Market research company Technavio has published a new report including forecasts for the global backhoe loaders market, naming the prominent vendors that are expected to impact the market for the period 2017-2021.
Technavio notes that this market is competitive and fragmented, with the presence of several vendors offering various models based on operating weight and engine rated power within the backhoe loaders segment. Nevertheless, large, innovative companies dominate market sales, although opportunities for smaller firms exist in the market through strategic alliances, which focus on sharing costs and technologies.
A Technavio expert, Mr.Gaurav Mohindru, justified that the rising costs of manufacturing operations, new product development, marketing, and distribution are reasons for making it more difficult for small backhoe loader manufacturers to compete with broad-line producers possessing greater financial resources.
The report lists 22 vendors in total who are expected to play a significant role in the market.