The Heavy Equipment Story – Past, Present and Future
As with all industries, the heavy equipment market has been impacted by Covid-19. The industry entered 2020 with cautious optimism. Moderate growth was expected driven by increased infrastructure spend coupled with commercial construction demand.
Moving into the present, Covid-19 caused a significant decline in the market as heavy equipment manufacturers worked to adapt to a rapidly changing business and environment. Minimizing the decline within the industry for North America was the need for essential workers, therefore many within the construction industry were able to continue operations.
Looking forward, the industry is struggling with component shortages resulting in slower production. A level of uncertainty could affect sales; declines in buyer confidence are likely to drive many to the rental market rather than large heavy equipment investments.
Industry Index Provides Forecast to Support Heavy Equipment Participants
DuckerFrontier’s has developed a Heavy Equipment Index to assist the industry in preparing for future market developments by predicting heavy equipment growth during recessionary conditions with remarkable accuracy. Industry-wide changes are not driven by macro-level trends and are therefore more difficult to predict. It is DuckerFrontier’s ability to combine these macro-level trends with primary research that further defines and improves forecast accuracy.
Timely information is critical to accurate decision making, especially during times of economic uncertainty. DuckerFrontier can provide and support its clients through various research projects including customer journey mapping, competitive pricing analysis, and transaction advisory support.
DuckerFrontier’s Heavy Equipment team continues to follow and analyze the key trends and impacting the heavy equipment industry, both during and post Covid-19 disruptions. Visit our Covid-19 Resource Hub for the latest insights and implications for global business, or contact us to connect with a team member.