast period (2023 - 2032).
Key Skid Steer Rental Market Trends Highlighted
Skid steer rental has witnessed a surge in demand due to its versatility and cost-effectiveness. The construction industry is a key driver of this growth, leveraging skid steer rental for tasks such as excavation, landscaping, and material handling. Increasing infrastructure development and urban renewal projects are also fueling demand for these rentals. Environmental concerns have prompted a shift towards electric skid steers, offering lower emissions and reduced operating costs. Technological advancements have led to enhanced safety features and improved performance, making them more efficient and safe to operate. Furthermore, rental companies are expanding their fleets to cater to the growing demand, providing a wider range of models to meet specific project requirements. The growing adoption of rental services by contractors offers flexibility, cost savings, and access to the latest equipment, driving the continued expansion of the skid steer rental market.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Skid Steer Rental Market Drivers
Rising Construction Activities
The growth of the Skid Steer Rental Market is majorly attributed to the rise in construction activities across the globe. Skid steers are versatile types of machinery used in numerous activities in construction, including digging, landscaping, and material handling. The demand for infrastructure setup, commercial and residential building construction, and renovation requirements have propelled the need for skid steer rentals. Furthermore, with the emerging markets continuously adopting skid steers because of the rise in construction activities, the market has grown even further.The continued global expansion of the construction industry will contribute to the demand for skid steer rentals, thereby driving the Skid Steer Rental Market Industry.
Growing Infrastructure Investment
Currently, states worldwide are inclined to develop infrastructure for the purpose of economies growth and improvement of human life. Transportation, energy, and utility projects will cover a majority of the investment, which will require excavation, trenching, and material handling through the use of skid steers. As the reliance on the infrastructure development increases, the industry of Skid Steer Rental Market Industry will grow under such conditions as skid steers are the main requisite therein.
Technological Advancements
The technological developments in offering services are revolutionizing the skid steer rental market. For instance, advanced features are being introduced to these vehicles like better hydraulics, stronger security systems, and technologically advanced telematics. These features make skid steers more efficient, and they thus fetch more rental customers in the market. Moreover, technology is applicable in making electric and hybrid skid steers. Such equipment is better placed to succeed in the industry as every aspect of life has been oriented towards sustainability.Thus, the Skid Steer Rental Market Industry will benefit from the demand for these developments.
Skid Steer Rental Market Segment Insights
Skid Steer Rental Market Machine Type Insights
The Skid Steer Rental Market is segmented by machine type, including small skid steers, medium skid steers, large skid steers, compact track loaders, and multi-terrain loaders. In 2023, the small skid steer segment held the largest market share due to its versatility and affordability. Small skid steers are suitable for a wide range of applications, including landscaping, construction, and agriculture. Over the forecast period, the medium skid steer segment is expected to experience significant growth. Medium skid steers have more power and capacity than small skid steers, making them suitable for more demanding applications.The large skid steer segment is expected to grow steadily, driven by strong demand from the construction industry. Compact track loaders are becoming increasingly popular due to their greater stability and flotation. They are an excellent choice for wet or muddy conditions and hillsides. Multi-terrain loaders are a versatile form of skid steer that can be used on a variety of surfaces, including asphalt, concrete, and gravel. The continued growth of the market can be attributed to the rising demand for skid steers in various industries, including construction, landscaping, and agriculture.The increasing popularity of skid steers for rental use is also driving the market’s growth.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Skid Steer Rental Market Operation Insights
The Skid Steer Rental Market is divided on the basis of operation into basic skid steers, advanced skid steers, and telehandlers. Basic skid steers are the most commonly used type of skid steer. They are used in light-duty applications such as landscaping, construction, and agriculture. Advanced skid steers are more powerful and versatile than the basic skid steers, and can be used in a wider variety of applications. They are suitable for heavy-duty construction and mining, and other such applications. Telehandlers are a type of skid steer that has a telescopic boom attached to it, which allows them to reach higher and farther than any other type of skid steer.The growth is due to the increasing demand for skid steers in the construction industry.
Skid Steer Rental Market Application Insights
The Skid Steer Rental Market is segmented into Construction, Landscaping, Agriculture, Material Handling, and Other Industrial Applications. The Construction segment is expected to account for the largest revenue share of over 40% in 2023. The growth of the Construction segment can be attributed to the increasing construction activities globally, especially in developing economies. The Landscaping segment is also expected to witness significant growth owing to the rising demand for skid steer rentals for landscaping projects. The Agriculture segment is another important application area for skid steer rentals, with farmers using them for various tasks such as land preparation, material handling, and cleaning.The Material Handling segment is also expected to grow steadily, as skid steers are increasingly used for material handling in warehouses, factories, and other industrial settings. Other Industrial Applications include mining, snow removal, and waste management.
Skid Steer Rental Market Fuel Type Insights
The Skid Steer Rental Market is segmented based on Fuel Type into Diesel, Electric, and Gasoline. Among these segments, the Diesel segment held the largest market share in 2023, accounting for over 60% of the Skid Steer Rental Market revenue. The Diesel segment is expected to continue dominating the market over the forecast period, owing to the high power and torque offered by diesel engines, making them suitable for heavy-duty applications. The Electric segment is projected to witness significant growth during the forecast period, driven by the rising adoption of electric vehicles and the increasing demand for environmentally friendly equipment.The Gasoline segment is expected to hold a stable market share, as gasoline-powered skid steers are cost-effective and suitable for light-duty applications.
Skid Steer Rental Market Ownership Insights
The Skid Steer Rental Market is segmented by ownership into Independent Rental Companies, Dealerships, Construction Companies, and Landscaping Companies. Among these, Independent Rental Companies hold a significant market share due to their extensive rental fleets and diversified customer base. These companies offer a wide range of skid steers from various manufacturers, providing customers with flexibility and convenience. Dealerships also contribute a notable market share, leveraging their strong relationships with construction and landscaping businesses.Construction Companies often own skid steers for their internal projects, while Landscaping Companies prefer renting skid steers for specific tasks, contributing to the growth of the rental market. The Skid Steer Rental Market is expected to grow at a CAGR of 5.17% from 2023 to 2032, driven by increasing demand from construction, landscaping, and industrial sectors. Independent Rental Companies are poised to maintain their market dominance, while Dealerships and Construction Companies are expected to witness steady growth. The market growth is attributed to the rising popularity of skid steers as versatile and efficient equipment for various applications.
Skid Steer Rental Market Regional Insights
Regionally, North America held the largest share of the market in 2023, followed by Europe, APAC, South America, and MEA. North America's dominance can be attributed to the presence of a large number of construction and infrastructure projects, as well as the growing adoption of skid steers in various industries. Europe is expected to witness significant growth over the forecast period, driven by increasing demand from the construction and agricultural sectors. APAC is projected to be the fastest-growing region, owing to rapid urbanization and industrialization in countries such as China, India, and Southeast Asian nations.South America and MEA are expected to experience steady growth, supported by government initiatives and infrastructure development projects.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Skid Steer Rental Market Key Players And Competitive Insights
Leading players in Skid Steer Rental Market industry are continuously developing new and innovative products to cater to the changing needs of their customers. Leading Skid Steer Rental Market players are also investing heavily in research and development, which enable to improve the performance and efficiency of the product. The growing demand for Skid Steer Rental Market has triggered the development of a wide range of skid steer models, each designed to meet a specific application. As a result, the market is highly competitive as each player tries to gain a competitive advantage over the other. Skid Steer Rental Market Competitive Landscape is expected to remain highly competitive in the upcoming years as more number of players are opting for either entering the market or expanding their skid steer product line.United Rentals, Inc. is a world leader in rental equipment service industry. The company provides construction and industrial equipment rentals to customers across North America. United Rentals offers a wide range of skid steer models from a number of manufacturers, including Caterpillar, John Deere, and Bobcat. In addition, United Rentals also offers a variety of attachments and accessories for their skid steers. United Rentals has a strong presence in the United States and Canada with over 1,200 branches. United Rentals is committed to provide the highest quality equipment and service to its customers. To meet the need of the customer safety, United Rental follows the highest standards for the skid steer machines in the industry. Today, United Rental is a widely recognized name in Skid Steer Rental Market, and the company is a proud owner of the best skid steer product line in the USA.Hertz Equipment Rental Corporation is a subsidiary of the Hertz Corporation, the international car rental service. Hertz Equipment Rental offers a wide range of skid steer models from leading manufacturers, including Caterpillar, John Deere, and Bobcat. In addition, Hertz Equipment Rental offers a range of attachments and accessories for their skid steers.. The company is headquartered in Estero, Florida, and it has 350 locations in the United States and Canada. Similar to United Rentals, Hertz Equipment Rental is committed to provide the highest quality equipment and service to its customers. Hertz Equipment Rental is now a leading Skid Steer Rental Market player in North America.
Key Companies in the Skid Steer Rental Market Include
- Caterpillar
- JCB
- Liebherr
- Kubota
- Hyundai
- Komatsu
- Yanmar
- Case IH
- Wacker Neuson
- Sunward
- Atlas Copco
- Bobcat
- John Deere
- Terex
Skid Steer Rental Market Industry Developments
The Skid Steer Rental Market is projected to reach USD 15.8 billion by 2032, exhibiting a CAGR of 5.17% during the forecast period (2024-2032). Increasing construction activities, particularly in developing regions, are driving the demand for skid steers. These machines offer versatility, efficiency, and cost-effectiveness for various tasks, including excavation, grading, and material handling. Technological advancements, such as telematics and GPS integration, are enhancing the efficiency and safety of skid steers. Furthermore, the growing popularity of rental services provides flexibility and cost savings for contractors and end-users. Industry participants are also focusing on sustainability initiatives, such as electric and hybrid skid steers, to meet environmental regulations and reduce operating costs.
Skid Steer Rental Market Segmentation Insights
- Skid Steer Rental Market Machine Type Outlook
- Small Skid Steers
- Medium Skid Steers
- Large Skid Steers
- Compact Track Loaders
- Multi-Terrain Loaders
- Skid Steer Rental Market Operation Outlook
- Basic Skid Steers
- Advanced Skid Steers
- Telehandlers
- Skid Steer Rental Market Application Outlook
- Construction
- Landscaping
- Agriculture
- Material Handling
- Other Industrial Applications
- Skid Steer Rental Market Fuel Type Outlook
- Diesel
- Electric
- Gasoline
- Skid Steer Rental Market Ownership Outlook
- Independent Rental Companies
- Dealerships
- Construction Companies
- Landscaping Companies
- Skid Steer Rental Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
9.54(USD Billion) |
| Market Size 2023 |
10.03(USD Billion) |
| Market Size 2032 |
15.8(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
5.17% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Caterpillar ,JCB ,Liebherr ,Kubota ,Hyundai ,Komatsu ,Yanmar ,Case IH ,Wacker Neuson ,Sunward ,Atlas Copco ,Bobcat ,John Deere ,Terex |
| Segments Covered |
Machine Type ,Operation ,Application ,Fuel Type ,Ownership ,Regional |
| Key Market Opportunities |
1 Rising construction activity2 Increasing demand from landscaping industry3 Growing rental market |
| Key Market Dynamics |
Growing construction industry Increased demand for compact equipment Technological advancements Rising rental preference Expanding rental fleets |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Skid Steer Rental Market was valued at approximately USD 10.03 billion in 2023 and is expected to grow to around USD 15.8 billion by 2032, exhibiting a CAGR of roughly 5.17% between 2023 and 2032.
North America is expected to dominate the Skid Steer Rental Market throughout the forecast period owing to the region's robust construction industry and increasing adoption of skid steers in various applications.
Some of the prominent players operating in the Skid Steer Rental Market include Caterpillar, John Deere, Bobcat Company, Volvo Construction Equipment, and Kubota Corporation.
Skid steers are used in a wide range of applications, including construction, landscaping, agriculture, and mining. They are particularly well-suited for tasks that require maneuverability and versatility, such as digging, grading, and lifting.
The growth of the Skid Steer Rental Market is attributed to factors such as the rising demand for skid steers in construction and landscaping applications, increasing urbanization, and growing infrastructure development activities.
The Skid Steer Rental Market faces certain challenges, including the high cost of skid steers, the availability of skilled operators, and the stringent regulations governing the use of heavy equipment.
