Wheelbarrow growth at a CAGR of 4.6% to reach $1.2 billion by 2032
The wheelbarrow market was valued at $743.4 million in 2022, and is expected to reach $1.2 billion by 2032, growing at a CAGR of 4.6% from 2023 to 2032.
WILMINGTON, DELAWARE, UNITED STATES, Feb 7, 2024 /EINPresswire.com/ – Wheelbarrows Market by Wheel (Single, Double and Multi), Application (Construction, Industrial, Horticulture, Agriculture & Livestock, Other), Sales Channel (Online and Offline) “Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global wheelbarrow industry generated $743.4 million in 2022 and is expected to generate $1.2 billion by 2032, witnessing a CAGR of 4.6% from 2023 to 2032. .
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Key determinants of growth
The global wheelbarrow market is based on factors such as rise in the construction industry, rapid urbanization and increasing demand from the agricultural industry. In addition, the volatility of raw material costs makes it difficult for market participants in the wheelbarrow industry to maintain profitability and set budgets, limiting market expansion. In addition, the construction and agricultural sectors have grown as a result of rapid urbanization and industrialization in developing countries. Which in turn is expected to represent a great opportunity for the growth of the wheelbarrow market in emerging countries.
The outbreak of the COVID-19 pandemic had a negative impact on the global wheelbarrow market due to the cessation of logistics and manufacturing activities across the globe, which in turn led to supply chain disruption.
However, as the global situation began to improve, demand for wheelbarrows returned. This, in turn, provides diverse growth opportunities for companies operating in the wheelbarrow market.
The individual segment maintains its leadership position throughout the forecast period
Based on wheel, the individual segment accounted for the highest market share in 2022, accounting for more than two-fifths of the global wheelbarrow market revenue and is expected to maintain its leadership position throughout the forecast period. This growth is due to the increased use of hand carts in a variety of industries for material handling purposes. However, the multi-wheeler segment is expected to achieve the highest CAGR of 5.6% from 2023 to 2032, due to the growing demand for multi-wheeler hand cart for easy material handling and high-capacity material handling.
The construction sector will maintain its leadership position throughout the forecast period
Based on application, the construction segment accounted for the highest market share in 2022, accounting for nearly two-fifths of the global wheelbarrow market revenue and is expected to maintain its leadership position throughout the forecast period. This is due to the increasing demand for commercial constructions such as schools, shopping malls, IT parks, etc. However, the horticulture sector is expected to register the highest CAGR of 5.7% from 2023 to 2032, due to the growing trend of gardening in cottages, villas and other commercial properties.
The offline segment maintains its leading position during the forecast period
Based on sales channel, the offline segment accounted for the largest share in 2022, contributing nearly three-quarters of the revenue of the global wheelbarrow market and is expected to dominate the roost in terms of revenue throughout the forecast period. This segment is driven by the rise in store brands in the vicinity in different countries. However, the online sector is expected to record the largest CAGR of 6.0% from 2023 to 2032. This is due to the ease of access and great discounts and offers offered by these online platforms.
The Asia-Pacific region will maintain its dominance by 2032.
Based on region, Asia Pacific accounted for the highest market share in terms of revenue in 2022, accounting for about one-third of the global wheelbarrow market revenue, manufacturing and business by major market players in the region. However, LAMEA is expected to witness the fastest CAGR of 5.5% from 2023 to 2032, due to the rise of construction and infrastructure sectors in developing countries such as Africa, the Middle East and others.
The most prominent competitors in the market: –
Bullbarrow, Gorilla Carts, Griffin Bros Truck & Equipment, Haemmerlin Ltd., Qingdao Taifa Group, QINGDAO XINJIANG HANDTRUCK CO., LTD, Silvan, Stanley, The Walsall Wheelbarrow Co Ltd., Wolverine Products
The report provides a detailed analysis of these key players in the global wheelbarrows market. These players have adopted different strategy like launching new products etc. to increase their market share and maintain dominant shares in different regions. The report is useful in highlighting the business performance, operating segments, product range and strategic moves of market players to showcase the competitive scenario.
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(Tags for translation) Shipping and Shipping