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Research Focused on the Ride-on Trowel Market Forecast up to 2025
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Based on type of machine, the market for ride-on trowel can be segmented into overlapping and non-overlapping. Non-overlapping machines are preferred by contractors, as there is a space in the machine for the installation for floating pans. Float pans are used for initial floating operations before the final finishing is carried out. The overlapping segment held promising share of the market in 2016 owing to the cost effectiveness of these machines. Small scale contractors use overlapping machines as initial floating does not have adverse effect on final finish of the concrete surface.
Based on the type of cover, the market for ride-on trowel can be bifurcated into hydrostatic ride-on trowel and mechanical ride-on trowel. Hydrostatic ride-on trowel can be used for jobs up to 6000 sq. ft. They are light weight by design and can deliver approximate rotor speed up to 180 rotation per minute. Based on application, the market for ride-on trowel can be divided into residential buildings, commercial buildings, industrial buildings, and others. Factors propelling the growth of ride on trowel are increase in investment in infrastructural projects in developing countries and rise in lease-based equipment lending practices. Governments of various countries offer tax benefits to private contractors and construction companies to encourage investments in infrastructural projects. This is expected to augment the construction equipment market, thereby boosting ride-on trowel market.
The ride-on trowel market is anticipated to expand significantly during the forecast period owing to the substantial growth in the construction industry. Increase in construction of residential and non-residential projects coupled with rise in renovation activities is anticipated to drive the demand for construction equipment. This, in turn, is estimated to propel the demand for ride-on trowel.
Geographically, Asia Pacific held significant share of the ride-on trowel market in 2016. The construction industry in Asia Pacific has been expanding due to the rise in industrial and commercial construction activities in many countries of Asia Pacific such as Malaysia, Singapore, and Thailand. Demand for construction in residential and commercial sectors is increasing owing to several factors such as urbanization, rise in per capita income and spending, and GDP growth in emerging economies such as India and China. India is anticipated to depict twice the growth of China by 2024, led by the increase in urban population and rise in government investments in infrastructure. North America and Europe are mature markets and are expected to offer sluggish growth opportunities for the ride-on trowel market owing to the less number of construction projects. The World Bank estimates infrastructural investment in the Middle East to rise by approximately US$ 100 Bn by 2031.
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Major players operating in the ride-on trowel market are Multiquip Inc., Wacker Neuson SE, Parchem Construction Supplies, and ALLEN ENGINEERING CORPORATION.
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