The growth in the number of construction projects, is anticipated to have a high impact on the backhoe loaders market over forecast period. The report estimates that, as compared to 2019, the market will witness a 1.4X growth to reach a valuation of ~US$ 3.5 Bn by the end of 2026.
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 study.
Key Takeaways of Backhoe Loaders Market
- Construction industry remains a major end-use sector for backhoe loaders owing to which it is foreseen to grow by a value CAGR of 4.7% across the forecast duration
- Collectively, agriculture and mining industries account for ~42% of the overall value share in the global backhoe loaders market
- Under 80 HP backhoe loaders engines are estimated to account for ~32% in the overall absolute dollar opportunity created over the forecast period. However, 80 HP to 100 HP backhoe loader engines are projected to expand ~1.5 times by the end of the forecast period
- Owing to multiple benefits such as higher efficiency, performance, and versatility, center pivot and sideshift backhoe loaders are expected to expand ~1.5 times by 2026 end
- Collectively, Asia Pacific Excluding Japan and North America are estimated to hold 64% share in the overall value opportunity created in the global market
- Asia Pacific Excluding Japan (APEJ) will remain the prominent region across the projection period, accounting for more than 47% share of the global 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 report analyst
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,
- In July 2018, a joint venture between Tata Motors Limited (40 %) and Hitachi Construction Machinery Company launched the all new backhoe loaders, under the name TATA HITACHI SHINRAI
- In October 2019, JCB launched ICXT compact backhoe loaders in North America that delivered the material handling and excavating capability of backhoe loaders with the maneuverability and transportability of compact track loaders
- In December 2019, JCB India launched new ecoXpert backhoe loaders. EcoXpert 3DX backhoe loaders, comes with 12 per cent improved mileage capability