Outlining Construction Equipment Market trends in terms of the growth strategies undertaken by prominent industry contenders: M&As to gain favorable precedence over 2018-2024
Over the last few years, construction equipment market, on the grounds of surging investments in infrastructural development, has been witnessing a rather appreciable growth rate. The rising trends in industrialization and urbanization across the globe have also been majorly propelling the need for construction equipment. Taking into account the rapid growth of the construction industry, construction equipment market giants have been expanding their regional reach via renewed dealerships across myriad geographies. In addition, many equipment providers have been investing in new machinery as well as advanced technologies such as smart equipment to augment construction equipment industry trends.
China Construction Equipment Market, By Product, 2017 & 2024 (USD Billion)
Citing a recent instance about the expansion of dealership programs, on August 15, 2018, Hyundai Construction Equipment expanded its North American authorized construction equipment dealership network by adding one of the leading agricultural equipment dealers, Farm Depot Ltd., to its portfolio. Through this new dealership program, Hyundai Construction Equipment reached across more than 150 locations with more than 70 dealers who have been supplying wheel loaders, compaction rollers, excavators, and other construction equipment. In addition, for enhancing the customer base and meeting the increasing product demand, Hyundai has been providing training to the dealers for ensuring effective service and product delivery.
In another instance, recently, the U.S. based farm equipment supplier Bonnel collaborated with a leading manufacturer of multipurpose tractors, Multihog. With this partnership, Bonnell became an exclusive Multihog distributor across Indiana, Illinois, Iowa, and Wisconsin. The on-going development of sidewalks and small roadways across this region would propel the requirement of Multihog’s tractors, which could easily work in tight alleys, sidewalks, and small roadways. This incidence validates that frequent collaborations among distributors and product manufacturers will considerably enhance the construction equipment industry size over the years ahead.
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In European countries, the increasing involvement of the regional governments in infrastructure development has been generating lucrative opportunities for the construction equipment market contenders. More precisely, the shifting focus of governments and regulatory bodies toward the deployment of renewable energy facilities along with the implementation of smart city development programs have been tremendously pushing the need for construction equipment. In line with the rapidly growing number of construction activities, the sales of construction and earthmoving equipment across UK grew considerably in the second quarter of 2018 as compared to the same period in 2017.
The rise in the sales of construction equipment across European countries has been encouraging leading product manufacturers to invest in research and development activities to launch new product portfolios. In addition, many construction and earthmoving equipment manufacturers have been focusing on expanding their regional footprints with mergers and acquisitions as well as with new facility establishments. These initiatives incidentally, are also being supported by many regional finance companies, pushing the growth of the construction equipment market further. Validating the aforementioned fact, a few days before, Molson, one of UK’s construction equipment specialists, secured a £6.3 million investment from UK’s most active investment company, BGF. With the help of this investment, it is planning to expand its sales and aftersales services of construction equipment across UK. Additionally, it is looking forward to constructing a new parts center and extra depots as well.
In addition to capacity expansion, Molson and BGF plan to work on further acquisitions. Incidentally, Molson has already secured the distribution rights of the Terex Finlay machinery for Wales, England, and the Channel Islands. The combined approach of service providers and financial companies to invest in the improvement of existing infrastructure is certain to influence Europe construction equipment industry trends.
The changing focus of construction equipment suppliers toward establishing long-term relationships with customers and renowned OEMs is poised to boost industry growth over the years ahead. The adoption of frequent facility and dealer network expansion strategies is also deemed to emerge highly beneficial for the players in construction equipment industry. Driven by the growing demand for construction machinery along with the rapidly propelling infrastructural development activities, construction equipment market will surpass a revenue collection of USD 170 billion by the end of 2024.
Author Name : Sunil Hebbalkar
Increasing transport infrastructure development worldwide and favorable government initiatives is expected to drive earthmoving equipment market growth
Earthmoving equipment market size is projected to reach USD 192.45 billion by 2023; as per the latest research report by Global Market Insights, Inc. growing adoption in the commercial sector, favorable Government initiatives and growing transport infrastructure development worldwide will drive the global market size.
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Global Market Insights has announced the addition of a new market study based on the Earthmoving equipment market. The report analyzes the restrainers, drivers and challenges of the market, future growth potentials and its impact on the demand shaping the market during the predicted period from 2015 to 2023.
Excavators will continue to be the most attractive equipment with more than 9% CAGR from 2016 to 2023. Real-time monitoring features for identyfying and supervising system failure are expected to drive demand.
The multifunction equipment is preferred over single-function equipment for saving the cost. This also reduces the time and labor required to accomplish the task with improved efficiency and extended productivity as added advantages. Rising investments in R&D to discover solutions to enhance product offerings will propel the market.
Earthmoving machinery is mainly applied in the construction industry. The construction industry is predicted to maintain its dominance, with more than 60 % of the Earthmoving machinery market share. Excavator are used in surface level and below ground operations. Rising demand in factories and manufacturing facilities will drive the excavator segment growth. Obtaining construction equipment on rent or lease is a rising trend. The construction equipment rental market is predicted to exceed USD 85 billion by 2023.
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In Private and Government sectors, increasing demand for technologically advanced solutions, featuring better material handling and improved fuel efficiency combined with lower emissions and safety is expected to propel the market worldwide. Europe earthmoving equipment market share will remain steady, with revenue forecast to exceed 43 billion in predicted timeframe.
The growing trend towards the usage of used heavy machinery across numerous countries may prove to be a threat to the new products that are to be launched in the segment. Increasing expenditure on infrastructure activities is also forecast to escalate demand, notably over the coming years.
Some of the key participants operating in the global earthmoving equipment include John Deer, Caterpillar, Komatsu, Volvo, Hitachi, Liebherr, Doosan, etc.