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India Boosts Global Backhoe Loader Market; India, China Forecast to be The Biggest Markets: Report

Considerable growth in the construction industry across the world and the growth of the Indian Backhoe Loader Market have boosted the global backhoe loader market, said market intelligence company Zion Market Research in its latest report.

Factors such as versatility of Backhoe loader, increasing road construction activities in India and growing number of power projects mainly drive the growth of the Indian market, which helped the overall growth of global market.

As per the report, Asia Pacific dominates the global backhoe loader market. This trend is followed by North America and Europe. Asia Pacific is anticipated to be the largest and fastest growing market for backhoe loader during the forecast period of 2015-2021.
The report finds, Owing to the recent technological developments, substantial growth in the construction of dams and canals, significant growth in the construction industry, and increasing a number of power projects, would help India and China to be the biggest markets for backhoe loader.
Rising preference for center-mounted backhoe loader is the new trend of this market. On the other hand, high prices of backhoe loaders may hamper the growth of the global backhoe loader market, it said.

As Backhoe loader is a versatile and multipurpose heavy construction equipment ,  commonly used in urban engineering and small construction projects, such as building a small house, fixing urban roads, small demolition, digging holes, breaking asphalt, laying pipes, setting up drainage system, transport heavy items and perform other tasks. Due to the versatility of the machine, recently a huge demand for backhoe loaders has been experienced.
According to the report, The U.S. represents the largest market for backhoe loaders, which is followed by Canada, in North America. In addition, due to significant infrastructure development in Europe, France, Germany, Italy, and the U.K. hold major shares in the backhoe loader market.

The major construction equipment companies, which dominating the global backhoe loader market, are J.C. Bamford Excavators Limited, Komatsu Limited, AB Volvo, Caterpillar, Inc., and Liebherr Group. As per the report, the other key players influencing the global market are Hitachi Construction Machinery Co., Ltd., Deere & Company, CNH Global NV, and Mahindra & Mahindra, Ltd.

This multipurpose equipment is known by multiple names in the industry, The Backhoe loader is also popular as ‘digger’ or simply ‘backhoe’ in layman’s terms.

Source: Information has been obtained from Zion Market Research’s report.

This post first appeared on Equipment One Stop, please read the originial post: here

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India Boosts Global Backhoe Loader Market; India, China Forecast to be The Biggest Markets: Report


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