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
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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https://www.coherentmarketinsights.com/market-insight/backhoe-loaders-market-3149
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Key Trends and Analysis of the Global Backhoe Loaders Market:
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