Rise in demand for material carrying equipment is evident due to the continuously growing construction and mining industry across the world. Changing technology in material handling equipment in developed and developing countries is felicitating the use of advanced pay loading equipment at construction and mining sites.
Increase in public-private partnership projects are raising demand for material buggies to carry material at constructions sites. For instance, the Indian government has planned to construct six-lane highways to connect metro cities to other cities.
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At present, Europe holds the largest revenue share in the global material buggy space, owing to the well-established advanced material handling equipment industry in the region, especially the United Kingdom. The United Kingdom sold approximately 520 units of material buggies in 2020, which includes large numbers of diesel engine material buggies.
As per the report new published by Fact.MR, the global material buggy market is anticipated to exceed a valuation of US$ 230 Mn by 2021, and is expected to expand at an impressive CAGR of around 7% over the forecast period of 2021 to 2031.
Key Takeaways from Market Study
- In 2020, one-third of market revenue was generated solely by the European region.
- Material buggies with diesel engines account for more than 40% of global sales.
- In 2020, North America and Europe together accounted for approximately 60% of global market share. The European market is expected to offer over US$ 77 Mn absolute dollar opportunity over the next ten years.
- The market for material buggies is moderately concentrated, where companies such as The Toro Company, Allen Engineering, and Bartell Global hold around 30% of the global market share.
- The market in East Asia is projected to expand at a CAGR of around 9.5% throughout 2021-2031.
“With stringency of emission norms, material buggy manufacturers should largely focus on electric and gas engine variants. Although, higher prices of these variants can impact demand in the short run, they will stand sustainable compared to other engine variants,” says a Fact.MR analyst.
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Advancements in technology towards material carrying equipment and new ways to carry material from construction and mining sites are likely to impact the current material carrying equipment market in the near future.
Companies such as Operval are providing remote control transmission material buggies, which provides a new approach to carry material from hilly areas, and it also avoid the chances of damage. Owing to the needs of end users, innovation in material buggies, which allows to run them with the help of hydrogen cell, will reduce the lifecycle cost of these systems. This can be a key winning strategy for manufacturers of material buggies.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global material buggy market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study reveals essential insights on the basis of engine, type, payload, moving speed, engine power, and sales channel, across six regions of the world (North America, Latin America, Europe, MEA, East Asia, and South Asia and Pacific).
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