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5 Top Concerns of Construction Equipment Manufacturers

Posted by IndustrySelect on Wednesday, June 19, 2019

Aerial view of construction executives on a roofThe advent of Industry 4.0 has brought relentless advancements to many industries, and manufacturing is no exception.

Today, manufacturers have to account for more variables than ever before - and as such, have more to worry about.

This is particularly true in the case of construction or heavy equipment manufacturers, who must adapt and react to a constantly changing market fluidly and creatively.

Here are the 5 things most construction equipment manufacturers have on their minds right now.

1. Pay attention to the weather

Prominent natural disasters have been something of a theme around the world for the past several years; the U.S. sustained more than $200 billion in hurricane damages in 2017 alone.

For many construction equipment manufacturers, natural disasters equal an uptick in business, and manufacturers able to supply the most equipment in the least amount of time will win bids.

For manufacturers, this means using predictive analytics technology and big data to consistently keep track of how the weather is changing around the world.

The sooner that equipment manufacturers can anticipate a hurricane or an earthquake, the sooner they can begin producing equipment to deal with that disaster, saving lives and driving business in the process.

2. Value the residential and private markets

The construction machinery manufacturing industry in the U.S. has actually declined by 3% in 2019, reaching a total revenue of $34 billion.

However, the number of businesses in the industry has grown by 0.6%, and the number of employees has increased by 0.1%.

The residential and private markets are largely responsible for the growth of the industry despite decreased public sector work.

As a result, these markets will be more vital than ever for construction equipment manufacturers looking to remain competitive in 2019 to target.

3. Invest in AI and intelligent manufacturing

AI and intelligent manufacturing are set to be two of the most visible revolutions within the construction equipment manufacturing industry over the next couple of years.

Equipment manufacturers interested in remaining competitive in a crowded market can use these technologies to cut production costs and simultaneously ramp up productivity and efficacy.

4. Understand big data

While countless industries have quickly caught on to the benefits of collecting and handling data, the heavy equipment manufacturing industry has been lagging behind.

For manufacturers who want to maintain a cutting-edge facade to their business in 2019, this will need to change.

From improving productivity and quality on the production pipeline to dramatically increasing customer satisfaction, data can help equipment manufacturers bolster their businesses in countless ways.

5. Take advantage of IoT

Much like big data, the manufacturing industry has been surprisingly slow to use the IoT (Internet of Things) to its advantage.

By presenting customers with a slew of IoT-linked offerings, manufacturers can dramatically increase the appeal of their products.

Adapting products and services to fall in line with the IoT will be a benchmark manufacturers will have to meet in the coming years, and by acclimating products to the IoT early, manufacturers can get ahead of the curve.

While Industry 4.0 has brought with it countless changes to the manufacturing industry, this article has covered five of the major elements of Industry 4.0 that construction equipment manufacturers are most concerned about. 

Reaching Construction Equipment Manufacturers

Looking to contact construction equipment manufacturers? An IndustrySelect subscription gives you access to full profiles of any manufacturing company in the U.S., including those in the construction industry. Subscribers can select up to 30 data points, including regional, industry, annual sales, square footage and more to help identify or pre-qualify leads. Company profiles also include the contact information for hard-to-find executive decision-makers.Try a free demo today! Or, want to learn more about IndsutrySelect? Register for our webinar

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