Fact.MR suggests that the backhoe loaders market is expected to register a CAGR of 7% by garnering a market value of US$ 5.25 Billion by the end of the forecast period 2022-2032. Global backhoe loaders market has witnessed considerable growth in the past few years in the residential and construction sector, owing to rapid population expansion and a significant rise in household disposable incomes in the developed as well as developing countries. The growth in the number of construction projects, is anticipated to have a high impact on the backhoe loaders market over forecast period.
Further, agriculture sector is likely to emerge as an attractive end use segment in the global backhoe loaders market, and is expected to capture 22% of the overall absolute dollar opportunity created over the forecast period. In addition, factors such as significant mining activities, increasing energy requirements, and presence of leading backhoe loaders manufacturers will continue to support the backhoe loaders market especially in Asia Pacific excluding Japan, Europe, and North America, reveals Fact.MR.
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Key Takeaways of Backhoe Loaders Market
- Construction industry remains a major end-use sector for backhoe loaders owing to which it is foreseen to grow by a value CAGR of 4.7% across the forecast duration
- Collectively, agriculture and mining industries account for ~42% of the overall value share in the global backhoe loaders market
- Under 80 HP backhoe loaders engines are estimated to account for ~32% in the overall absolute dollar opportunity created over the forecast period. However, 80 HP to 100 HP backhoe loader engines are projected to expand ~1.5 times by the end of the forecast period
- Owing to multiple benefits such as higher efficiency, performance, and versatility, center pivot and sideshift backhoe loaders are expected to expand ~1.5 times by 2032 end
- Collectively, Asia Pacific Excluding Japan and North America are estimated to hold 64% share in the overall value opportunity created in the global market
- Asia Pacific Excluding Japan (APEJ) will remain the prominent region across the projection period, accounting for more than 47% share of the global market
“Customer driven product innovation capabilities and development of novel infrastructural designs are reshaping the construction sector and will open new growth prospects for backhoe loaders market”, says the Fact.MR analyst
Development of prominent countries increasing demand for backhoe loaders
The development of large-scale construction projects in North America is bolstering the growth of backhoe loaders market, as the prominent countries are increasingly focusing on infrastructure development that includes construction of highways, ports, roads, and railways, which in turn is unlocking new growth avenues for backhoes loaders.
Collectively, North America is projected to capture one-third of the overall market value in the global backhoe loaders market and is estimated to witness above-average growth over the forecast period (2022-2032).
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Maneuverability & Fuel Efficiency remains Prime Focus for Key Backhoe Loader Manufacturers
The report reveals some of the prominent market players, including JCB, John Deere, Caterpillar Inc., CNH Industrial. Among others, prominent backhoe loaders are continuously focusing on launching new products in order to cater to the increasing demand from various end use verticals. For instance,
- In March 2022, Komatsu Europe, a manufacturer of mining, construction, forestry, and industrial equipment announced that it had upgraded the EU Stage V backhoe loader range. The features of WB93R-8, WB97R-8, WB93S-8, and WB97S-8 include power assisted brakes, rear tool box, engine, hyper vent function, Michelin Power CL tyres, and others.
- In October 2019, JCB launched ICXT compact backhoe loaders in North America that delivered the material handling and excavating capability of backhoe loaders with the maneuverability and transportability of compact track loaders
Major Backhoe Loaders Service Providers
- Caterpillar Inc.
- Deere & Co
- CNH Industrial N.V
- Komatsu Ltd
- Mahindra & Mahindra Limited
- Terex Corporation
- Hitachi Construction Machinery Co., Ltd
- JCB, Inc
- Guangxi LiuGong Machinery Co., Ltd
Key Segments Profiled in the Backhoe Loaders Industry Survey
- By Product Type
- Center Pivot Backhoe Loaders
- Sideshift Backhoe Loaders
- By Engine Power
- Under 80 HP
- 80-100 HP
- Over 100 HP
- By Maximum Digging Depth
- Under 10 Feet
- 10-15 Feet
- Over 15 Feet
- By Application
- Other Applications
- By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Middle East & Africa
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Find More Valuable Insights on Backhoe Loaders Market
Fact.MR, in its new offering, provides an unbiased analysis of the global backhoe loaders market, presenting historical demand data (2017-2021) and forecast statistics for the period, 2022-2032.
The study divulges compelling insights on the backhoe loaders market on the basis of product type (center pivot, sideshift), engine power type (Under 80 HP, 80-100 HP, Over 100 HP),and application type (construction, agriculture, mining) across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
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