Backhoe loaders have gained paramount importance in the construction industry due to their versatility in operations and compact size. The past few years have favored the use of backhoe loaders in the residential construction sector, owing to rapid population expansion and rise in gross household disposable incomes in the developed as well as developing economies. A rapid growth in migration of families and individuals from rural to urban areas has been attracting investments towards the development of sustainable and smart cities. Such developments involve the adoption of technologically advanced machinery such as backhoe loaders that facilitate construction activities. In addition, various governments worldwide are shifting their focus on infrastructure development including the construction of highways, ports, roads, and railways, which in turn is creating newer vistas for manufacturers of backhoe loaders.
One of the recent trends observed in the global construction equipment market is increasing dominance of rental equipment providers. Backhoe loaders being no exception to this trend, several small and medium sized construction contractors prefer rented backhoe loaders in order to save high initial investment. The global backhoe loaders market is highly fragmented, with the presence of a large number of players with varying product offerings and diversity in customization as well as pricing. Additionally, well established players are extending financial support to SMEs by entering into partnerships or strategic alliances with a view to proliferate demand for their product.
This analysis on the backhoe loaders market reveals the present as well as the future market scenario of the product across regions. As per the research, the global sales of backhoe loaders for various applications is estimated to surpass US$ 4 Bn by end of 2026. This growth is largely driven by the use of backhoe loaders in the construction sector, the mining industry and the agricultural sector during the assessment period.
Growing equipment rental business to spur revenue growth of the global backhoe loader market
Small- and medium-sized enterprises (SMEs) across the globe are increasingly preferring rental construction equipment owing to high initial investment and maintenance cost of new equipment. In addition, using rental construction equipment such as backhoe loaders on a monthly basis helps end-use contractors in minimizing the cost of their construction projects. Several construction equipment manufacturers, including Volvo and Caterpillar, have been offering backhoe loaders to construction companies on a rental basis, which in turn has enabled these companies in curtailing their operating expenses. Rental equipment further aids construction companies in utilizing the most recent innovations, enabling such companies to divert capital expenditure initially set aside for equipment ownership towards other resources, thereby facilitating business expansion.
Demand for backhoe loaders in construction and mining industry to skyrocket in the coming years
The construction industry – being one of the main pillars of the global economy – accounts for about 6% of the global economy. This sector is witnessing significant growth with governments across regions focusing on enhancing their infrastructure to promote business and trade. Urbanization and development of novel infrastructure designs have given new shape to the construction sector, thus accelerating the use of construction equipment. Backhoe loaders are used in both small and large construction projects, typically for digging, material excavation, transporting building materials, powering building equipment, small demolitions, landscaping and paving roads. The mining industry has also witnessed high growth since the past few years, where backhoe loaders are used for digging and excavation. Moreover, with the emergence of new technologies, manufacturers of backhoe loaders are incorporating advanced features, for instance, Caterpillar has introduced the Cat 424B2 backhoe loader that offers efficient hydraulics, high performance, low maintenance and serviceability and superior durability. Such developments have pushed the demand for backhoe loaders in the global construction and mining industry.
This extensive research report on the global backhoe loaders market by Persistence Market Research includes in-depth analysis and assessment of the global market and presents key insights on various market segments that support the reader in chalking key decisions and strategies to gain advantage over the competition in the global market. This research report covers future market projections for a period of nine years starting from 2017 till 2026. Forecasts along with acute scrutiny on the changing market dynamics across key regions has been included in this extensive study.
Global market view point established
The global backhoe loaders market research report focuses on key opportunities, drivers, trends, macroeconomic aspects, socioeconomic factors and challenges that are likely to have an impact on the growth of the global market. Analysis of these aspects of the market along with a scrutiny of their changing magnitudes and intensities across key regions has been carried out. This reflects a global market perspective that the reader can use to gain insights pertaining to the growth potential of the market in a particular region during the nine year period. In addition, this research study reflects an unbiased market assessment of backhoe loaders.
Accuracy of the data and statistics presented in this report is achieved by deploying a robust research process. Weighted assessment of the global market for backhoe loaders is underpinned by a comprehensive analytical research methodology that includes extensive secondary and primary research. Secondary research is carried out to gain overall market understanding and simultaneously a primary research process is initiated to deep dive into the current market scenario. The gathered data from secondary research is analyzed, re-evaluated and re-validated during each step of the primary research. This enhances the accuracy of the research and the gathered data. This process is carried out for each market segment to obtain a near 100 percent accurate analysis. The data gathered from key market sources, secondary research and primary research are triangulated thus achieving an accurate global market representation.
By Product Type
By End Use
The research study on the global backhoe loaders market portrays a complete intelligence package that includes analysis on key players manufacturing backhoe loaders. New product innovations brought in by key players, new developments, company overview, key strategies, financials such as market share, sales revenues and production capacities, geographical spread and mergers and acquisitions of key players has been included in this section of the report. Moreover, the SWOT analysis of key players provided in the research report can give a heads up to upcoming players and enterprises to plan effective moves to start grabbing hold over regional markets. Growth strategies and informed decisions are essential for any business to prosper. These can be assessed and formulated by studying the competitive scenario of the global market.
To summarize, the research report on the global backhoe loaders market supports the reader in every aspect, from concept initialization to commercialization. Additionally, a systematic report structure that facilitates ease of understanding adds to the credibility of the report. This study on the global backhoe loaders market can be useful to strategists, market research professionals as well as marketing personnel operating in the global backhoe loader market. This report brings the much needed value addition and presents a 3600 holistic view of the entire market.