FAR & WIDE..!

The construction equipment aftermarket is anticipated to record a valuation of USD 30 billion by 2027, according to the most recent study by Global Market Insights Inc. Growing consumer spending on luxury furniture will spur industry growth. Rising demand for construction equipment across the globe Spare parts play a vital role in enhancing the efficiency, productivity, and performance of the construction equipment. Equipment Times looks into the market condition, export market, green initiatives and after-sales initiatives for component, accessories and spares of construction equipment.

The outbreak of Covid-19 had negatively impacted the construction equipment aftermarket in 2020. Stringent lockdown imposed by various governments to curb virus transmission has resulted in a halt in global construction & mining activities. Additionally, several restrictions on international and domestic trades have disrupted the global logistics & supply chain, thereby hindering the market growth. The market is expected to showcase slow growth due to the uplifting of lockdown restrictions by several governments owing to COVID-19 cases reduction in 2021.

Attachments… 

Construction equipment is a specially built machine used to carry out construction operations along with attachments that allow the base machine to perform a variety of tasks on a job site. Different construction equipment attachments are used for different functions across industries such as construction, mining, agriculture and forestry, manufacturing, etc., for variety of jobs, depending on the work at hand.

The most popular category in the construction equipment attachment market is compact track loaders, with the largest market share. Skid steers are the second-most attractive equipment, and are anticipated to experience healthy growth. Various equipment types involve different types of attachments, depending on the type of equipment used. There are several types of attachments such as augers, hammers, buckets, blades, dozer dozers, and pallet forks, among others, available in the construction equipment attachment market.

Manufacturers are investing significantly in research & development of new attachments that have high strength, durability, and increase the efficiency of construction equipment. Increasing adoption of automation in construction machines has led to demand for advanced attachment tools that reduce operational costs and increase worker safety.

Buckets are the most common attachment segment across all equipment machines, which include skid steer loaders, compact track loaders, mini excavators, and telescopic handlers. Buckets have a range of applications, including digging, removal, cleaning, etc. Buckets are a must for a wide range of jobs, and account for the highest share of all equipment attachments available on the market.

Tires…

The global tire market reached a volume of 2,268 million Units in 2021. Looking forward, the market is projected to reach 2,665 million Units by 2027, exhibiting a CAGR of 2.8% during 2022-2027.

Keeping in mind the uncertainties of Covid-19, the analyst is continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different End-use sectors. These insights are included in the report as a major market contributor.

Tires form an essential component of the automobile industry. They provide traction between the vehicle and the road while providing a flexible cushion that absorbs shock. They are manufactured using various materials, including natural and synthetic rubber, carbon black, polyester, rayon, steel, silica and vulcanization accelerator. Nowadays, there is a wide variety of tires available in the global market, which caters to the requirement of different kind of vehicles.

One of the leading factors driving the demand for tires across the globe is the accelerating sales of passenger vehicles, particularly in the emerging economies. Tires perform numerous functions, such as supporting the weight of a vehicle, transmitting accelerating and braking force to the ground, changing or maintaining direction, and absorbing shock from the road surface, which help in improving the overall performance of the vehicle.

Along with this, the growing infrastructure activities in both the developed and developing countries are expected to fuel the demand for construction vehicles, which in turn will boost the sales of tires. Besides this, the leading companies are engaging in the development of advanced products, such as ecological, flat-run and nitrogen-based tires, that are environment-friendly.

Engines…

Backhoe loaders and excavators are indispensable for any construction. Their demand is very high in developing countries where urbanization is happening at a fast pace. Bright prospects of the construction industry will, therefore, broaden the outlook of this market.

It’s a somewhat different tale being told in the US. With exports down, American hopes are being increasingly pinned on rising domestic plant demand. Contrasting the US, China, the nation with the world’s biggest demand for construction equipment, has seen domestic sales dip, with many firms now looking to up their percentage of exports against total machine sales.

However, the Asia-Pacific region, with China at the forefront, is still the key region for aggregate demand due to its huge government-led investment in new transport and other vital infrastructure. In fact, leading independent research tips the region’s share of overall global aggregates demand to grow over the next two years. Such a big demand for aggregates tends to go hand in hand with big demand for construction equipment.

Hydraulic hoses…

Hydraulic hoses are mainly designed to carry hydraulic fluid to or among valves, hydraulic components, actuators, and tools. This is formed from the thermoplastic material or rubber. Hydraulic Hose carries fluid which imparts force within the hydraulic machinery. These are fitted with the proper connections and used to transmit fluid / fluid power within a hydraulic system maintaining the high-pressure conditions. These are employed in various sectors like industrial sector, agricultural sector, construction sector, and others.

Market Drivers

The increase in demand from various end use industries like mining, construction, etc is expected to fuel the global hydraulic hoses market growth over the forecast time period. The rise in demand for hydraulic hose in heavy duty construction equipments, trucks, etc., which requires greater flexibility, high power, and stronger bends is expected to further drive the global hydraulic hoses market growth. Major factor driving growth of the hydraulic hose market is the increase in use of use of hydraulic hose in agriculture sector, for machinery like harvester, tractors, transport vehicles, and other machineries.

Ongoing technological advancements as well as the increase in research and development activities by manufacturers and the penetration of the major manufacturers of hydraulic hose in developing economies are expected to boost the global hydraulic hoses market growth during this forecast period.

Market Restraints

Stringent environmental rules and regulations on manufacturing of hydraulic hose is a major restraint which expected to hamper the global hydraulic hose market growth during this forecast timeline.

Market Segmentation

The Global Hydraulic Hoses Market is segmented into product, application, and region. Based on the product market is segmented into Corrugated, Reinforced, Coiled, and Others, by application market is segmented into Construction, Agriculture, Material Handling, and Others.

Market leaders react… 

Piero Guizzetti, CEO, MB Crusher India, said, “We’ve been seeing a lot of interest in our products from international markets lately. In fact, we’ve sold quite a few machines to customers in neighbour countries in the past few months. We think people are really starting to see the potential of MB machines and are increasingly eager to get their hands on the latest and greatest technology. MB is definitely leading the charge when it comes to innovation in Crushing and Screening space, so it’s no surprise that we’re seeing such strong demand from overseas markets. International sales are an important part of our business. Our international sales make up a significant portion of our total sales and we continue to invest in our international operations. We are confident that our international sales will continue to grow in the future.”

Amit Deokule, Sr. General Manager, Sales & Marketing, NORD Drivesystems, said, “Present market conditions looks good for our products including our heavy duty Maxxdrive. With extensive knowledge of applications and technical demand for the sector, we can offer a full featured drive from a single source consisting of gear units, motors, brakes and frequency inverters. With wide range of products with high quality we can offer system solutions for various applications like storage, conveying, weighing & metering, loading and unloading etc.”

Rohit Mathur, Head of Strategy & OTR, Bridgestone India, said, “With the awareness around sustainable business, customers as well as manufacturers, are turning towards recyclability, and generally ‘green’ initiatives. Guided by our global mission, “Serving Society with Superior Quality,” the Bridgestone Group has embarked on its new Bridgestone 3.0 Journey following its “third foundation.” Placing sustainability at the core of management and business, the Group strives to realize its vision “Toward 2050, Bridgestone continues to provide social value and customer value as a sustainable solutions company. “Globally, Bridgestone has been at the forefront of this move towards sustainability. At all our manufacturing centres we are engaged in the process of developing new tire and rubber products and technologies that are better for the environment. We look at the overall process that begins right from the conception of the tyre till the time it’s under usage by the customer. We are working closely with our end-consumers and users on regular maintenance and service of tires. This goes a long way in ensuring that the tires perform better, and aids in lowering fuel consumption.”

Asha Aradhye, General Sales Manager, SAARC, TVH, said, “TVH recognises the potential of the India market and in 2012, we established a local office in Pune, India. As a trusted parts supplier, we aim to keep our customers going and growing. With that in mind, TVH has recently expanded our range into the construction equipment parts market. Every day, our range of parts and accessories for the construction equipment market grows; and with this move, we will be able to better support the growing needs of the India market. We already see positive responses from our customers in the region regarding our entry into this segment.”

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