The industry can be classified by products into concrete and road construction equipment, material handling machinery, and earth moving machinery. Earth moving products comprise loaders and excavators.
The demand for backhoe loaders is steadily rising in the APEJ region, as per a report by Persistence Market Research. The governments of this region are pumping in massive funds to strengthen the civil and industrial infrastructure of their respective nations. Several billion dollar projects are lined up in APEJ, which is expected to reassure the overall growth of the regional backhoe loaders market.
The demand for backhoe loaders in the APEJ region is projected to soar by 2026. The market will witness a massive growth by the end of 2026. The approximate sale value will rise from USD866 million in 2015 to USD1727 million by 2026. The sale of backhoe loaders in APEJ will be pegged at more than 46,000 units by the end of 2026. The market is likely to register a CAGR of 6.6 percent by 2026. The growing economies of the region and the futuristic investment plans rolled out by the governments of this region will impact the scene of the APEJ backhoe loaders market.
Meanwhile, Technavio's market research analyst has estimated that the global market for skid-steer loaders will grow at a healthy CAGR of nearly 9 percent by 2020. The recent increase in the number of infrastructure projects, such as the construction of highways, railways, roads, and ports, is expected to account for this market's impressive growth rate during the forecast period.
The development of smart cities is the key driver for the growth of this market. Recently, it has been observed that migration of people from rural to urban areas is attracting investments towards the development of smart cities. Such development projects involve the adoption of advanced technology in the construction process, which in turn drives the demand for skid-steer loaders.
Skid-steer loaders can be fitted with various attachments to perform a multitude of tasks in construction and mining sites. Technavio's market research analyst has estimated the skid-steer loader market in EMEA to be influenced by factors like rapid urbanization and infrastructure development, which results in its moderate market growth rate of more than 6 percent by 2019.The versatility of skid-steer loaders is a significant growth-driving factor observed in this market. These loaders are highly maneuverable and can pivot 360 degrees to perform multitude of tasks in addition to their standard function of loading. Additionally, these loaders can also be fitted with attachments like an angle broom, backhoe, and auger to perform tasks such as breaking concrete, trenching, digging, palletizing, vertical lifting, and hauling.