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Backhoe Loaders Market Segmented By Center Mount, Side Shift Product in Construction and Mining, Utility, Agriculture and Forestry
Backhoe loaders have gained paramount importance in the construction industry due to their versatility in operations and compact size. The past few years have favored the use of backhoe loaders 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 rapid growth in migration of families and individuals from rural to urban areas has been attracting investments towards the development of sustainable and smart cities. Such developments involve the adoption of technologically advanced machinery such as backhoe loaders that facilitate construction activities. In addition, various governments worldwide are shifting their focus on infrastructure development including the construction of highways, ports, roads, and railways, which in turn is creating newer vistas for manufacturers of backhoe loaders.
One of the recent trends observed in the global construction equipment market is increasing dominance of rental equipment providers. Backhoe loaders being no exception to this trend, several small and medium sized construction contractors prefer rented backhoe loaders in order to save high initial investment.
The global backhoe loaders market is highly fragmented, with the presence of a large number of players with varying product offerings and diversity in customization as well as pricing. Additionally, well established players are extending financial support to SMEs by entering into partnerships or strategic alliances with a view to proliferate demand for their product.
This analysis on the backhoe loaders market reveals the present as well as the future market scenario of the product across regions. As per the research, the global sales of backhoe loaders for various applications is estimated to surpass US$ 4 Bn by end of 2026. This growth is largely driven by the use of backhoe loaders in the construction sector, the mining industry and the agricultural sector during the assessment period.
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Small- and medium-sized enterprises (SMEs) across the globe are increasingly preferring rental construction equipment owing to high initial investment and maintenance cost of new equipment. In addition, using rental construction equipment such as backhoe loaders on a monthly basis helps end-use contractors in minimizing the cost of their construction projects.
Several construction equipment manufacturers, including Volvo and Caterpillar, have been offering backhoe loaders to construction companies on a rental basis, which in turn has enabled these companies in curtailing their operating expenses. Rental equipment further aids construction companies in utilizing the most recent innovations, enabling such companies to divert capital expenditure initially set aside for equipment ownership towards other resources, thereby facilitating business expansion.
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Get a Customized VersionThe construction industry – being one of the main pillars of the global economy – accounts for about 6% of the global economy. This sector is witnessing significant growth with governments across regions focusing on enhancing their infrastructure to promote business and trade.
Urbanization and development of novel infrastructure designs have given new shape to the construction sector, thus accelerating the use of construction equipment. Backhoe loaders are used in both small and large construction projects, typically for digging, material excavation, transporting building materials, powering building equipment, small demolitions, landscaping and paving roads.
The mining industry has also witnessed high growth since the past few years, where backhoe loaders are used for digging and excavation. Moreover, with the emergence of new technologies, manufacturers of backhoe loaders are incorporating advanced features, for instance, Caterpillar has introduced the Cat 424B2 backhoe loader that offers efficient hydraulics, high performance, low maintenance and serviceability and superior durability. Such developments have pushed the demand for backhoe loaders in the global construction and mining industry.
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