Backhoe Loaders Manufacturers Cashing in, as Demand Soars from Construction Sector
The global backhoe loaders market is growing significantly, due to growing demand for construction equipment to meet commercial, residential and infrastructural needs globally. The construction application segments are projected to grow ~1.5 times to cross the US$ 1.9 Bn mark by the end of the forecast period (2019-2026). Demand for rental and leasing of equipment is projected to witness robust growth during the forecast period, due to the heavy investments in infrastructure and construction. The mining industry has also witnessed high growth in recent years, where backhoe loaders are used for digging and excavation process, and are foreseen to cross US$ 700 Mn mark by the end of the forecast period by contributing over 21% in the overall absolute dollar opportunity created.
Center Pivot Backhoe Loaders to Gain Traction
Currently, the market for center pivot backhoe loaders are growing significantly as these type of backhoe loaders are setting new benchmarks for better operator comfort, exceptional performance, versatility, and job site efficiency. The center pivot backhoe loaders are estimated to account for 86% in terms of revenue by 2019 end and are expected to grow at a value CAGR of 5.7%over the forecast duration. Trailing close behind are sideshift backhoe loaders foreseen to cross ~US$ 500 million by the end of the forecast period by contributing over 11% in the overall absolute dollar opportunity created by the end of 2026.
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Backhoe Loaders with 80-100 Engine Horsepower to Witness Resilient Growth
The demand for backhoe loaders with high engine horsepower is growing as it offers better performance, higher fuel saving and fast response time in excavation, loading and digging. Backhoe loaders with 80-100 horsepower are estimated to capture over 48% of absolute dollar opportunity created over the forecast period.
However, owing to the better price to performance ratio along with the excellent maneuverability, backhoe loaders with below 80 HP are also foreseen to auger well in the global market over the forecast period. The backhoe loaders with below 80 horsepower are estimated to account for ~1.5X of the overall value created by the above 100 horsepower segment over the course of forecast duration.
Investments in Infrastructure Development are foreseen to Reinforce Demand in Asian Countries
Countries such as India and China in the APEJ region are the key markets, owing to the number of public private partnership projects in both countries. India is a prime market for backhoe loaders, with a significant number of public private partnership projects. In addition, The development of large scale construction projects in regions such as Japan, Europe & North America are also 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.
APEJ is foreseen to cross ~US$ 1.5 Billion mark by the end of the forecast period by over half of the overall absolute dollar opportunity. Collectively, North America and Europe are projected to capture for over 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 (2019-2026).
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Product Launches Coupled with Rental Businesses to Stimulate Revenue Growth
Industry leaders are continuously focusing on launching enhanced backhoe loader market with more reliability and improved efficiency. For instance,
- In October 2019, JCB launched ICXT compact backhoe loaders in North America.
- In December 2019, JCB India launched new ecoXpert backhoe loaders. EcoXpert 3DX backhoe loaders come with 12 percent improved mileage capability.
- In July 2018, a joint venture between Tata Motors Limited (40 %) and Hitachi Construction Machinery Company launched the all-new backhoe loaders, under the name TATA HITACHI SHINRAI.
- Demand for rental and leasing of equipment is projected to witness robust growth during the forecast period, due to high investments in the infrastructure and construction industry. For instance, JCB offers Heavy equipment on rent, as backhoe loaders vehicles are expensive to buy. Thus, these companies prefer leasing or renting backhoe loaders.
Backhoe Loaders Market - Scope Of The Report
Fact.MR recently published a market study on the global market for backhoe loaders. The study provides detailed assessment on key market dynamics, including drivers, trends, opportunities restraints, and detailed information about the backhoe loaders market structure. The market study presents exclusive information about how the market will grow during the forecast period of 2019-2026.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, value chain, supply chain analysis, and Compounded Annual Growth Rate (CAGR) are explained in the Fact.MR study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the backhoe loaders market during the forecast period.
The study is relevant for stakeholders in the backhoe loaders market, including manufacturers and investors, and can help them in developing appropriate strategies to grow in the market. Stakeholders in the backhoe market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in Fact.MR study.
The study also includes statistics as well as facts related to the macro as well as microeconomic factors that are impacting developments in the backhoe loaders market. It also offers actionable insights based on future trends in the backhoe loaders market. Moreover, small businesses and new entrants in the market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Segments of the Backhoe Loaders Market
Fact.MR’s study on the backhoe loaders market offers information classified into five important segments: product type, engine power, maximum digging depth, application and region. This market report proposes comprehensive data and information about the important market changing aspects and evolution structures related with these categories.
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Key Questions Answered in Fact.MR Backhoe Loaders market Report
- Which regions will continue to remain the most profitable regional markets for backhoe loaders market players?
- Which factors will induce a change in the demand for backhoe loaders during the assessment period?
- How will changing trends impact the backhoe loaders market?
- How can market players capture the low-hanging opportunities in the backhoe loaders market in developed regions?
- Which companies are leading the backhoe loaders market?
- What are the winning strategies of stakeholders in the backhoe loaders market to upscale their position in this landscape?
- Which boat type will hold the largest value share in the backhoe loaders market?
Backhoe Loaders market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the backhoe loaders market, and reach conclusions on the foreseeable growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of conclusions.
Secondary resources referred to analysts in the backhoe loaders market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary resources and secondary resources act as a validation from companies in the backhoe loaders market, and makes Fact.MR’s projection on growth prospects of the backhoe loaders market more accurate and reliable.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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