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Backhoe loader which is often known as backhoe digger is a heavy construction equipment that consists of loader style bucket which is attached to the tractor-like unit on the front and the backside of the unit. Backhoe loader can be used for digging up trees and moving them to a new location, it can also help in tackling the landscaping, they are often used to dig trenches for irrigation purposes so as to keep the land healthy and watered. They are also used to put rocks, moving boulders and gravels from one place to the other. They are also one of the most used equipment in the construction and earthmoving sector. They are operator friendly, multitasking and they also decrease the overall labour cost.
The increase in road construction activities and the rapid rise in the number of power projects especially in developing nations are some of the major factors driving the growth of the market. Also, some of the factors such as increased spending power of the consumers and increasing urbanization and rapid adoption of renting equipment are expected to fuel the market growth. However, the high cost of maintenance and availability of substitute vehicles such as hydraulic excavators in the market are some of the major factors hampering the growth of the market.
Key Market Driver -
the increase in road construction activities and the rapid rise in number of power projects especially in developing nations are some of the major factors driving the growth of the market.
Key Market Restraint -
the high cost of maintenance and availability of substitute vehicles in the market are some of the major factors hampering the growth of the market.
The global backhoe loader market is segmented by digging depth, by engine power, by product type, by application and by geography. Based on product type the market is further sub-segmented into side shift and centre pivot. The side shift segment accounted for the leading market share in the year 2020 and it is anticipated to continue its dominance in the coming years. Owing to the implementation of a backhoe kingpost that is mounted on a carrier that is capable of sliding from one side to the other, the market is expected to grow steadily over the forecast period.
Based on engine power the market is segmented into under 80HP, 80-100HP and over 100HP. The 80-100HP segment accounted for the largest market share and it is expected to dominate the market during the forecast period with a steady CAGR. the features such as increased fuel efficiency in digging, loading and excavation, better performance and comparatively fast response are anticipated to drive the growth of the market.
Based on digging depth the market is segmented into under 10 feet, 10-15 feet and over 15 feet. The 10-15 feet segment accounted for the largest market share in the year 2020 and it is expected to dominate the market during the forecast period with a rapid CAGR. Owing to the rapid development of infrastructure such as roads, highways, and increased purchasing power of the customers with the increase in the number of small projects are expected to drive the growth of the market.
Based on application, the market is sub-segmented into construction and mining, industrial, agriculture and others. The mining and construction segment accounted for the leading market share and it is projected to dominate the market in the coming years. the factors such as increased investments in infrastructure development and increased demand for efficient material handling is expected to drive the growth of the market.
Major players operating in the global backhoe loader market include Bobcat Company, CNH Industrial America LLC, Hitachi Ltd., Caterpillar, Action Construction Equipment Ltd., Escorts Limited, Doosan Corporation, Komatsu Europe International N.V., Terex Corporation, JCB, Volvo Construction Equipment and Mahindra Construction Equipment.
Geographically, the global backhoe loader market is segmented into North America, Europe, Asia Pacific, and the rest of the world. The Asia Pacific held the largest share of the market in 2020 and it is expected to dominate the market during the forecast period with the highest CAGR. This can be attributed due to the increase in urbanisation and rise in new infrastructure in the region which is expected to provide new opportunities in the construction and mining sector in the region which is one of the major factors driving the growth of the market.
Further, North America is expected to be the second-largest region for the market, due to the expansion of construction activities and development of infrastructures in the region the market is projected to experience a boost over the forecast period. Europe is expected to account for a considerable share in the market over the forecast period the construction of roadways infrastructure and presence of major key players in the market are anticipated to drive the growth of the market.
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By Product Type
By Engine Power
By Digging Depth
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