Used Backhoe Market Forecast and CAGR
According to the latest research study by Fact.MR the used backhoe market is set to observe substantial growth during the forecast period. Growing demand for low-cost construction equipment boost up sales for used backhoe.
Most of the low budget construction projects are heavily showing the demand for used machinery & equipment for cost reduction associated with project work. Leading manufacturers and dealers offer used equipment at lower cost with free services for a certain period which attracts the project contractors to buy the used one instead of the new one.
What is Driving Demand for Used Backhoe?
The growing application of small and medium-size construction equipment drives the demand for used backhoe. Worldwide most of the country’s governments are spending on rapid urbanization and refurbishment of existing infrastructure which drives the demand for used backhoe. Developing economies across the globe set to propel the demand for used machinery and equipment for cost-effective construction work.
Light transportation of building materials, small demolitions, digging holes, paving roads and breaking asphalt boost up the requirement of the used backhoe.
Furthermore, several earthmoving and excavation projects are demanding lightweight equipment that can lift heavier loads and work faster than heavy equipment such as skid steer. For repairing sewer lines, ploughing snow, installing pools, drilling, digging hole and trenches the demand for used mini backhoe is booming. Medium and large size used backhoe is also preferring by the small contractors for low budget construction project work.
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Growing Construction Projects Likely to Augment the Used Backhoe Demand
COVID-19 pandemic has interrupted the growth of infrastructure development globally, manufacturing plants, industries and construction activities have been shut down for a certain period of time in 2020 which directly impacted the growth of the used backhoe market.
Construction industry is one of the most prominent contributor of every country’s GPD growth. After the first two quarters of 2020 with the market recovery and relaxation on restriction, the manufacturing plant and construction started its operation and led to an increase in demand. Though the pandemic created harsh economic condition across the globe but the era of rapid industrialization, mining work and other construction work expected to hike in demand during the forecast spell.
Additionally, the growing requirement of used construction equipment for farming application such as digging the ground to plant trees and tree transplanting, movement of big rocks and unwanted wastes from farming ground drives the demand for used backhoe.
US and Canada Used Backhoe Market Outlook
North America is one the prominent region witnessing used construction equipment demand. Used backhoe plays an important role in increasing the overall market of used construction equipment in the region.
People shifting from rural to urban areas for better living and employment opportunity create a robust demand for residential and commercial infrastructure in the US and Canada.
The region is witnessing high spending on the refurbishment of a residential building in urban areas and spending on developing rural infrastructure which again led to better market opportunity.
For instance, the US department of agriculture invests approx. USD 490 million in rural water, energy and biofuel infrastructure on 22nd April 2021. The government of Canada invest about USD 17 billion in building reconstruction and development in the year 2018. Additionally, the huge presence of key market players is also driving the growth of used backhoe in the US and Canada.
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Europe Demand Outlook for Used Backhoe
In Europe, the industrial and construction sector has increased over the past half-decade and expected to arise during the forecast period owing to the rapid construction work. European construction industry recovery and supportive economic policies especially on interest and tax rate have led to augment the market demand.
For the past half decades European Commission funded over 500 projects across EU. The maximum funding request was coming from the work related to traffic linking and the power sector. This led to the adoption of the sophisticated tool over old-fashioned equipment in the region. Poland is the country that requested for the highest fund for the country’s infrastructure development and also shown high productivity in terms of growth.
COVID-19 pandemic witnessed for demand disruption and economic imbalance in across the globe and Europe was among one of the region witnessed for heavier impact. Despite demand diminution in the region developed countries such as Germany, France, Italy and Spain increase their spending on new technology adoption, research and development to cover most of the market requirement.
Who are the Key Manufacturers and Suppliers of Used Backhoe?
Some of the leading manufacturers and suppliers of used backhoe include Caterpillar, Volvo, JCB, Komatsu, Liebherr, Shriram Automall India Limited (SAMIL), John Deere, Kobelco Construction Machinery, Terex Group, Hitachi, Ais Construction Equipment Service and more.
Key players are operating in a moderately consolidated market, the chance for the old and renounced player in the market is higher to grab most of the demand. Players agreeing to sell used equipment via channel sale process which includes dealers, retailer and in-house sales. With this strategy, the manufacturers able to get an idea of the requirement and thus, are updating services according to it, creating more business opportunity for used machinery and equipment’s.
An Adaptive Approach to Modern-day Research Needs
Used Backhoe Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
By End use
- breaking asphalt
- clearing snow
- lifting and positioning cables
- material transport
- paving roads
- ditch digging
- trenching and foundation work
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- South Africa
- Other Africa
- North America
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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