According to the new report by Fact.MR, the global backhoe loaders market is likely to see steady growth. The market is projected to grow at a CAGR of 5.2%, in terms of volume between 2017 and 2026. While, by 2026 end, the global market for backhoe loaders is projected to reach US$ 3,557.1 million revenue.
Backhoe loaders are heavy equipment that comprises a tractor-resembling unit equipped with loader-like bucket/shovel on the front, and backhoe on the back. Tractor Backhoe Loaders (TLB) are commonly employed in small construction projects and urban engineering.
A backhoe loader facilitates deep-hole digging or trenching and is designed for moving a large quantity of materials. Currently, contractors prefer employing a TLB, now with growth in affordable service offerings of equipment rental companies, rather than using an excavator and separate wheel loader for digging and material handling. Versatility, the ability to facilitate operations on the turf top, and ease of use have led to a rise in the popularity of tractor loader backhoes in the global construction industry. These heavy equipment offer good performance in tasks related to specialty machines at relatively lower initial investments.
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Past few years have represented considerable growth in the residential construction sector, owing to rapid population expansion and rise in gross household disposable incomes in the developed as well as developing economies. A recent rise in migration of families and individuals from rural to urban areas has been attracting investments toward the development of sustainable & smart cities. Such development entails the adoption of construction machinery such as tractor loader backhoes that facilitate the construction processes. In addition, various governments worldwide are increasingly focusing on infrastructure development that includes construction of highways, port, roads, and railways, which in turn is creating avenues backhoes loaders.
6 Forecast Highlights on Global Backhoe Loaders Market
Asia Pacific Excluding Japan (APEJ) is expected to witness the highest growth in terms of both value and volume. APEJ is estimated to bring in nearly US$ 1,600 million revenue by the end of 2026. Significant growth in construction of dams and canals and increasing number of power projects in China and India are contributing towards the growth of backhoe loaders market in APEJ.
North America followed by Europe are also expected to witness growth in the coming years. Substantial growth in infrastructure in countries like the U.S., Canada, Germany, France, and Italy are driving the demand for backhoe loaders in both the regions.
Center pivot is expected to be the most preferred product in the global backhoe loaders market. By the end of 2026, center pivot is estimated to bring in more than US$ 3,000 million revenue.
80-100 HP engine is expected to witness the highest growth in the market during the forecast period. 80-100 HP engine is estimated to exceed US$ 1,600 million revenue by 2026 end.
Backhoe loaders with the maximum digging depth of 10-15 feet are expected to gain traction in the market. Towards the end of 2026, backhoe loaders with digging depth of 10-15 feet are estimated to create an incremental opportunity of over US$ 600 million during 2017-2026.
The construction sector is expected to account for the largest use of backhoe loaders. By the end of 2026, construction sector is estimated to exceed US$ 1,900 million revenue.
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