ID: MRFR/CO/1690-HCR | 111 Pages | Published By Sakshi Gupta on March 2023
Backhoe Loader Market is projected to be worth USD 25891.8 Million by 2030, registering a CAGR of 7.1% during the forecast period (2022 - 2030).
The backhoe loader market is expected to gain a market value of USD 25,891.8 million by 2030 at a CAGR of 7.1% over the forecast period of 2022-2030.
Backhoe loader is a tractor-like vehicle with a shovel or bucket in the loader style mounted on the front and a miniature backhoe on its rear. It is frequently used in the construction industry. Additionally, a backhoe loader is an excavating tool that aids in trenching or digging deep holes. As a result of its ability to move vast quantities of materials, the market for backhoe loaders is expected to expand.
The sales in the construction and agricultural sectors have been adversely impacted by COVID-19, which limited the market expansion for backhoe loaders. Although the market was anticipated to increase significantly, COVID-19 is predicted to cause a fall in the market over the next few years. According to OECD, following growth of 5.2% in the first quarter, real household income per capita in the OECD region decreased by 3.8% in the second quarter of 2021. As the government's financial assistance offered during the COVID-19 pandemic started to be withdrawn, household income in the United States fell precipitously, which was what caused the decline.
The most prominent major key players in the backhoe loader market all across the globe are mentioned below:
These major key players use various strategies to sustain their market position in the backhoe loader market in the global market by going for mergers, and acquisitions, by collaborating, setting up a new joint venture, establishing a partnership, developing a new product line, innovation in the existing product, developing a unique production process, and many others to expand their customer base in the untapped market of the backhoe loader market all across the globe.
The investment in natural gas pipeline projects is increasing at an excellent rate in the global market scenario. Also, the rising initiatives by the government in various countries will boost the infrastructural development like the building of roads, airports, seaports, and railways, which will have a positive impact on the market during the period. The demand for the market products in the construction sector will propel followed by the development in the small constructions projects will give a huge push to the market towards growth during the forecast period that will end in 2028.
But, the market is exposed to some issues like the high cost associated with the maintenance requirements of backhoe loaders that might restrain the market from growing during the period that will be ending in 2028.
The technological advancements in the market are enhancing the ability of the backhoe loaders to dig the hard and compact material as a part of the earth. Also, it can be used for the lifting of heavy loads like sewer boxes, and hence, the market has a great scope of growth especially during the forecast period. Also, there has been a rise in the development and construction of canals and dams alongside the power projects that are expected to boost the attributes available to the market by the end of the forecast period in 2028.
The backhoe loader market has been bifurcated all across the globe based on the product type, engine power, distribution channel, application, and region.
Based on the Product Type
The market has been divided all across the globe based on the product type into side shift and center pivot.
Based on the Engine Power
The market has been divided all across the globe based on the engine power into over 100 HP, between 80 – 100 HP, and under 80 HP.
Based on the Distribution Channels
The market has been divided all across the globe based on the distribution channels into indirect sales and direct sales (OEM).
Based on the Application
The market has been divided all across the globe based on the application into powering building equipment, digging holes/excavation, transportation of building materials, mining, small demolitions, agriculture sector, construction sector, and others (breaking asphalt)
Based on the Region
The market has been divided worldwide based on the region into the North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region.
The backhoe loader market has been divided all across the globe based on the region into the North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. Being the fastest-emerging region, the largest market share in the global market is held by the Asia-Pacific region owing to increasing urbanization and increasing development in infrastructural designs that drives the market demand in this region. Moreover, the increasing number of power projects in countries like China and India also creates more market demand.
The second-largest market share in the global market is held by the North American region owing to the presence of countries like the US, Canada, and Mexico that drive the market demand in this region. Increasing investment in various construction and infrastructural development programs creates more market demand. The presence of various major key players also drives the market demand in this region.
The third-largest market share in the global market is held by the European region owing to the presence of a well-established technologically advanced infrastructure that requires more power generation and hence creates more growth opportunities in this region. Moreover, increasing investment coupled with increased expenditure in various power generation projects drives the market demand in this region.
The Latin American region and the Middle East and African region show the least market share due to the presence of low infrastructure in both these regions. Low per capita income is another contributing factor that restricts the market growth in these regions.
This global backhoe loader market research report consists of the following components mentioned below:
This market research report contains factors that drive the growth of the market in the global market and the factors that restrict its growth in the global market. The technical analysis in the global market during the forecasted period is mentioned. The impact of the COVID 19 on the backhoe loader market in the global market is mentioned. The future growth rate in the market during the review period is estimated and mentioned.
|Market Size||2030 : USD 25,891.80 Million|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Caterpillar Inc.(U.S.), J.C. Bamford Excavators Limited (U.K.), Komatsu Limited (Japan), AB Volvo (Sweden), Case CE (U.S.), Hitachi Construction Machinery (Japan), Liebherr Group (Bulle, Switzerland), CNH Global NV (Netherlands), Deere & Company (U.S.), Mahindra & Mahindra, Ltd.(India)|
|Key Market Opportunities||Performing various tasks|
|Key Market Drivers||Growing construction industry|
A backhoe loader is a form of earthmoving equipment comprising of a tractor unit fitted with a shovel in the front and a backhoe at the back. Backhoe loaders also have the capability to be fitted with various attachments for tasks such as digging, boring& loading, and for excavation.
Major applications of backhoe loaders include industrial, agricultural, and construction.
The growing construction industry is the major driver for the backhoe loader market.
Asia Pacific is the leading regional market for backhoe loaders.
Leading players in the global backhoe loaders market include Caterpillar, JCB, and Komatsu Ltd., among others.