News - India will continue to be the largest market for backhoe loaders: Report

Published on: Jun 13, 2017

A new report from Persistence Market Research (PMR) says global backhoe loaders market to grow to USD 4 Bn by 2026. The top eight manufacturers account for 85% of the worldwide revenue of USD 2.14 Bn backhoe loaders market in 2015. The leading player is JC Bamford Excavators Ltd (JCB) with 20% market share. CNH Industrial NV, and Volvo Construction Group occupy the second and third place in market share respectively. These top three manufacturers collectively account for nearly 44% revenue share of the global backhoe loaders market. The next five leading players in terms of revenue share are Komatsu Ltd., Hitachi Construction Machinery Co., Ltd., Terex Corporation, Caterpillar Inc., and Deere & Company.

 Asia Pacific market excluding Japan is the largest market in terms of volume and value worth US$ 866.6 Mn in 2015, and is projected to exceed USD 1 Bn in revenues by 2018. India continues to be the world’s largest market for backhoe loaders. The Indian market is growing at 6.9% which is higher than the 5.9% global CAGR through 2026. On the back of strong demand from the US construction sector, North America will maintain its position as the world’s second largest market, followed by Latin America.

 Center-mount backhoe loaders will continue to outsell side-shift variants. The center-mount  backhoe loaders are projected to have over 86% revenue share of the market till 2026. Backhoe loaders are the most commonly used construction equipment with application ranging from construction & mining, utility, agriculture & forestry. Construction and mining remain the largest end-use sector, accounting for nearly 53% revenue share of the market in 2016.

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