Increasing Urbanization and Increasing Investment in Infrastructure Sector to Augment Growth of Backhoe Loaders Market

Increasing urbanization is expected to propel growth of the global backhoe loaders market. For instance, according to the World Bank, the urban population in China increased from 49.22% in 2010 to 60.3% in 2019. Moreover, increasing number of housing units is also expected to aid in growth of the market. For instance, according to The U.S. Census Bureau and the U.S. Department of Housing and Urban Development, in 2019, an estimated 1.290 million housing units were started in the U.S., witnessing an increase of 3.2% compared to 2018. Increasing investment in the infrastructure sector is expected to offer lucrative growth opportunities for players in the global backhoe loaders market . For instance, in February 2020, The U.S. Department of Transportation published a Notice of Funding Opportunity to apply for US$ 1 billion in 2020 for upgrading infrastructure across the U.S. Moreover, launch of new products is also expected to aid in growth of the market. For instance, in January ...