The global Backhoe Loader Market is growing rapidly. The market growth attributes to the increasing infrastructure development activities worldwide. Besides, increasing numbers of smart city projects allow the backhoe loader market to garner colossal traction. The adoption of innovative and technologically advanced construction equipment vehicles increases the market size. Moreover, the increasing population in urban areas is a significant driving force behind the growth of the market.
According to Market Research Future (MRFR), the global backhoe loader market is projected to grow at 4% CAGR throughout the assessment period (2021– 2028). Over the last decade, construction firms have grown enormously. Innovations in backhoe loader have assured a promising fortune for the construction industry, reducing labor and time. The availability of rental backhoe loader loaders increases the market value, allowing easy accessibility to high-cost construction equipment vehicles.
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Additionally, rising uses of backhoe loaders for large, medium, and small-scale industrial, agricultural, construction projects further help the market growth. The increasing adoption of backhoe loaders due to the rise in road construction activities and numbers of power projects in developing nations substantiate the market demand. The inclination of industries towards the use of backhoe loaders boosts the growth of the global backhoe loader market.
Conversely, high prices of backhoe loaders are key factors projected to impede the market growth. Also, significant maintenance cost associated with these construction equipment vehicles poses challenges to the growth of the market. Nevertheless, increasing government investments made in infrastructure development would support market growth throughout the assessment period.
Major Players:
Players leading the global backhoe loader market include J.C. Bamford Excavators Limited (UK), Caterpillar Inc.(US), Komatsu Limited (Japan), Case CE (US), AB Volvo (Sweden), Hitachi Construction Machinery (Japan), CNH Global NV (Netherlands), Liebherr Group (Bulle, Switzerland), Deere & Company (US), and Mahindra & Mahindra, Ltd.(India), among others.
Global Backhoe Loader Market – Segmentation
The report is segmented into two dynamics:
By Application: Industrial, Agricultural, Construction, and others.
By Regions: Asia Pacific, Europe, North America, and the Rest-of-the-World.
Global Backhoe Loader Market – Regional Analysis
The Asia Pacific region dominates the global backhoe loader market. The largest market share attributes to the significant growth in the construction industry. Besides, the substantial growth in dams & canals construction activities and the number of power projects drive the regional market growth. India and China exponentially contribute to the regional market growth, mainly due to the recent technological developments.
Also, the growing residential and non-residential construction activities led by the growing population in China, Japan, and India attribute to the growth of the regional market. Moreover, the increase in industrialization and urbanization led by improving economic conditions in the region drive the growth of the APAC backhoe loader market.
North America stands second in the global backhoe loader market. The market growth is driven by the increasing adoption of backhoe loaders for residential, industrial, and infrastructural construction projects. Additionally, the rising population and high per capita disposable income are key driving forces behind the regional market growth.
The increasing demand for construction activities from the urban areas fosters the uptake of backhoe loaders in the region. The US is a lucrative market, showcasing a range of high-performance backhoe loaders. The trend of commercial & residential structure developments boosts market growth in the region.
The Europe backhoe loader market stands second in the global backhoe loader market. Factors such as rapidly growing construction activities and infrastructure upgrade project foster market demand. Moreover, the increasing repair activities in the existing infrastructure augment the demand for the backhoe loader in the region. Germany and the UK hold substantial market demand, heading with the continuously increasing construction values in the public and private sectors.
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Global Backhoe Loader Market – Competitive Analysis
Highly competitive, the backhoe loader market appears to be fragmented due to the presence of several well-established players. These players incorporate strategic initiatives like acquisition, partnership, collaboration, expansion, and technology launch to gain a competitive advantage in the market. Such initiatives support the players' growth and expansion plans, helping them maintain their market position.
Manufacturers are committed to delivering reliable, leading-edge loaders and comprehensive after-sales support. Well established players invest heavily in the R&D to develop products with adept technologies on a different level than their competition.
Industry/Innovation/Related News:
October 26, 2020 ---- Cummins Technologies India Pvt. Ltd., a leading global power construction equipment & vehicle provider, announced the completion of BS-IV emission standard certification tests for wheel equipment. Cummins designs, manufactures, distributes, and services diesel & alternative fuel engines and power generator sets, as well as related components and technology.
The new BS-IV norms for wheeled equipment (construction equipment vehicle), such as backhoe loaders, wheel loader, compactor, harvester, and paver, would be implemented from April 1, 2021. The latest engine can be easily scaled up to BS-V emission norms and beyond.
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