3 Significant Trends Fuelling Growth of Backhoe Loaders Globally

Maneuverable and enhanced in pace with time, application of backhoe loaders have extended over various domains. In addition, with the emerging technology, various backhoe loaders today are equipped with enhanced features of telematics, which has further fuelled demand for the backhoe loaders globally in the span of next years. Finnish manufacturer Konecranes recently acquired Terex, and further announced successful sales of its machine handling and port solutions business in January, 2017.

In a recent report compiled by Persistence Market Research, the global backhoe loaders is expected to grow at 6.6% CAGR over the forecast period, 2016-2026. Center-mount backhoe loaders among other loaders will account for a revenue share of 86% in the global backhoe loaders market in the span of next ten years. Whereas, construction and mining accounted for major sector among various end users in 2016. However, agriculture & forestry among other end users will witness steady demand for backhoe loaders, and will grow at 5.9% CAGR over the following decade.

Various trends propelling growth of the global backhoe loaders market include,

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  1. Varied Applications:

Compelling need for building highways, bridges and other such installations has led to growing demand for the backhoe loaders in the construction and mining sector significantly in the span of next ten years. In addition, government in India is striving to establish an interstate connectivity and in order to bridge the gap between the urban and rural areas. Due to such factors, there is a compelling need for infrastructural development and backup, which, in turn is propelling demand for the backhoe loaders in the country over the following decade. Apart from construction and mining industry, the backhoe loaders will further find application for agricultural and forestry purposes.

The agricultural & forestry sector among various end users will gain significant traction in the span of next ten years. Whereas, construction and mining accounted for major sector among various end users in 2016.

 

  1. Application of Telematics:

In pace with technology, the global backhoe loaders have witnessed an upsurge in demand in the coming years. In addition, configuration of telematics in various backhoe loaders will further fuel growth of the global backhoe loaders market over the following decade. Moreover, due to increasing preference of customers and end users for flexibility in performance, various applications such as CAT 430F2 IT and 420F2 IT will provide end users with IT Coupler attributes, in order to enable customers to change attachments quickly. Moreover, purchase of blackhoe loaders provides advanced subscription for three years to its SiteWatch telematics platform as a standard feature, which enables contractors to approve of telematics attributed to its simple and hassle-free features.

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  1. Regional Analysis:

APEJ among other regions will account for major market share in terms of revenue and volume, and will exceed US$ 1 billion by 2018. India among various countries in the APEJ region will represent major market and will be the most lucrative market globally in the span of next ten years. India will grow at 6.9% CAGR over the following decade, which is comparatively higher than 5.9% CAGR globally. Whereas, due to robust demand in the construction sector in the U.S., North America will retain its global position as the second largest market over the following decade, followed by Latin America.

Overall, due to governments in various countries mainly focusing on development of infrastructure in parallel with easy finance scheme will fuel growth of the global backhoe loaders market in the span of next ten years. In addition, implementation of ‘smart city’ program and frenzied construction activity in tier II cities will further propel growth of the global backhoe loaders market over the following decade.

 

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