Backhoe Loaders Market to Reach US$ 5,983.96 Mn by 2030 - Coherent Market Insights

Global Backhoe Loaders Market was valued at US$ 3,024.84 Million in 2021 and is expected to surpass US$ 5,983.96 Million by 2030, registering a CAGR of 8% during the forecast period (2022-2030), according to the Global Backhoe Loaders Market  Report, by Model Type (Center Mount, Sideshift),  by End Use (Construction, Mining, Utility, Agriculture and Forestry, Others), and  by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.

Growing construction of paved roads worldwide is expected to drive growth of the global backhoe loaders market during the forecast period   Building new and lasting roads is vital for sustainable development and to boost the economic growth of the country. According to the India Brand Equity Foundation (IBEF), in 2019, total amount of investment in road construction in India is expected to reach US$ 2.25 billion. Moreover, increasing number of highway projects coupled with increasing public infrastructure projects are expected to boost the demand for backhoe loaders in the near future. Since backhoe loaders can work in any terrain and weather conditions, the global backhoe loaders market is expected to witness significant growth during the forecast period.

Key Developments

1. In May 2022, Mahindra & Mahindra Limited an India-based multinational automotive manufacturing company launched a new range of backhoe loaders BS4 called Mahindra EarthMaster SX. This backhoe loader is suitable for mining construction, trenching, and other sectors.

Increasing demand for natural gas pipeline projects is expected to offer lucrative growth opportunities for market players Natural gas is extensively used as a source of energy for cooking, heating, and electricity generation. It is also used for fuel for vehicles and chemical feedstock in the manufacturing of plastics. Increasing demand for natural gas from around the world is expected to accelerate its pipeline construction projects in the near future. Therefore, the growing demand for natural gas pipeline projects is expected to pose excellent growth opportunities during the forecast period.

Global Backhoe Loaders Market- Impact of Coronavirus (Covid-19) Pandemic :

The COVID-19 pandemic has affected the global backhoe loaders market significantly. Lockdown was imposed across the globe as a precautionary measure by governments of countries to stop the spread of coronavirus. This led to the temporary suspension of all businesses. Several commercial and residential construction projects were suspended due to financial crises and a lack of manpower, which affected the sales of the backhoe loaders required in the construction industry. Demand for backhoe loaders decreased as construction companies invested less in vehicles required for construction purposes. Hence, the global backhoe loaders market witnessed slow growth during the pandemic.

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Key Trends and Analysis of the Global Backhoe Loaders Market:

• Asia Pacific region is expected to exhibit the highest growth rate over the forecast period. This growth of market is attributed to the rapid urbanization in countries such as India, China, Japan, and others. There is a huge investment from companies and governments of countries in developing the commercial and residential sectors due to rapid urbanization. Demand for residential buildings and corporate infrastructure is rising and hence, demand for backhoe loaders is also increasing as it is used to dig the ground to build construction base, lift heavy loads, pave roads, and others. Hence the backhoe loaders market is expected to grow significantly over the forecast period in the Asia Pacific region.
• North America is expected to witness remarkable growth over the forecast period as several construction companies in North America are shifting towards renting construction equipment. Backhoe loaders are also rented on a large scale due to high initial cost and maintenance costs by the construction companies. For instance, United Rentals Inc., an equipment rental company in the U.S. has wide range of backhoe loaders that can be used for small and large scale projects.
• Among model type, the sideshift segment dominated the market in 2021 and is expected to exhibit the highest CAGR during the forecast period. The popularity of sideshift backhoe loaders has increased in recent years due to the advantages it provides at construction site and to the operators using the backhoe loaders. The major advantages include that they have the ability to work in confined areas, the arm is able to move in different angles making it easy for the operators with greater reach, and give greater visuals to operators. Hence, the sideshift backhoe loaders demand is increasing and is expected to gain traction in the forecast period.
• Major players operating in the global backhoe loaders market Caterpillar, Inc., Deere & Company, Komatsu Ltd., Mahindra Construction Equipment, Volvo Construction Equipment, J C Bamford Excavators Ltd., Terex Corporation, CNH Industrial NV, Manitou Group, Action Construction Equipment Ltd., and Hitachi Construction Machinery Co., Ltd.