North America Ride-on Power Trowel Components Market Shows 4.8% YoY Growth in 2022, Reports Persistence Market Research

The North America ride-on power trowel components market is undergoing steady growth, driven by the increasing demand for faster, safer, and more precise concrete finishing in the construction sector. In 2022, the market recorded a year-on-year growth of 4.8%, reaching a value of US$ 25,253.6 thousand. It is estimated to touch US$ 26,462.6 thousand in 2023 and is projected to attain US$ 43,243.9 thousand by 2033, expanding at a CAGR of 5%. This growth trajectory underscores the region's commitment to infrastructure expansion and the adoption of advanced construction machinery.

The United States remains the leading geographical region in this market, contributing a significant share due to its large-scale construction activities, innovation in R&D, and extensive use of power trowels in industrial and residential projects. Float pans are the leading product segment, favored for their cost-effectiveness and efficiency in enhancing slab flatness. This product type's growing popularity, coupled with the rise of industrial construction, especially in warehousing and e-commerce facilities, significantly boosts market growth.

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Key Highlights from the Report

✦ The market reached a value of US$ 26,462.6 thousand in 2023, up from US$ 25,253.6 thousand in 2022.
✦ Float pans are the fastest-growing product type, projected to grow at a CAGR of 6.4% through 2033.
✦ The U.S. is the dominant market, driven by advanced manufacturing and high R&D investments.
✦ Top five manufacturers account for approximately 20% of the North American market share.
✦ Canada's market is forecast to grow at a higher CAGR of 5.3% due to infrastructure development.
✦ The rental equipment segment is playing a key role in market expansion by making components accessible.

Market Segmentation

The North America ride-on power trowel components market is segmented based on product type, material, size, application, and sales channel. Among product types, trowel blades and float pans are the most critical components. Float pans are especially favored for their initial surface leveling capabilities, redistributing material evenly and creating a uniform base for finishing blades. Within trowel blades, standard, finishing, and combination variants serve different levels of surface refinement.

By material, both trowel blades and float pans are available in steel, stainless steel, carbon steel, and high carbon variants, depending on durability requirements. Float pans made from steel or carbon steel offer a balanced mix of longevity and cost-effectiveness, making them a preferred choice in large-scale and repetitive projects.

Application-wise, these components are primarily used in concrete finishing tasks across commercial, industrial, and residential construction. Their use is prominent in new construction as well as renovation and infrastructure repair, thanks to their ability to deliver high-quality, uniform finishes in less time compared to manual trowels.

Regional Insights

United States

The United States is the largest and most influential market for ride-on power trowel components in North America. It is expected to grow at a CAGR of 4.2% through 2033. The U.S. benefits from a strong base of construction activities, particularly in infrastructure, logistics centers, and residential buildings. Government investments and initiatives to modernize infrastructure further fuel the demand for advanced concrete finishing equipment. R&D efforts and innovations by domestic companies are enhancing the durability and efficiency of components, ensuring long-term market leadership.

Canada

Canada is projected to grow at a CAGR of 5.3% during the forecast period, outpacing the U.S. in growth rate. The rise in urbanization and infrastructure investments, especially in transportation and real estate, has created an increased need for efficient construction tools. Ride-on power trowels and their components are gaining traction for delivering high-quality concrete finishes on large surface areas, which are prevalent in commercial and residential projects. Anticipated urban expansion and growing public infrastructure demand are key contributors to this growth.

Market Drivers

The primary growth drivers of the North America ride-on power trowel components market include government-backed infrastructure development and urbanization projects, which necessitate efficient concrete finishing tools. Increasing adoption of ride-on power trowels for both new construction and maintenance activities is another major factor. The rise of e-commerce and the need for high-functionality warehouse flooring is pushing the demand for superior concrete finishing components.

Additionally, the rental equipment industry is playing a pivotal role by enabling cost-effective access to ride-on trowels and their components, making it easier for small to mid-sized contractors to use this technology. These components also align well with growing safety, quality, and productivity standards in construction projects across North America.

Market Restraints

Despite the promising outlook, the market faces notable restraints. The high cost of power trowel components and the frequent need for replacements can deter adoption, particularly among cost-sensitive contractors. Ride-on trowel components are subject to rapid wear depending on usage intensity and concrete type. This increases long-term operational costs and creates a financial burden on smaller firms. Furthermore, the initial investment cost of ride-on trowel machinery adds to the barrier, especially in markets where alternatives like manual trowels are still prevalent.

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Market Opportunities

There is a substantial opportunity for manufacturers to develop more durable and cost-effective materials to reduce replacement frequency and long-term ownership costs. Additionally, expanding aftermarket services and component rentals can open new revenue channels. With the increasing emphasis on green and sustainable construction, companies can also innovate in materials and manufacturing techniques that reduce environmental impact. Moreover, technological advancements, such as smart sensors and ergonomic designs, offer the potential to further differentiate products in a competitive market.

Reasons to Buy the Report

✔ In-depth analysis of current market trends, growth drivers, and future projections through 2033.
✔ Detailed segmentation of the market to understand specific product, material, and application trends.
✔ Comprehensive insights into key regional dynamics and high-growth geographical markets.
✔ Competitive landscape analysis with profiles of top market players and recent developments.
✔ Strategic recommendations for new entrants and existing players to enhance market share and profitability.

Company Insights

• Husqvarna Group
• Multiquip
• Allen Engineering Corporation
• Bartell Global
• Marshalltown Company
• Fayat Group
• Atlas Copco
• Edco - Equipment Development Co. Inc.
• Wagman US
• MASTERPAC
• Crown Construction Equipment
• Bon Tool Co.
• Kraft Tool
• MBW Inc.
• Kushlan Products

Recent Developments:

• Multiquip recently launched a new series of high-durability float pans designed for faster finishing and longer wear life.
• Bartell Global announced a partnership with a major rental equipment provider to expand the availability of ride-on trowel components across North America.

Conclusion

The North America ride-on power trowel components market is set for robust and sustained growth, supported by increased demand for advanced construction tools, urbanization trends, and infrastructure upgrades. With key segments like float pans leading the charge, and regions like the United States and Canada fueling demand, market players have ample opportunity to innovate and grow. Despite cost-related restraints, the market presents attractive opportunities for stakeholders investing in R&D, product durability, and strategic distribution partnerships. As construction standards and expectations continue to rise, the role of efficient concrete finishing solutions like ride-on power trowels and their components will become even more pivotal in shaping the region's built environment.

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About Persistence Market Research:

At Persistence Market Research, we specialize in creating research studies that serve as strategic tools for driving business growth. Established as a proprietary firm in 2012, we have evolved into a registered company in England and Wales in 2023 under the name Persistence Research & Consultancy Services Ltd. With a solid foundation, we have completed over 3600 custom and syndicate market research projects, and delivered more than 2700 projects for other leading market research companies' clients.

Our approach combines traditional market research methods with modern tools to offer comprehensive research solutions. With a decade of experience, we pride ourselves on deriving actionable insights from data to help businesses stay ahead of the competition. Our client base spans multinational corporations, leading consulting firms, investment funds, and government departments. A significant portion of our sales comes from repeat clients, a testament to the value and trust we've built over the years.

This release was published on openPR.