May 27, 2022 04:37 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, May 27, 2022 (GLOBE NEWSWIRE) -- Recently the demand for backhoe loaders has increased significantly. These loaders are leased or purchased directly from the manufacturers. The rise in demand for rental backhoe loaders is expected to generate revenue in the coming years. The mining industry is expected to witnessed high growth in recent years, where backhoe loaders are used for digging and excavation process, and are foreseen to cross USD 900 Million mark by the end of the forecast period. Owing to these factors in acceptance, superalloys are gaining huge importance in the global market, states Vantage Market Research, in a report, titled “Backhoe Loader Market Size, Share & Trends Analysis Report by Product Type (Center Pivot, Side shift), by Engine Power (Under 80 HP, 80-100 HP, Over 100 HP), by Distribution Channel (Direct sale (OEM), Indirect sales), by Digging Depth (Under 10 Feet, 10-15 Feet, Over 15 Feet), by Application (Construction, Agriculture, Small demolitions, Mining), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)” The Global Market size stood at USD 15.2 Billion in the year 2021.
The Global Backhoe Loader Market size is expected to reach USD 22 Billion by the year 2028 and is forecasted to grow exhibiting a Compound Annual Growth Rate (CAGR) of 6.4% during the forecast period.
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Driver: Demand of backhoe loaders in Construction Activity
The global construction industry spending increased steadily between 2015 and 2020, reaching 14 trillion USD by 2022. Similarly, the construction equipment unit sales reached their highest point in 2020. During that period, over 1.4 million new pieces of equipment were sold globally.
Major manufacturers are providing end-to-end solutions to the construction industry. After-sales support and offering of financial options is important for key players in the construction equipment market. With increase in demand in the construction sectors, efficient use in material handling is also increasing. Along with the use of digging in agricultural process, demand for backhoe loaders has increased, which leads to the growth of the market. Backhoe loader increases the speed of work and saves time, thereby leading to the growth of the Backhoe Loader Market.
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Segmentation of the Global Backhoe Loader Market:
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The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the machinery industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020.
Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
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The report on Backhoe Loader Market highlights:
Asia Pacific Dominates the Global Backhoe Loader Market
Asia Pacific held the largest market share in 2021. Most of the manufacturers are based in Asia Pacific. Increasing construction activities and rise in agricultural sector is driving the regional market demand. Countries such as South Korea, Taiwan, and China being the leading backhoe loader manufacturers and having the largest markets in the Asia-Pacific region. Moreover, increasing initiatives by the government, increasing urbanization, and growing demand for renting equipment are providing growth opportunities to the market. For instance, in India, the Niti Aayog aims to achieve 47% of total infrastructure development through private funding. The number of public-private partnership projects will help in developing the infrastructure that includes the construction of roads, highways, railways, etc. This development will indirectly increase the sale of construction equipments including backhoe loaders.
List of Prominent Players in Backhoe Loader Market:
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on "Backhoe Loader Market Size, Share & Trends Analysis Report by Product Type (Center Pivot, Side shift), by Engine Power (Under 80 HP, 80-100 HP, Over 100 HP), by Distribution Channel (Direct sale (OEM), Indirect sales), by Digging Depth (Under 10 Feet, 10-15 Feet, Over 15 Feet), by Application (Construction, Agriculture, Small demolitions, Mining), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/backhoe-loader-market-906443
In June 2019, Yanmar Holdings Co., LTD announced its acquisition of North American loader manufacturer ASV Holdings Inc., which contains the acquisition of compact equipment offerings such as compact tracked loaders and skid-steer loaders. Yanmar Holdings Co.’s significant shift broadens Yanmar’s compact equipment selections in the loader segment.
In August 2021, CNH Industrial N.V. recently announced the execution of an agreement to acquire 90% of the capital stock of Sampierana S.p.A., a privately held Italian company specializing in the development, production, and commercialization of earth-moving machines, undercarriages, and spare parts, and to acquire 100% control of the company over a four-year following the transaction’s closure.
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