LONDON--(BUSINESS WIRE)--The global backhoe loaders market is expected to grow by USD 636.69 million as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 3%.
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Read the 120-page report with TOC on "Backhoe Loaders Market Analysis Report by Product (Side-shift and Center-pivot), Geography (APAC, North America, Europe, MEA, and South America), and the Segment Forecasts, 2020-2024".
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The market is driven by investments in natural gas pipeline projects. In addition, the increasing demand for natural gas is anticipated to boost the growth of the backhoe loaders market.
Natural gas is the cleanest available fossil. It emits 50% less carbon dioxide and 75% lesser nitrogen oxides. This has increased its use in various applications such as power generation, domestic and commercial heating, and industrial furnaces. Also, the high production of natural gas in countries such as the US, China, Iran, and Australia has ensured a low-cost supply of natural gas worldwide. During the forecast period, the global consumption of natural gas is expected to increase by 10%. This is attracting significant investments in the construction of natural gas pipeline projects across the world. The construction of natural gas pipelines involves grading, trenching, loading, and dozing activities which are carried out by backhoe loaders. Therefore, the increased consumption of natural gas and rising investments in natural gas pipeline projects are expected to fuel the growth of the global backhoe loaders market during the forecast period.
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Major Five Backhoe Loaders Companies:
Caterpillar Inc.
Caterpillar Inc. operates its business through segments such as Resource Industries, Construction Industries, Energy and Transportation, and Financial Products. The company offers a series of products such as Cat F2 backhoe loaders, SIDE SHIFT 424B2, and SIDE SHIFT 426F2 among others.
China National Machinery Industry Corp. Ltd.
China National Machinery Industry Corp. Ltd. operates its business through a unified segment. The company offers a line of backhoe loaders such as 630A, 630, and 620CH among others.
CNH Industrial NV
CNH Industrial NV operates its business through segments such as Agricultural equipment, Construction equipment, Commercial and specialty vehicles, Powertrains, and Financial services. The company offers backhoe loaders such as C Series and CASE EXbackhoe loaders among others.
Deere & Co.
Deere & Co. operates its business through segments such as Agriculture and turf, Construction and forestry, and Financial services. The company offers a line of products such as 310L Backhoe, 310L EP Backhoe, and 315SL Backhoe among others.
Doosan Corp.
Doosan Corp. operates its business through segments such as Electro-Materials BG, Mottrol BG, Industrial Vehicle BG, Doosan Digital Innovation BG, Others, DHC, DI, DEC, and DE. The company offers a wide range of backhoe loaders under its subsidiary Bobcat.
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Backhoe Loaders Market Product Outlook (Revenue, USD Million, 2020-2024)
- Side-shift
- Center-pivot
Backhoe Loaders Market Geography Outlook (Revenue, USD Million, 2020-2024)
- APAC
- North America
- Europe
- MEA
- South America
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