In its recently published report titled “Backhoe Loaders Market by 2026” Research Report Insights (RRI) reflects steady growth prospects for the global backhoe loaders market. Over a 10-year assessment period, the market is projected for a moderate CAGR of 5.9%, reaching a value beyond US$ 4.0 Bn by 2026 end.
Momentous infrastructure development, including roads, dams, railways, and other construction projects, is identified to be the most prominent factor driving the demand for backhoe loaders. Increasing initiatives by governments and growing support by FDI authorities will further push the market, especially in India.
Regional Insights: Emerging Asian countries will reportedly witness an upswing over the forecast period
APEJ is expected to continue holding the maximum revenue share throughout the forecast period. This region will possibly exceed a value of US$ 1 Bn in the first half of the assessment period. The largest and most lucrative market within APEJ will be India, anticipated to witness a CAGR of 6.9% over 2016-2026.
Following saturation in developed markets, key players tapped into several attractive opportunities in developing markets, which remain unaffected by recent global housing crisis due to exploding population.
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Amplified focus of the Indian government on rapid infrastructure development will continue to play a key role in driving the Asian market for backhoe loaders. With easier finance schemes, the sales of backhoe loaders in this region are expected to witness stable buoyancy. In India especially, JCB is likely to account for a whopping market share of over three-fourth of the entire revenue.
Backed strongly by the backhoe loaders market in the U.S., North America is likely to retain the second largest market position. Latin America is also expected to witness a remarkable market share.
Vendor Insights: JCB reaffirms the leading market position
While JCB (JC Bamford Excavators Ltd. will continue to be the largest market player accounting for over 20% revenue share over the forecast period, all the top eight players will collectively cover-up around 85% share of the entire market revenues by 2026.
Besides JCB, CNH Industrial NV, Volvo Construction Group, Hitachi Construction Machinery Co., Ltd., Caterpillar Inc., Komatsu Ltd., Deere & Company, and Terex Corporation are among the most prominent companies participating in the global backhoe loaders marketplace.
Product-type Insights: Center-mount loaders continue to outsell side-shift equipment
Center-mount backhoe loaders will continue to monopolize the market with over 86% revenue share over the forecast period. While this type of loaders will gain the maximum traction in APAC and North America, the side-shift loaders will continue to gain concentrated sales across Europe.
End-use Insights: Construction & mining continue maximum consumption
With a sweeping range of applications in various end-use industries, such as construction, mining, agriculture, forestry, and utility, backhoe loading equipment will continue to witness significant demand.
Construction & mining will reportedly continue to be the largest end-use sector, accounting for over half of the revenues. Growing adoption of smart cities industry will be among the primary drivers.
Consumption of backhoe loaders from the agriculture & forestry sector will also be significant; this application segment will expand at a CAGR of 5.9% CAGR through 2026.