Wheelbarrow Market
Wheelbarrow Market
Wheelbarrow market size was valued at $743.4 million in 2022, and is projected to reach $1.2 billion by 2032, growing at a CAGR of 4.6% from 2023 to 2032.
WILMINGTON, DELAWARE, UNITED STATES, February 7, 2024 /EINPresswire.com/ -- Wheelbarrow Market by Wheel (Single, Double, and Multi), Application (Construction, Industrial, Gardening, Agriculture & Livestock, and Others), 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 anticipated to generate $1.2 billion by 2032, witnessing a CAGR of 4.6% from 2023 to 2032.
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Prime determinants of growth
The global wheelbarrow market is driven by factors such as rise in the construction industry, rapid urbanization, and increase in demand from the agriculture industry. Additionally, the volatility of raw material costs makes it challenging for market participants in the wheelbarrow industry to maintain profitability and set budgets, which restrains the market's expansion. Additionally, the building and agricultural sectors have grown as a result of the rapid urbanization and industrialization of developing nations. Which in turn is anticipated to represent a significant opportunity for the growth of the wheelbarrow market in emerging nations.
Covid-19 Scenario
The outbreak of the COVID-19 pandemic had a negative impact on the global wheelbarrow market owing to the halt in logistic and manufacturing activities across the globe, which, in turn, led to the interruption of the supply chain.
However, as the global situation started ameliorating, the demand for wheelbarrows was restored back. This, in turn, presented various growth opportunities for companies operating in the Wheelbarrow market.
The single segment to maintain its leadership status throughout the forecast period
Based on wheel, the single segment held the highest market share in 2022, accounting for more than two-fifths of the global wheelbarrow market revenue and is estimated to maintain its leadership status throughout the forecast period. The growth is attributed to a rise in the use of wheelbarrow in variety of industries for material handling purpose. However, the multi segment is projected to manifest the highest CAGR of 5.6% from 2023 to 2032, owing to increasing demand for a multi-wheel wheelbarrow for ease of material handling and high-capacity material handling.
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The construction segment to maintain its leadership status throughout the forecast period
Based on application, the construction segment held the highest market share in 2022, accounting for nearly two-fifths of the global wheelbarrow market revenue and is estimated to maintain its leadership status throughout the forecast period. This is due to a rising demand for commercial constructions such as schools, malls, IT parks, and others. However, the gardening segment is projected to manifest the highest CAGR of 5.7% from 2023 to 2032, owing to the rising trend for gardening for bungalows, villas, and other commercial properties.
The offline segment to maintain its lead position during the forecast period
Based on sales channel, the offline segment accounted for the largest share in 2022, contributing to nearly three-fourths of the global wheelbarrow market revenue and is expected to rule the roost in terms of revenue throughout the forecast period. The segment is driven by the rise in brand store in nearby locality in different countries. However, the online segment is expected to portray the largest CAGR of 6.0% from 2023 to 2032. This is due to an easy accessibility and heavy discounts & offers provided by these online platforms.
Asia-Pacific to maintain its dominance by 2032.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around one-third of the global wheelbarrow market revenue, industrialization and business by a key market players in the region. However, LAMEA is expected to witness the fastest CAGR of 5.5% from 2023 to 2032 , owing to rising construction and infrastructure sectors in developing countries such as Africa, the Middle East, and others.
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Leading Market Players: -
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 of the global wheelbarrow market. These players have adopted different strategy such as new product launches and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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