Revenue in USD million/billion and CAGR from 2021 to 2028 Some main participants of the backhoe loader market are Komatsu, Deere & Company, Caterpillar, J.C Bamford Excavators, Mahindra Construction Equipment, AB Volvo, Manitou Group, Action Construction Equipment Ltd., CNH Industrial, and Doosan Corporation, among others.īy Product Type, By Application, and By End Use Global Backhoe Loader Market: Competitive Players The European backhoe loader market is expected to witness substantial demand over the coming years owing to its rising adoption in agricultural sector. This is attributable to the increasing adoption of backhoe loaders in various industrial applications. North America will mostly witness substantial growth as key market players are likely to maintain their operations in this region. This is due to the increasing construction activities in developing economies. The Asia Pacific region is estimated to grow at the fastest CAGR over the forecast period.
Global Backhoe Loader Market: Regional Analysis Region-wise, the global market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. This trend is expected to continue over the year due to which the demand for backhoe loaders will rise in the second half of 2020. for August 2020 was USD 1.41 trillion as compared to USD 1.39 trillion in October 2020. Census Bureau, the overall construction spending in the U.S. The construction and mining segment is expected to grow at a notable CAGR.
The end use segment of the backhoe loader market is classified into construction and mining, industrial, agriculture, and others. This allows operators to manoeuvre in small spaces owing to which they are preferred over center mount loaders. The side shift type consists of a carrier that is capable of sliding from one side to another along frame rails. The side shift segment held the highest market share in 2019. On the basis of end use, the backhoe loader market includes construction and mining, industrial, agriculture, others. By type, the market is divided into center mount and side shift. The backhoe loader market is bifurcated on the basis of type and end use. Global Backhoe Loader Market: Segmentation This number is projected to rise during the forecast period. According to the Indian Construction Equipment Manufacturers’ Association (ICEMA), the demand for backhoe loader grew by 22% in India during the financial year 2017-2018. Moreover, smart city initiatives taken by governments of various developing nations such as China and India is anticipated to propel the market demand over the next six years. Rising urbanization has led to an increase in construction of residential and commercial infrastructure. The global backhoe loader market is primarily driven by the rising investments in construction sector. Global Backhoe Loader Market: Growth Factors Owing to this, construction activities were halted and market players faced various challenges due to disruptions in supply chain. The outbreak of COVID-19 led governments of numerous countries to impose strict lockdown measures in the early stages of the pandemic to curb the spread of the virus. The core structure of a backhoe loader is designed to effortlessly manoeuvre the loader on all types of terrains.
The backhoe loader is considerably small in size and is broadly used in construction projects. According to the report published by Zion Market Research, global demand for backhoe loader market was valued at approximately USD 2.58 Billion in 2019, and is expected to generate revenue of around USD 3.72 Billion by end of 2026, growing at a CAGR of around 5.5% between 20.īackhoe loader is a heavy equipment vehicle that comprises of a backhoe at the back and a shovel on the front.
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