Increasing Urbanization and Increasing Investment in Infrastructure Sector to Augment Growth of Backhoe Loaders Market

Increasing urbanization is expected to propel growth of the global backhoe loaders market. For instance, according to the World Bank, the urban population in China increased from 49.22% in 2010 to 60.3% in 2019. Moreover, increasing number of housing units is also expected to aid in growth of the market. For instance, according to The U.S. Census Bureau and the U.S. Department of Housing and Urban Development, in 2019, an estimated 1.290 million housing units were started in the U.S., witnessing an increase of 3.2% compared to 2018.

Increasing investment in the infrastructure sector is expected to offer lucrative growth opportunities for players in the global backhoe loaders market. For instance, in February 2020, The U.S. Department of Transportation published a Notice of Funding Opportunity to apply for US$ 1 billion in 2020 for upgrading infrastructure across the U.S. Moreover, launch of new products is also expected to aid in growth of the market. For instance, in January 2021, Caterpillar launched five new backhoe loaders operating in the 14-foot and 15-foot size classes, the 415, the 416 420, 420 XE and 430 models.

Among regions, North America is expected to witness significant growth in the backhoe loaders market, owing to launch of fully electric backhoe loaders. For instance, in March 2020, National Grid and AVANGRID companies, New York State Electric and Gas and Rochester Gas & Electric became the first utilities in the U.S. to incorporate fully electric backhoe loaders in their fleets.

Competitive Analysis

Major players operating in the global backhoe loaders market include, Caterpillar, Inc., Deere & Company, Komatsu Ltd., Mahindra Construction Equipment, Volvo Construction Equipment, J C Bamford Excavators Ltd., Terex Corporation, CNH Industrial NV, Manitou Group, Action Construction Equipment Ltd., and Hitachi Construction Machinery Co., Ltd.

Major players operating in the global backhoe loaders market are focused on launching new products to expand their product portfolio. For instance, in September 2020, J C Bamford Excavators Ltd. introduced a 55kW 3CX backhoe loader with an EU Stage V compliant engine.

Major players operating in the global backhoe loaders market are focused on launching dual-fuel CNG (Compressed Natural Gas) backhoe loaders to expand their product portfolio. For instance, in November 2020, JCB India Limited launched dual-fuel CNG (Compressed Natural Gas) Backhoe Loader in India.