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Backhoe Market Trends

Report ID: GMI6510
Published Date: Jul 2024
Report Format: PDF

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Backhoe Market Trends

The construction industry is focused on prioritizing sustainability and emission reduction. This shift is set to drive the development and adoption of hybrid and fully electric backhoes. For instance, in March 2023, Huddig unveiled the world's first fully hybrid backhoe, the 1370T, in the U.S. This groundbreaking model boasts a hybrid engine, capable of running solely on electricity for two hours and recharging in just 40 minutes for operation.

These cutting-edge backhoes offer a host of advantages, from lower emissions and noise levels to potentially reduced operating costs. With ongoing advancements, especially in battery technology, hybrid, and electric backhoes are expected to become even more attractive to construction firms aiming to meet stringent environmental benchmarks.

Authors: Preeti Wadhwani, Aishwarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of Backhoe market was worth around USD 48.8 billion in 2023 and will witness over 5% CAGR from 2024 to 2032, driven by the rising environmental regulations and the growing focus on sustainability in the construction industry.

The construction and mining application segment held 55% share of the backhoe market share in 2023, driven by their versatility, cost-effectiveness, and ability to perform various tasks.

North America backhoe industry held over 33% share in 2023, propelled by increased infrastructure investments, urbanization, and technological advancements.

Some of the leading backhoe companies are 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