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Backhoe Market Trends

Report ID: GMI6510
Published Date: Aug 2023
Report Format: PDF

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Backhoe Market Trends

The construction industry has been increasingly focusing on sustainability and reducing emissions. This could lead to the development and adoption of hybrid or fully electric backhoes. This equipment would offer lower emissions, reduced noise levels, and potentially lower operating costs. As technology advances and battery technology improves, hybrid and electric backhoes could become more viable options for construction companies looking to meet environmental standards. This, in consequence, will favor the market dynamics in the long run.

Authors: Preeti Wadhwani, Anish Pathak

Frequently Asked Questions (FAQ) :

The market size of backhoe was reached USD 47.1 billion in 2022 and poised to register 5% CAGR from 2023 to 2032, driven by the rising number of construction and infrastructure development activities.

The construction and mining application segment held 45.10% share of the backhoe market in 2022 and may cross USD 35 billion by 2032, owing to rising adoption for handle excavation, trenching, material handling, and loading.

North America backhoe industry size surpassed USD 9.5 billion in 2022 and will witness over 5% CAGR from 2023 to 2032, propelled by surging infrastructure investment, urbanization, and technological advancements in the region.

Terex Corporation, Volvo Construction Equipment, Caterpillar Inc., Case Construction Equipment, Deere & Company, Komatsu Ltd., JCB, John Deere Construction & Forestry, Mahindra Construction Equipment, and Action Construction Equipment are some of the prominent market players.