Heavy Equipment Market Overview
Over the years, the heavy equipment market has proved to be the backbone for the global construction industry to save a lot of time and labor costs. Massive investments in the construction industry across developing countries are driving the growth of the heavy equipment market. In addition, the need of satisfying the rising infrastructure demands by the growing population across the globe will enhance the growth prospects of the global heavy equipment market. Moreover, the addition of new technologies to the existing systems has been an ongoing trend within the heavy equipment market.
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How to Determine Market Size?
Market size is an essential task for any business and marketing planning and budgeting for all startups, particularly those that seek third-party funding such as venture capital. The starting point for estimating the market size is to understand the problem a company solves for its customers and the potential value a product generates. Here are a few steps to accurately determine the market size:
Define target customer: The creation of a “day-in-the-life summary” will help businesses analyze the nature of the customer problem they are solving. Given the importance of defining the target customer, it is crucial for companies to set aside adequate time to do a proper analysis of this initial step.
Estimate the number of target customers and peers: Estimation of the total number of target customers in the market and companies who have a profile similar to that of a specified target customer helps a company in understanding where they stand in the market.
Apply the market-size data: It is important for companies to the first estimate, examine each assumption make, and the cause for the changes in the data points. Additionally, to factor in the risks of change, calculations of the best-case and worst-case scenarios come in handy for companies.
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About the Client
A leading manufacturer of heavy equipment based out of Connecticut, United States.
Client’s Challenge
The heavy equipment manufacturer wanted to forecast the global market size for its products and services and build a global market size forecast tool. This would enable them to validate market sizes using a uniform methodology, analyze different market scenarios, and identify areas of opportunity quickly. Additionally, the client was facing segment definition incompatibilities between the company and the general market. Also, the company had insufficient market knowledge about specific segments among market participants.
Business Outcome
With the help of Infiniti’s market size analysis engagement, the heavy equipment manufacturer devised a robust top-down and bottom-up approach, emphasizing the bigger suppliers who were more illustrative in the market and possessed more relevant knowledge. Infiniti also conducted a detailed analysis of the environmental factors for each end-use application segment and provided insights into the quantitative data of the major market players. Additionally, the client tested the assumptions, data, and methods with the company’s internal market experts from local offices. The heavy equipment manufacturer also developed a user-friendly scenario forecast model, which could be adjusted by correlated macroeconomic forecast variables updated on a regular basis.
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