Material Handling Equipment Market
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
The rising need to improve productivity within the industrial facilities will considerably fuel demand for efficient material handling equipment. Rapid improvement in the industrial sector with enhanced productivity in the developing nations will foster the development of modernized machines for handling different aspects of manufacturing and logistics processes.
There has been a rise in automated manufacturing activities over the years wherein firms have adopted advanced technologies like IoT in logistics and big data analytics to be able to manage all the operational requirements. This has drastically changed the way numerous businesses usually function. Industry players often undertake development of unique and advanced products that could help companies gain competitive edge over the others.
Prominent manufacturers comprising the material handling equipment industry include Daifuku Co., Ltd., Kion Group AG, Hyster-Yale Materials Handling, Intelligrated, Inc., KUKA AG and Columbus McKinnon, among others.
Material handling equipment market size will surpass USD 200 billion by 2025. High competition within the industry has resulted in the surging adoption of advanced technologies that help all the business processes, related to Food & beverage, food retail, 3PL and general merchandise among others.
Government lays down several initiatives and provides major financial support that is in the form of tax benefits and reduced duties. Such incentives fuel small enterprises to secure a strong foothold within the industry. Massive use of automated systems and machines ensure effective work operations as well as monetary benefits to all such SMEs, as large amount of labor costs are saved.
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These companies are increasingly focusing on the deployment of automated systems and material handling machines to replace human labor on account of their cost-saving and highly efficient features when compared to the traditional processes. They are also safer in terms of the risk of injuries to workers.
The bulk material handling equipment market share has been experiencing significant demand due to the rise in the need to control and transport large volumes of materials. The equipment essentially manages and supports the infrastructure and is an important link for a quick & efficient delivery. Warehouses, distribution centers and manufacturing plants have been increasingly demanding AS/RS material handling equipment for picking up orders.
The systems help transport the finished goods from the manufacturing plants to different warehouses and distribution centers. AS/RS receives the needed goods to fulfill its order while also encouraging several industries to use the equipment, compared to using the manual process of order picking and reduce the cost of labor. It also guarantees more effective order fulfillment.
Latin America material handling equipment industry forecast will exhibit notable growth prospects in the forthcoming years due to rapid industrialization as well as the growing manufacturing sector in the region. The manufacturing companies have been opting for advanced material handling solutions for ensuring higher bottom lines and improving productivity, that has resulted in the economic development of the region.
There has been a rise in the number of companies that have been implementing automated solutions and robots to handle various types of material handling, which has accelerated the growth of the segment in the region. The construction sector has been experiencing a major expansion in South America which led to a rise in the demand for performance material handling solutions.
Author Name :Riya Yadav