Construction Equipment Industry Outlook
The growing real estate sector and rising spend on infrastructure has increased the demand for construction equipment globally. However, the rising market fluctuations, lack of qualified workers, and increasing demand to meet tougher environmental legislation are still increasing challenges for companies operating in the construction equipment industry. As such, construction equipment manufacturing companies are now partnering with firms like Infiniti Research to meet their research and information needs before making market expansions.
The client, a construction equipment manufacturer and supplier based out of the US, wanted to understand the potential for their construction equipment in Europe. By thoroughly analyzing the market demands, understanding industry developments, and identifying profitable market opportunities in Europe, they wanted to devise a sound go-to-market strategy.
Furthermore, by leveraging Infiniti’s expertise in offering market intelligence solutions, they wanted to tackle challenges such as:
Construction equipment industry challenge #1
Market fluctuations: The client noted that rapid fluctuations in market made capacity planning challenging for companies in the European construction equipment industry. With Infiniti’s market intelligence solution, they wanted to identify factors impeding business operations of construction equipment manufacturers in Europe. By doing so, they wanted to prepare well for unexpected market changes and demand fluctuations.
Construction equipment industry challenge #2
Workforce management – The availability of trained manpower and skilled workers to operate heavy machinery was becoming challenging for companies in the European construction equipment industry. However, while expanding to Europe, the company would require adequate workers to support their operations. With Infiniti’s market intelligence solution, the client wanted to evaluate the capital requirement for recruiting skilled workers in Europe and also wanted to identify the right partners to support them financially.
Construction equipment industry challenge #3
Rising investment in new technologies – With digitalization and rising technological innovations, developing new strategies and investing in new technologies are becoming imperative for companies operating in the construction equipment industry. Before expanding to Europe, the client wanted to understand the latest trends and market innovations in European construction equipment industry. Furthermore, they wanted to understand how top construction equipment companies in Europe adapted to the fluctuating market dynamics.
As a part of the market intelligence engagement, the experts at Infiniti Research conducted a European construction equipment industry analysis. During this phase of the engagement, certain factors such as market potential, investment environment, construction equipment market size, market developments, and growth rate were taken into consideration.
The next phase involved conducting a market trend analysis, in which the experts helped the client to understand construction equipment industry trends and developments. Additionally, the experts conducted a competitive intelligence study, which helped the client to gain insights on the top market players in the construction equipment industry in Europe. Also, the client was able to analyze their competitors’ strategies and business processes.
With the insights obtained from Infiniti’s market intelligence solution, the client was also able to gain a better understanding of the current and future market potential, spend, value chain, and market demand for its construction equipment in Europe. Furthermore, they helped the client evaluate the capital investment for recruiting skilled workers, set up the office, and establish partnerships.
With Infiniti’s construction equipment market analysis solution, the client was able to gain insights on critical success factors to devise its go-to-market strategy and route to entry in the European construction equipment industry. They also got an understanding of the offerings and strengths of key competitors.
Furthermore, they also developed a detailed understanding of the attractiveness of market opportunities for their product offerings in the European construction equipment industry. As such, within two years of entering the new market, the client was able to achieve an increase in profit margins by 13%.