Transparency Market Research in its new report titled, “Backhoes Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2026,” provides key insights on the backhoes market. The new report anticipates that the rise consistent increase in the number of construction sites across the globe, which require numerous earth moving and digging machinery on site will drive the backhoes market during the forecast period i.e, 2018-2026. Increase in the number of mining industries is boosting the demand for backhoes. Rise in population in certain regions across the globe such as countries in Asia Pacific has led to increasing congestion in existing cities. Rising congestion has prompted people to move to different places, which in turn boosts the construction industry. Expansion of construction and mining industries is fuelling the market of backhoes, says the report.
The TMR report has split the global backhoes market based on types of wheels, application, geometry, and geography. In terms of types of wheels, the backhoes market is segregated into crawler backhoe and wheeled backhoe. The wheeled backhoe segment is expected to dominate the backhoes market owing to its several advantages over the crawler backhoe such as low cost, high speed, and low maintenance cost. Wheeled backhoes are generally utilized for lighter jobs and can be maneuvered on rough as well as smooth surfaces; however, the other segment is only utilized for heavy jobs and can be maneuvered on rough surfaces only.
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On the basis of application, the construction industry segment is anticipated to dominate the backhoes market with majority of share. Backhoes have major applications in the construction industry as digging and earth moving equipment. They are employed in the construction industry for moving different materials such as granules, stones, and soil. In accordance with capacity of the backhoes, the report expects the medium segment to lead the backhoe market in terms of volume, as it can be employed for maximum number industries. Moreover, medium capacity backhoes are utilized in construction industries. Therefore, the medium capacity backhoe segment holds a higher share, as compared to the other segments.
In terms of regional perspective, Asia Pacific is anticipated to hold majority of the global backhoes market share, followed by North America. The backhoe market in Asia Pacific is expanding at a rapid pace owing to rapid expansion of industries and urbanization in China, India, and other countries in the region. Major players operating in the global backhoes market are profiled in this report to give a better competitive analysis and these include Caterpillar Inc., Hitachi Ltd., Deere & Company, Kawasaki Heavy Industries, Limited, Komatsu Ltd., and New Holland Construction.
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