Fact.MR suggests that the backhoe loaders market is expected to register a CAGR of 7% by garnering a market value of US$ 5.25 Billion by the end of the forecast period 2022-2032. Global backhoe loaders market has witnessed considerable growth in the past few years in the residential and construction sector, owing to rapid population expansion and a significant rise in household disposable incomes in the developed as well as developing countries. The growth in the number of construction projects, is anticipated to have a high impact on the backhoe loaders market over forecast period.
Further, agriculture sector is likely to emerge as an attractive end use segment in the global backhoe loaders market, and is expected to capture 22% of the overall absolute dollar opportunity created over the forecast period. In addition, factors such as significant mining activities, increasing energy requirements, and presence of leading backhoe loaders manufacturers will continue to support the backhoe loaders market especially in Asia Pacific excluding Japan, Europe, and North America, reveals Fact.MR.
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Key Takeaways of Backhoe Loaders Market
“Customer driven product innovation capabilities and development of novel infrastructural designs are reshaping the construction sector and will open new growth prospects for backhoe loaders market”, says the Fact.MR analyst
Development of prominent countries increasing demand for backhoe loaders
The development of large-scale construction projects in North America is 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.
Collectively, North America is projected to capture 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 (2022-2032).
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Competitive Landscape
Maneuverability & Fuel Efficiency remains Prime Focus for Key Backhoe Loader Manufacturers
The report reveals some of the prominent market players, including JCB, John Deere, Caterpillar Inc., CNH Industrial. Among others, prominent backhoe loaders are continuously focusing on launching new products in order to cater to the increasing demand from various end use verticals. For instance,
Major Backhoe Loaders Service Providers
Key Segments Profiled in the Backhoe Loaders Industry Survey
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Find More Valuable Insights on Backhoe Loaders Market
Fact.MR, in its new offering, provides an unbiased analysis of the global backhoe loaders market, presenting historical demand data (2017-2021) and forecast statistics for the period, 2022-2032.
The study divulges compelling insights on the backhoe loaders market on the basis of product type (center pivot, sideshift), engine power type (Under 80 HP, 80-100 HP, Over 100 HP),and application type (construction, agriculture, mining) across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
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