Wheelbarrow Market Expected to Reach $1.2 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Wheelbarrow Market," The Wheelbarrow Market Size was valued at $743.40 million in 2022, and is estimated to reach $1.2 billion by 2032, growing at a CAGR of 4.6% from 2023 to 2032.

The wheelbarrow is a hand-driven vehicle with one or more wheels that is intended to be pushed or directed by a single person using two handles at the back of the vehicle. It is a transport equipment used by gardeners and construction workers to transfer small supplies.

The rise in demand for wheelbarrows from the agriculture and farming sector is due to the conveniences of transportation of materials, such as fertilizer, animal feeding, and other material & supplies around the farm, from one place to another. Furthermore, the availability of new and improved wheelbarrows designed by many key companies increases the efficiency of farming and makes it more durable. For instance, in 2022 Yardmax power equipment inc. launched its new innovative power barrow.

By means of this product launch, it enhanced the overall product portfolio of the company. Thus, the development of technology and product launch makes work easier and drive the growth of the wheelbarrow market. In addition, the material handling equipment(MHE) industry is expected to continue to expand due to the widespread use of customized systems and mining equipment. Grocery delivery and distribution saw a robust demand during global lockdowns, which raised manufacturers' expectations. Hence, such factors can propel the growth of the wheelbarrow market.

Moreover, increased investments in the non-residential infrastructure, such as power plants, transportation services, warehouses, production units, and industrial facilities are expected to fuel the wheelbarrow market growth. For instance, in August 2020, California-based Tesla invested $100 million in the land where it is building a Gigafactory and production unit in Austin. Hence, these investments in warehouses and factories are expected to utilize advanced wheelbarrows, and therefore are projected to have a positive impact on wheelbarrow market outlook.

In addition, due to their high strength, steel and plastic are usually used in the construction of wheelbarrow machines. Therefore, any changes in steel pricing make it challenging for market participants to maintain profitability and set their budgets. For instance, since March 2020, the cost of hot-rolled steel in the U.S. has climbed by more than 215%, to $1,825. Prior to that, in 2017, its cost was in the $500–$800 range. In addition, metal costs have doubled since COVID-19. These swings are key factors that limit the expansion of the wheelbarrow market.

In addition, the outbreak of COVID-19 led to a halt in logistic and manufacturing activities across the globe, which, in turn, led to the interruption of the supply chain, thereby hindering the growth of the wheelbarrow industry. However, this situation improved as the government relaxed norms around the world for resuming business activities.

Agribusiness and construction have grown as a result of increased urbanization and industrialization of developing nations. The industry is also significantly driven by the surge in demand for infrastructure and construction projects brought on by the expanding population.

Building of new infrastructure, such as roads, railways, tunnels, residential and non-residential construction, and mining, has become necessary as a result of the ongoing development of industries including. Wheelbarrows make it convenient to move materials from one location to another. This has increased the need for wheelbarrows, which presents a significant opportunity for the wheelbarrow market's expansion in emerging nations.

The wheelbarrow market is segmented on the basis of a wheel, application, sales channel, and region. By wheel, the market is divided into single, double, and multi. By application, the market is classified into construction, industrial, gardening, agriculture & livestock, and others. By sales channel, the market is bifurcated into online and offline. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

COMPETITION ANALYSIS

The major players profiled in the wheelbarrow market include Bullbarrow, Gorilla carts, Griffin Bros Truck & Equipment, Haemmerlin Ltd., Qingdao Taifa Group, QINGDAO XINJIANG HANDTRUCK CO.,LTD, Silvan, Stanley, The Walsall Wheelbarrow Co Ltd., and Wolverine Products.

 KEY FINDINGS OF THE STUDY

• The report provides an extensive wheelbarrow market analysis of the current and emerging global trends and dynamics.
• By wheel, the single segment dominated the market in 2022.
• By application, the construction segment dominated the market in 2022.
• By sales channel, the offline segment generated the highest revenue in 2022.
• Region-wise, Asia-Pacific dominated the wheelbarrow market share in 2022. And LAMEA is anticipated to dominate the global wheelbarrow market exhibiting the highest CAGR during the forecast period.
• The report provides an extensive analysis of the global wheelbarrow market trends and emerging opportunities of the market.
• The global wheelbarrow market forecast analysis from 2022 to 2032 is included in the report.