Backhoe Loader Market: Explores New Growth Opportunities By 2021
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The global backhoe loader market can be segmented on the basis of application: industrial sector, civic bodies, agricultural sector, and construction industry.
In terms of geography, Asia Pacific dominates the global backhoe loader market, followed by North America and Europe. Asia Pacific is the largest and fastest growing market. China and India are the biggest markets for backhoe loaders in the region due to the recent technological developments, significant growth in the construction industry, substantial growth in the construction of dams and canals, and increasing number of power projects. The U.S. represents the largest market for backhoe loaders, followed by Canada, in North America. In Europe, France, Germany, Italy, and the U.K. hold major shares in the backhoe loader market due to significant infrastructure development in the region. For infrastructure development, the U.K government’s public sector investment is expected to rise by USD 4.9 billion to reach approximately USD 77.7 billion in 2013 – 14 over 2012 – 13. It is further expected to increase to about USD 83.0 billion in 2014 – 15. With the increase in infrastructure investment, demand for backhoe loaders would increase. BRIC countries make for very attractive markets for backhoe loaders. Among the BRIC countries, China is the biggest market for backhoe loaders, followed by India. Brazil has become the most attractive market in South America, while Russia is a least attractive market in Asia owing to the tough economic patch it is experiencing.
In recent times, significant growth of the construction industry is a major driver of global backhoe loader market because it is this growth in the construction industry that is generating a huge demand for backhoe loaders for performing various tasks. The versatility of backhoe loaders, rising road construction activities, and increasing number of power projects in developing countries, such as India, have also fueled the growth of the global backhoe loader market. However, high prices of backhoe loaders are hampering the growth of the global backhoe loader market. Increasing preference for center-mounted backhoe loaders is an emerging trend of this market.
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Some of the major companies operating in the global backhoe loader market are Komatsu Limited, J.C. Bamford Excavators Limited, AB Volvo, Caterpillar, Inc., Hitachi Construction Machinery Co., Ltd., Liebherr Group, CNH Global NV, Deere & Company, and Mahindra & Mahindra, Ltd.
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