The recent increase in the number of construction activities around the globe leads to the path towards development. Development is a never-ending process, which is why there is always some form of construction going on somewhere. This, in turn, increases the demand for construction equipment, not only in terms of volume but also to innovate and evolve. Manufacturers are constantly innovating and bringing innovations to markets of all sizes and types. Additionally, mobility solutions have also been keeping pace as construction equipment continues to evolve.
The complexity of user demands
The construction industry is getting more and more efficient with new technologies. Today, it comes as no surprise that companies are able to build skyscrapers in a matter of few months. However, to build such marvels, complicated construction equipment are required. Users are demanding more efficiency, versatility, and durability from construction equipment. For instance, tires and tracks comprise the most expensive consumable items in a construction equipment. Contractors use such machines on a wider range of work and are under the pressure to deliver timely performance without compromising on durability. Additionally, they also want to get the highest amount of work done from machines with little capital and maintenance cost. Manufacturers are also leveraging the use of tire tracking software to help increase the awareness of the current situation and help predict future issues to minimize hourly costs.
Tracked construction equipment
To boost the performance of heavy machinery construction equipment, users are increasingly adopting tracks over tires. It is also evident in numerous industry reports which outline the growth of compact track loaders in comparison to traditional skid steers. The trend is evident in the rental, construction, and agricultural sectors. Tracks provide wider footprint better pulling power, more torque, and enhance the maneuverability and stability of the equipment. Such trends are even more prominent in places where seasons change drastically. Such tracked construction equipment usually costs less than tires and offers undeniable advantages. Additionally, manufacturers have come up with over-the-tire track (OTT) solution, which can convert a skid steer loader into a compact track loader within minutes.
Rising popularity of rentals
Let’s face it, all companies are on the lookout to cut their cost base. Sometimes it makes sense to rent the construction equipment than to make a purchase. For one, they avoid all the maintenance and depreciation costs. Also, they can make sure they make optimal use of the equipment. Buying and maintaining a large fleet of equipment carries a substantial financial burden and risk for the company. Renting out an equipment can provide companies with the flexibility to use it when needed without having to bear a huge capital expenditure.
Use of radial tires
Using construction equipment such as wheel loaders, backhoe, and motor graders to move between the local job sites is not uncommon in North America and Europe. It offers contractors productivity advantages as floating the equipment from site to site is often cumbersome. As a result, radial tires are gaining popularity as it offers better ride quality, decreased heat build-up, and reduced tread wear on hard surfaces.
To know more about the trends in the construction equipment market:
Lately, players in the construction equipment industry have started leveraging effective market analysis solutions to enhance their profitability and competitiveness across the industry space. Market analysis engagement includes the study of the market in terms of its strength, weaknesses, opportunities, and threats. Such engagements also help players operating in the construction equipment industry to devise effective market expansion strategies by taking drawbacks into account. Moreover, market analysis solutions have become an essential force for companies in the construction equipment landscape to gain comprehensive information about niche segments in the market.
The market analysis solutions offered by Infiniti help construction equipment industry clients in gaining insights into the dynamic market space. Additionally, clients operating in this industry space can determine the potential trends and opportunities in the construction equipment industry and improve their operations.
The Business Challenge
A global construction equipment industry client with offices spread across various geographies was facing predicaments in understanding the existing landscape of the industry. As a result, they wanted to gain a comprehensive picture of key components affecting the growth of the market. Furthermore, the client wanted to gain insights into the strengths and weaknesses of competitors to build a better market expansion plan and offer superior products to their customers.
Our Approach and Solutions Offered
To deliver valuable insights to the client, Infiniti’s market analysis specialists followed a comprehensive in-depth research methodology that included discussions and interviews with leading stakeholders in the construction equipment market space. Moreover, the market analysis specialists devised a dashboard comprising relevant pieces of information. This helped the client design effective marketing strategies across all verticals.
Additionally, the client was provided with a comprehensive representation of the key components of growth factors and insights about the market’s growth potential.
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Benefits of Market Analysis Study:
- Assessed potential opportunities and performances across geographies
- Gathered information to identify and mitigate risks across new segments
- Developed a robust business plan and analyzed the target market
- Devised an efficient product marketing strategy
Benefits of Our Integrated Approach:
In a brief period of eight weeks, the construction equipment industry client was able to add values to the information provided, find new niche market segments, and operate more efficiently with the help of an efficient product marketing strategy. Additionally, the client gained insights into the vital components to target in the market space to achieve a superior competitive advantage over their peers in the industry.
A must-read case study for strategy experts and decision makers looking to develop an understanding of the construction equipment industry.
For most businesses, market assessment plays a pivotal role in understanding the end-user, their attitudes, habits, and practices to effectively position their products in the market. Moreover, market assessment helps organizations answer strategic questions about the levels of investment in the business and the profitable growth areas. In the construction equipment space, a detailed market assessment helps businesses identify the target market and determine unique sales proposition. Furthermore, through a robust market assessment study, leading businesses can make informed data-driven product development decisions.
To determine the market attractiveness and enhance their product offerings, leading manufacturers in the construction are approaching organizations like Infiniti research. Infiniti’s market assessment solution helps the client effectively determine the market’s competitiveness and target the niche segment to identify the potential market gap. Organizations can further size up the challenges and opportunities and reform their existing sales architecture to go on par with the future buying patterns in the heavy excavator space.
The Business Challenge
The construction equipment sector is witnessing steady growth with a considerable number of equipment providers offering a wide array of products. However, a renowned heavy excavator manufacturer was facing a predicament understanding their market effectiveness in terms of the potential competitors, their offerings, and product positioning. The client further wanted to expand into a new market segment and refine the relationship with their existing customer base. Furthermore, the client wanted to understand the market dynamics and effectively allocate resources to retain their foothold in the market.
To identify the relevant customer segment and devise new marketing strategies, the client approached Infiniti’s market assessment experts. Infiniti’s market assessment experts carried out a blended approach comprising interviews and discussions with leading stakeholders such as KOLs, industry experts, product users, and procurement experts in the construction sector. Similarly, the market assessment experts at Infiniti created a dashboard to compile information from different proprietary sources such as paid industry databases, industry forums, company presentations, and newsletters.
Market Assessment Solution Benefits:
- Gained a detailed characterization of the market in terms of the product lines
- Gained a comprehensive analysis of the consumer’s purchasing habits, usage, and overall awareness of the product
- Identified the key competitors and their performance in the market
- Analyzed the market landscape in terms of SWOT analysis and identified the barriers to entry
- Assessed the needs, expectations, and standards of the customers and devised an effective go-to-market strategy
Benefits of Our Integrated Approach
With the help of this market assessment study, the client was able to identify the overall market potential, the extent of competition, and assess unmet customer needs. Furthermore, the client was able to gain accurate and actionable data and improve the products and services. Also, the client was able to take necessary adjustments in their marketing and product development approach.
A must-read case study for strategy experts and decision makers looking to develop an understanding of the construction equipment space.
In today’s dynamic and competitive business environment, construction equipment rental companies across the globe are leveraging new market segmentation strategies to enhance their competitiveness and profitability. Moreover, construction equipment rental companies have also started targeting new customer segments by offering attractive and innovative products and services to deal with the high level of market competition. As a result, market segmentation studies have become an essential force for companies in this landscape to gain an in-depth information about niche segments in the market. Moreover, an effective market segmentation helps construction equipment rental companies gain a better outlook of the market and customer preferences.
Infiniti’s market segmentation solutions assist equipment rental companies in identifying the potential parameters for positioning their portfolios in the market in terms of demographics and psychographics. With our help, clients can determine the potential opportunities and the eminent trends in the construction equipment rental industry to optimize their current offerings and improve their operations.
The Business Challenge
The primary aim of the client was to identify customer preferences, target the right customers, and allocate resources to meet the customer requirements.
Moreover, the leading construction equipment rental company wanted to leverage superior market segmentation strategies to develop new and unique products to different target audiences in the market space. Additionally, the client wanted to understand the factors hampering the growth of the market and develop effective strategies to introduce their offerings in this market space.
To overcome the potential challenges, target the right customers, and develop a new product strategy, the construction equipment rental client approached Infiniti Research’s team of market segmentation experts. Infiniti’s team of experts conducted a comprehensive research including discussions and interviews with leading stakeholders in the construction equipment rental space. Additionally, they compiled information across numerous exclusive sources such as company presentations, paid industry databases, newsletters, and media platforms to cater to the challenges faced by the client.
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Benefits of the Market Segmentation Study:
- Identified the segments that are easier to target and allocated resources
- Segmented the potential customers into sub-segments based on their preferences
- Helped client tap potential niche market segments
- Improved competitiveness and profitability and enhanced marketing and service efficiency
- Tailored products and services to address the unique needs of the target audience
Benefits of Our Integrated Approach
In a mere span of ten weeks, the construction equipment rental client was able to identify potential target groups and benchmark their product offerings against those of their competitors. The client was also able to enter potential markets and venture into new segments within the construction equipment industry. The engagement also helped the client devise an effective marketing plan to overcome potential challenges.
A must-read case study for strategy experts and decision makers looking to develop an understanding of the construction equipment rental industry.
A niche segment of the chemical industry, construction chemicals improves the overall quality and durability of the buildings. Widely used as bonding agents, tile adhesives, expansion & crack joint filters, and plasticizers, these chemicals increase the overall life of the construction work along with providing protection against environmental hazards. With growing demand for green buildings, the adoption of these chemicals in the construction industry has grown manifold.
Why the need for green buildings?
There is more to the idea of green buildings than just being part of the ‘go green’ trend. According to experts in environment studies, around 40% of the GHGs and wastes come from the construction industry. A rather resource intensive industry, constructing a building consumes a lot of natural resources. As a result, there has been an increase in demand for buildings which not only add aesthetic value to the location but are also examples of sustainable development.
Green buildings are constructions which cause a negligible impact on the natural environment of the project site. According to the United States Environmental Protection Agency these are structures built using processes which are resource-efficient and environmentally responsible. Also known as high-performance buildings, this idea extends beyond buildings and covers issues like site planning, land-use strategy, and community building.
Construction chemicals and green buildings
The growing awareness of the environmental effects of conventional buildings and changes in government policies throughout the world are the two major reasons behind the large-scale adoption of construction chemicals for buildings. Major players in the construction industry are now paying increased focus on LEED ratings, green points, and sustainable buildings.
Even though the use of these chemicals increases the overall cost of construction, its environmental benefits are far greater. Apart from adding more strength to the buildings, these chemicals bring down the volume of water and cement used in the construction process at an exceptional rate. Another major reason behind the increased adoption of construction chemicals is that it enhances the performance of emerging building technologies like new thermoset hotmelts, structural tapes, and multi-purpose adhesives.
Construction chemicals are one of the best things to be introduced in the building construction industry. Its judicious use is sure to change the face of the global housing market and have a favorable impact on the environment.