LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global construction machinery market and the market is poised to experience spend growth of more than USD 70 billion between 2017-2022. Request Free Sample Pages.
Read the 108-page research report with TOC and LOE on "The Global Construction Machinery Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
This spend growth will be directly proportional to the exponential growth that is observed in the global construction industry. Driven by the predicted prospects of growth, suppliers exhibit a high rate of adoption of technological tools to give themselves an edge in the competitive market. This competitive nature will contribute to the spend growth in the construction machinery market.
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Insights into market price trends:
- The market prices will undergo inflation triggered by the recurring expenses of suppliers on product development, communication, and collaboration tools such as construction equipment telematics to improve their product capabilities.
- Forecasts of increase in the prices of raw materials such as iron, steel, and aluminum that are used to manufacture the equipment will inflate suppliers’ OPEX. This will ultimately increase buyers’ procurement expenses in the construction machinery market.
What are the strategies to adopt to achieve an optimal partnership with suppliers in terms of cost-saving opportunities in this market?
Evaluate the purchase of refurbished construction machinery
With the rise in re-manufacturing and rebuilding initiatives undertaken by major suppliers, buyers can seek maximum value derivation in the construction machinery market. This is because rebuild programs increase the lifespan of equipment by providing customers with product updates for a fraction of the cost of buying a new machine.
Evaluate the benefits of lease vs. purchase decisions
A fraction of construction machinery suppliers are known to provide direct leasing options or enter into partnerships with existing financing organizations to cater specifically to those that opt for leasing of construction machinery. This would help suppliers improve accessibility to their product offerings in the market. Buyers should closely evaluate the TCO implication of leasing and buying based on their project requirements. For instance, the cost implications of leasing equipment are less in the case of short- and medium-term construction projects, thus leading to high ROI.
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Some of the key topics covered in this report are:
- Construction machinery market spend segmentation by region
- Total cost of ownership analysis in the construction machinery market
- Regional spend opportunity for construction machinery suppliers
- Construction machinery suppliers cost structure
- Construction machinery pricing models analysis
- Construction machinery procurement best practices
- Category management objectives
- Cost saving opportunities in the construction machinery market
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