Market Scope and Structure Analysis
Agriculture, construction, and mining machinery offer many advantages to the industries using them. They are heavy-duty and reliable in tough conditions. Many players in the market are concentrating on the advancement of technology in agriculture, mining, and construction machinery. Advanced technologies include driverless tractors, and increased use of telematics replacing the traditional mechanical system. Telematics is the software collecting the data from the machinery in the field and transferring the data to customers which enables the customers to collect the information enhancing operational efficiency and operational cost. Robotics and automation are also being introduced to the market by many companies. For instance, in 2020, Sandvik released its auto-mine vehicle which is equipped with the latest sensing technology and artificial intelligence to enhance the operation.
COVID-19 Impact Analysis
- COVID-19 pandemic has shut down and limited the supply chains and affected the agriculture, construction, and mining machinery countries worldwide. This has hampered the growth of the agriculture, construction, and mining machinery market in the last few months and is likely to continue during 2021.
- COVID-19 has already affected the revenue of agriculture, construction, and mining machinery in the first quarter of 2021 and is anticipated to cause a negative impact on the market growth throughout the year.
- The major demand for agriculture, construction, and mining machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, UK, and China, which are negatively affected by the spread of the coronavirus, thereby declining the demand.
- Further, the potential impact of the lockdown is currently vague and the financial recovery of companies is based on its cash reserves. For instance, various players in the market halted their production activities for several weeks to reduce the expenses. Whereas few players also adopted employee lay-offs to sustain during the COVID-19 health crisis.
- Companies operating in the agriculture, construction, and mining machinery industry are focusing on developing new technologies for cost-efficient and quick solutions to meet the requirements of clients due to the pandemic.
Top Impacting Factors
Increase in demand in the construction industry for dams, rail & road infrastructure, and residential & commercial buildings are driving the market growth. The increase in demand for electric machinery in agriculture, construction, and mining industries also drives the growth of the market. In addition, high investment costs and increase in exports of used machinery hamper the market growth. Moreover, use of telematics in agricultural and mining machinery are projected to provide opportunities for market growth.
- New products that contain improved capabilities have been launched by leading market players. For instance, MaintexVall launched its new Electric crane in February 2021. This V110 R electric crane is remote-controlled with a lifting capacity of 11,000 kg and a lifting height of up to 10.4 meters.
- Similarly, competitors in the agriculture, construction, and mining machinery industry adopted acquisition as their key developmental strategy to expand their geographical foothold and upgrade their product technologies. For instance, Caterpillar Inc., acquired Marble Robot Inc., a California-based robot and automatic technology company in June 2020. This move by the company is expected to build automation strategy and robotic machinery to meet the changing needs in the construction, mining, industrial, and waste industries.
Key Benefits of the Report
- This study presents the analytical depiction of agriculture, construction, and mining machinery along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the agriculture, construction, and mining machinery share.
- The current market is quantitatively analyzed to highlight the agriculture, construction, and mining machinery market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides detailed agriculture, construction, and mining machinery market analysis based on competitive intensity and how the competition will take shape in coming years.
Agriculture, Construction and Mining Machinery Market Report Highlights
Key Market Players
Deere & Company, Volvo AB, AGCO Corporation, Kubota Corp, Caterpillar Inc., Liebherr Group, Hitachi Ltd, Doosan Infracore Co., Ltd., ClaasKGaA, CNH Industrial N.V.