London, 13 July 2015: Technavio, the independent tech-focused global research firm, has published a report on the backhoe loader market in North America 2015-2019, which is likely to grow at a CAGR of 10.71% during the forecast period of 2014-2019.
The US is expected to maintain its majority share with the demand for backhoe loaders increasing during the forecast period, owing to the growth of the transportation and industrial construction sectors in the country. A rise in the number of construction projects in both the US and Canada will trigger the demand for backhoe loaders in North America, accelerating the growth of the backhoe loader market in the region.
“Depending upon the scope of work, construction companies prefer to own backhoe loaders due to their multi-purpose usage and versatile nature,” says Faisal Ghaus, Vice President of Technavio.
“Original equipment manufacturers are adapting attractive marketing strategies, such as equipment leases, advertising campaigns, and exhibitions, to avoid the high initial investments costs to handle backhoe laoders.”
Key Market Drivers
- Increased Investments in Construction
- Expansion of Overseas Market
- Versatility of Backhoe Loaders
- Need to Replace Old Equipment
Key Market Trends
- Growth of Equipment Rental Services
- Increased Demand for Energy-Efficient Backhoe Loaders
- Attractive Marketing Strategies
- Preference for Centre-Mounted Backhoe Loaders
Key Market Vendors
- Caterpillar Inc.
- J.C. Bamford Excavators Ltd. (JCB)
- Komatsu Ltd.
- Volvo Construction Equipment (Volvo CE)
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
