roland berger construction equipment market 20111007 (1)

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1Construction_Study_final_mit_Ansprechpartnern.pptx

Munich, October 2011

Market survey

Growth strategies in the global construction equipment market Capturing growth markets in BRIC and beyond

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2 2011 Roland Berger Strategy Consultants

Contents Page

A. Global market survey on construction equipment 350 senior management and industry expert interviews conducted among manufacturers, dealers and suppliers

B. Key growth priorities in the global construction equipment industry 8Regional growth focus on BRIC and other emerging market regions (e.g. Africa and Middle East), evaluation of products/product properties, leasing/aftermarket services and key market challenges

C. In-depth review of survey findings 12Detailed results from interviews regarding prospective growth regions, attractive products, differentiating product properties/services and market challenges

D. Conclusive implications for construction equipment players 29Actionable recommendations and areas of focus regarding markets, products, competitiveness and growth strategies

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A. Global market survey on construction equipment

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This study identified key growth opportunities, important levers and market challenges in the global construction equipment industry

MARKETSGlobal markets, including TRIAD1) and top growth markets such as BRIC

Study scope

Source: Roland Berger

1 OPPORTUNITIES

KEY GROWTH

LEVERS2

MARKET

TRENDS3

MARKET

CHALLENGES4

1) North America, Europe and Japan

PRODUCTSCore construction vehicles and equipment, as well as associated financial, rental and after-sales services

COMPANIESLeading global construction and off-highway machinery OEMs and their component and service providers

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Our study comprises the results from 50 interviews with industry experts located in the six construction equipment lead markets

Study participants by geographical distribution

> 50 senior managers and industry experts from global and regional players in key markets were interviewed

> Markets covered include the US and Germany with a focus of 30 interviews

> Additionally all BRIC markets were covered with 20 interviews in total

SUM: 50 INTERVIEWS


# 15

n = Number of interviews conducted

# 5

# 15

# 5

# 5

# 5

RUSSIA

GERMANY

BRAZIL

USACHINA

INDIA

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Roland Berger study findings are based on senior management inter-views and insights from industry experts along the entire value chain

Study participants by company type and position held [no. of interviews conducted]

> Vice President> Deputy General Manager> Sales Manager> Marketing and Sales Executive> Director of Strategic Marketing> Product Manager> Business Development & Account Mgmt. Executive

Equipmentmanufacturers

> Global Manager> Head of Marketing> Senior Sales and Marketing Executive> Marketing and Business Development Director> Director of Operations & Industrialization> Director of Supply Chain

Componentssuppliers

> Regional Director> General Manager> Chief Commercial Manager> Sales and Marketing Director> Product Development Director

Dealers

REPRESENTED BYPARTICIPATING SEGMENTS1)

6

8

34


Vehicle manu-facturers

Suppliers

Dealers

Independent industry experts

Experts > Global industry analyst2

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We conducted a global and comprehensive survey covering most important company size segments along the entire value chain

7

34

14

13

Equipmentmanufacturers

ComponentsSuppliers

Large

Medium

Small

SUM 8

1

5

2

STUDY APPROACH:> Telephone interviews with than

50 global top executives and industry experts Vehicle manufacturers Suppliers Retailers and dealers

SCOPE/COVERAGE:> Study comprises leading global

companies, as well as large regional enterprises and regional players

> All relevant products from new/used equipment sales to after sales and leasing/financing

> Global key markets

REVENUESEGMENTS Dealers

> EUR 5 bn

EUR 1-5 bn

< EUR 1 bn

6

3

1

2


Study participants by company size and type [no. of interviews conduced]1)

1) Additionally two industry expert interviews conducted

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B. Key growth priorities in the global CE industry

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Growth opportunities for construction equipment industry are in BRIC and newly emerging markets Consolidation is expected

Key findings (1/3)


1.BRIC MARKETS continue to be the major growth focus due to large investments in roads, ports and other infrastructure> Brazil is very attractive due to its continuing economic growth and political stability> China and India are growing markets, dominated by local Joint Ventures, however room for

new market entrants still available

2.Also OTHER EMERGING REGIONS, such as Africa and Middle East are increasingly attractive for CE companies with large investments planned and various construction OEMs about to enter these markets> In particular South Africa and North African countries are very promising> Also Middle East, ASEAN and Latin America are considered very attractive markets

3.COMPETITION IS INCREASING in the whole industry, along the entire value chain, especially in TRIAD markets Market consolidation is key result> Recent mergers, e.g. Caterpillar (Bucyrus), Terex (Demag) show the extent of ongoing

industry consolidation

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Beyond core construction machinery offer based on distinctive product differentiation, financial and AM service key for growth

Key findings (2/3)


4.

LEASING IS GAINING IMPORTANCE compared to other financing options, especially loans However, strong regional differences can be observed

> Leasing is considered most important in the future in e.g. Brazil, Russia, China, Germany

> Importance of joint equipment ownerships is rising, however, it is still not as competitive compared to leasing/loan financing options

5.

Among core construction machinery, EXCAVATORS AND WHEEL LOADERS are the most important product segments with BACKHOE LOADERS catching up> Most important technological trends are connectivity, monitoring of vehicle functions and

emissions reduction

> Most relevant and differentiating key components are engines and transmissions

> Most important distinguishing factors on the market are QUALITY, PRICE AND AVAILABILITY OF REPLACEMENT PARTS

> Product range, customization and quality have the strongest rise in importance

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Continuously high importance of COMPREHENSIVE AFTERMARKET SERVICES Large investments are currently made to expand service locations1)

> Availability of replacement parts however is still the most important criterion, closely followed by the demand for a professional key account management and round-the-clock services

> Full service offerings including financing, insurance and service is the fourth most important aftermarket service

6.

GROWTH REQUIREMENTS and MARKET CHALLENGES are strongly diverse across different geographical markets> Growth enablers in BRIC countries tightly linked to governm. support and market regulation> TRIAD markets for CE are mostly saturated with entrenched competitive landscape

7.

Most important KEY MARKET CHALLENGES are emissions regulations, import duties/restrictions and pressure from emerging market competitors> Strong regional differences in market challenges> Regulations are most important in Europe and USA> Pressure from emerging market competitors in BRIC > Import restrictions in Brazil, China and Russia

8.

Regional specifics play a fundamental role and have to be implemented in comprehensive growth strategies

Key findings (3/3)


1) E.g. by Caterpillar, Komatsu, Terex

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C. In-depth review of survey findings

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BRIC countries are considered the most attractive growth regions, rating significantly better than TRIAD countries

MOST ATTRACTIVE REGIONS

Rating of attractiveness regarding growth potential by key regions

3.1

Russia 3.9

India 4.1

China 4.1

Brazil 4.4

Japan 2.6

NAFTA 3.0

Europe

CITATIONS FROM STUDY PARTICIPANTS

"Attractiveness of Brazilian market is due to the positive economic growth and political stability"

BRAZIL

RUSSIA "Attractive due to growth, however, antiquated manufacturing base, dependency on strong oil pricing, and political problems can inhibit growth."

"Russia weakens itself due to the frequent introduction of new policies, e.g. unfavorable customs regulations"

INDIA "Limiting factors of lack of growth in middle economic class, cultural issues, and weaknesses also in education system"

CHINA "We as component supplier are heavily pushed by our OEM clients to follow them to China"


1

Low(1)

High(5)

BRIC

TRIAD

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Beyond BRIC, Africa and Middle East have also become the upcoming growth priorities of the construction equipment industry

AFRICA

> South Africa is the single most attractive African country

> North Africa is also a promising growth region, e.g.

Algeria

Egypt

Morocco

Libya

1) Excluding Brazil: Brazil is included in the BRIC specific analysis

MIDDLE EAST ASEAN LATIN AMERICA1) OTHERS

29% 25% 15% 15% 16%> Named countries

include:

U.A.E Saudi Arabia Qatar Afghanistan Iran

> Indonesia is by far the most attractive country in ASEAN regarding growth options

> Other countries include:

Thailand

Vietnam

> Following Brazil, Argentina is regarded the second most attractive market in Latin America

> Other countries include:

Uruguay

Chile

INCLUDING:

> Australia & New Zealand

> Far East

> Central Asia

Most attractive growth regions beyond BRIC and TRIAD markets [% of all mentions]


MOST ATTRACTIVE REGIONS1

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All companies interviewed consider organic growth in current and entry to new markets Two out of three consider inorganic growth

Growth options pursued by CE companies [%]

All companies interviewed consider organic growth in current markets with most of them having implemented all necessary measures82%

0%

18%

0%

44%56%

36%

43%

21%

38%

42%

21%

NEW MARKETS

Through market entry

CURRENT MARKETS

Through gain of market shares

INORGANIC (through M&A)ORGANIC

All companies interviewed consider organic growth to new markets Only slightly more than half of them have taken measures for implementation

Around 2/3 of companies consider inorganic growth in current markets. However only 21% have taken actual measures

Around 2/3 of companies consider inorganic growth to new markets. However only 21% have taken actual measures

TYPE OF EXPANSION

Not intendedPlannedCurrently in implementation


ORGANIC VS INORGANIC GROWTH BACKUP2

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Large and medium sized CE companies focus on inorganic growth to further penetrate existing and enter new markets

INORGANIC (through M&A)ORGANIC


NEW MARKETS

Through market entry

CURRENT MARKETS

Through gain of market shares

TYPE OF EXPANSION

9%

91%

0% 0%

15%

85%

30%

20%

50% 45%50%

5%

33%

44%

22%

30%

30%

40% 40%

50%

10%

41%

24%35%

SMALL MEDIUM LARGE SMALL MEDIUM LARGE


Influence of company size1) on growth ambitions [%]


Not intended at allCurrently in implementation/realization Planned

0%

28%

72%

27%

73%

0%

0%

55%45%

0%

41%59%

1) Company size by revenues: Small: < EUR 1 bn, Medium: EUR 1-5 bn, Large: > EUR 5 bn

FOCUS AREA

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ADDITION OF NEW PRODUCTS

Product portfolio expansion is considered a key priority with room for M&A deals, whereas pure extension of value chain is less favored

Consideration and implementation of growth options [%]

4%

96%

31%

69%

EXTENSION OF VALUE CHAIN

OVERALL DEGREE OF CONSIDERATION

Consideredthrough organic and/or inorganic

Not consideredat all

4%

59%

37%

40%

38%

23%

7%

41%

52%

55% 38%

6%

INORGANICORGANIC

CO

MM

EN

TS > Most companies consider

adding further products to their product portfolio

> Degree of implementation is low, especially for the inorganic option, indicating further M&A potential

> Extension of value chain is not as attractive to the majority of companies, with 1/3 not considering it at all

> Around 1/4 of companies is currently extending its value chain through organic growth

Not intendedPlannedCurrently in implementation


TYPE OF EXPANSION

CO

MM

EN

TS

ORGANIC VS INORGANIC GROWTH3

Not consideredat all

Consideredthrough organic and/or inorganic

&

&

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Product portfolio extension especially for large and medium player is intended through M&A Small player focus on organic value chain ext.

Influence of company size1) on growth ambitions [%]


ADDITION OF NEW PRODUCTS

EXTENSION OF VALUE CHAIN

TYPE OF EXPANSION INORGANIC (through M&A)ORGANIC

0%

73%

27%5%

60%

35%

44%

44%

11%

55%45%

0%

61%28%

11%

33%

44%

22%45%

50%

5%

41%50%

0%



6%

50%44%

18%

64%

18% 15%

35%50%

41%

24%

35%

Not intended at allPlannedCurrently in implementation/realization


1) Company size by revenues: Small: < EUR 1 bn, Medium: EUR 1-5 bn, Large: > EUR 5 bn

FOCUS AREA

FOCUS AREA

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Rating of most attractive core construction equipment vehicles ranks excavators and wheel loaders as most attractive products

Rating of top-5 core construction equipment products Current and future trends

TOP-5 TODAY AND PROSPECTED CHANGE IN ATTRACTIVENESS

> Excavators will remain number 1 construction equipment, as they continue to develop into multi-functional applications

> Among top-5 construction equipment, only backhoe loaders expand in attractiveness

> Skid steer loaders and motor graders have declining attractiveness

1.

2.

3.

4.

5.

Excavators

Wheel loaders

Backhoe loaders

Skid steer loaders

Motor graders

> Electrical control devices/GPS applications (e.g. Caterpillar accugrade technology)

IMPACTING TECHNOLOGICAL TRENDS

CONNECTIVITY

> Realtime monitoring of activity and performance, e.g. vehicle parts operation detection module

> Equipment failure monitoring computer

> Viable hybridization applications are still to be developed

MONITORING

EMISSIONS REDUCTION


MOST ATTRACTIVE PRODUCTS4

COMMENTS

IncreasingFuture attractiveness: Stable Decreasing

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Within CE products, transmission and engine are and remain the most attractive components, but body trading up

Rating of attractiveness of selected products1)

Engine

ATTRACTIVENESS OF KEY COMPONENTS

1) Grades from highest (5) to lowest (1)

KE

Y C

OM

PO

NE

NT

S

Transmission

Auxiliary modules

Body/Undercarriage

POSSIBLE STRATEGIES

1st

2nd


MOST ATTRACTIVE PRODUCTS4

COMMENTS

> For the best use of captive resources, focus on the most attractive components

> Engine and transmission are in general most attractive for growth ambitions due to role in fuel efficiency and emission reduction

> Body/undercarriage are gaining importance due to product differentiation

> Auxiliary modules are least attractive for OEMs as supplied by common/ regional suppliers

OUTSOURCING WHERE REQUIRED

POTENTIAL FOR DIFFERENTIATION

3.6

3.7

4.0

4.1


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Quality, price and replacement services are the most important characteristics on the market Quality in top-3 in most markets

3.2

Breadth of product

range offered3.4

Costomized vehicle

configurations3.7

Maintenance and

service costs4.0

Local/on-site

service capabilities4.0

Supply of replace-

ment parts4.2

Purchasing price

Coverage of used

equipment2.9

In-house capabilities

for core vehicle compon.

4.2

Product quality 4.5

Ranking of product characteristics regarding potential to be distinguished on the marketGLOBAL RANKING (current)1)


The three properties PRODUCT RANGE,CUSTOMIZATION and QUALITY have seen the strongest rise in importance


PRODUCT PROPERTIES FOR DISTINCTNESS 4

1.

2.

3.

4.

5.

6.

7.

8.

9.


TREND

Low(1)

High(5)

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Quality, price and replacement services are the most important characteristics on the market Rankings strongly depend on country

Regional ranking of product characteristics regarding potential to be disting. on the market

REGIONAL RANKING

Quality1.

Quality Price Replacement parts

Price Quality

Price2.

Replacement parts

Quality Coverage used equipment

Quality Maintenance costs

3.Maintenance costs

Local/on-site service

Customization Price Maintenance costs Local/on-site service

4.Replacementparts

Customization Local/on-site service

Quality Local/on-site service

Price

5.Local/on-site service

Maintenancecosts

Replacement parts

Maintenance costs

Replacement parts

Customization

6.Customization Price Product

rangeLocal/on-site service

Product range Product range

7.Productrange

Product range

Maintenance costs

Customization Customization Replacement parts

8.Coverage used equipment

In-house components

In-house components

Product range

In-house components

In-house components

9.In-house components

Coverage used equipment


In-house components




PRODUCT PROPERTIES FOR DISTINCTNESS4

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COMMENTS

The study reveals rising importance of leasing with loans still the no. 1 financial service However regional differentiation can be observed

Importance of financial services to realize growth potentials1)


> Overall loans are the number 1 financial service

> Leasing has significant importance in Germany and Russia and is on the rise

> In Brazil and China, leasing will gain importance to be the number 1 financial service in the future

+0.1

Joint

equipment

ownerships 2.8

2.5

Insurance3.2

3.0

Leasing4.1

3.8

Loans4.1

4.0

+0.3

+0.2

+0.3

GLOBAL VIEW REGIONAL VIEW (current)

3.9Loans 4.3

Joint ownershipsInsurance 3.5Leasing

2.8

Joint ownerships 2.5Insurance 2.1Leasing 4.1Loans 3.5

Joint ownerships 2.0Insurance 2.8Leasing

4.0Loans4.0




= Countries with leasing as number 1 financial service in the future

Today

Future

Most important for future


GROWTH POTENTIAL IN FINANCIAL SERVICES 5

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Supply of replacement parts will remain most important AM service with further increasing importance of 24/7 and long term service

All-in-one

solutions2)3.5

4.1

24/7 service

availability4.2

Professional key

account customer

management4.4

Supply of

replacement parts4.5

Mobile service

units3.9

(Longterm) service

agreements

Importance ranking1) of aftermarket services to realize growth potentials

RANKING and CHANGE of interviewed aftermarket services

GROWTH POTENTIAL IN AFTERMARKET SERVICES6

Little differences across the countries included in the interviews were found

KEY FINDINGS


ALL PRODUCT RELATED SERVICES rank very high on the rating scale

ALL IN ONE SOLUTIONS (financing/ insurance/ services) are ranked at lower priority but with increasing importance

1) Grades from highest (5) to lowest (1) 2) Financing/insurance/services

1.

2.

3.

4.

IncreasingFuture importance: Stable Decreasing

TREND

Low(1)

High(5)

6.

5.

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Growth enablers and market specifics for CE in BRIC are closely linked to national government support and market regulation

> Promising market limited mostly by market inefficiencies and political issues> Unforeseeable changes in customer regulation can occur

> Tariffs and financing restrictions make market very difficult to penetrate without localized manufacturing base

> However even strong differences between Brazilian regions lead to different markets trends

> Market already dominated by large global players aligned with local Indian JV partners

> Growing market with room for JVs to participate


REGIONAL SPECIFICS7

Regional growth requirements and challenges BRIC

Brazil

REGIONALITY OF MARKET CHALLENGES

Are market trends rather diverse depending on the region?

Russia

India

China

No

Yes

14%

86%

KEY MARKET SPECIFICS IDENTIFIED

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While TRIAD markets are very competitive, Africa, Middle East and Southeast Asia have lower barriers to entry

AFRICA

MIDDLE EAST

SOUTHEAST ASIA

> Major projects being serviced by multinationals

> Local distribution highly dependent on stability of in country sales and service organizations

> Political instability will continue to hinder growth

> Recovery in global markets and petroleum demand will spur continued growth

> Growing manufacturing base and market sophistication will make these attractive opportunities

> Saturated markets: Little room for growth for new competitors due to high overall operating costs

> Users demand the utmost in quality, uptime, comfort and safety Developing regions have lesser expectations

NAFTA AND WESTERN EUROPE


REGIONAL SPECIFICS7

REGIONALITY OF MARKET CHALLENGES

No

Yes

14%

86%

Are market trends rather diverse depending on the region?

KEY MARKET SPECIFICS IDENTIFIED

Regional growth requirements and challenges Outside BRIC

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Top-3 market challenges are import restrictions, emissions regulations and pressure from emerging market competitors

Overall market challenges for construction equipment1) across all regions

Emissions regulations

3.3

Import duties/

restrictions

2.7

4.0

4.1

Recycling and

environmental regulations

3.6

Phase-out of governmental

stimulus package

Safety regulations

3.1

Pressure from horizontally

more integrated players

Pressure from vertically

more integrated players

3.1

4.0

3.6

Pressure from emer-

ging market competitors

Pressure from East-Asian

competitors (excl. China)

3.4Shift of value creation to

low cost locations e.g. China3.1

Consolidation on

demand side

Bottlenecks in financing /

funding

3.0

3.2

Declining market

demand

Technological developments

e.g. alternative powertrains3.5

REGULATIONS COMPETITION OTHERS

DEVELOPMENT OF TOP-3 MARKET CHALLENGES


Top -3 market challenge


KEY MARKET CHALLENGES8

1. Import duties/restrictions


Pressure from emerging market competitors

2.

3.

Regulation and competition based key market challenges are most important today

RANKING

IncreasingFuture development: Stable Decreasing

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In each country, certain challenges are most relevant Some of these however are dominant only in certain regions

RANK

Import duties/ restrictions


Value creation shift to low cost


East Asian competition

Emerging market competition


Government support



Horizontally integrated players




Financing/ funding




Participants indicated different top-3 challenges in their respective markets

Some of the challenges are present in certain countries and regions


KEY MARKET CHALLENGES8

1.

2.

> Emissions regulation

> Safety regulation

> Recycling and environmental issues

> Import duties/ restrictions2)

TRIAD1) BRIC

REGIONAL SPECIFICS

3.

1) North America, Europe and Japan 2) Focus on Brazil, Russia, China

TRIAD1) BRIC

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D. Conclusive implications for CE players

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To capture growth opportunities in BRIC and beyond, key levers to ensures competitive positioning need to be addressed globally

FINDINGS DETAILS


MARKETS1

2 PRODUCTS

3COMPETITIVE-NESS

4GROWTH STRATEGIES

Target most attractive CE growth markets> BRIC markets are today the most attractive growth regions and need to be

targeted in a country-specific way> Windows of opportunity to tackle further growth markets beyond BRIC, e.g. Africa,

South America, ASEAN to ensure competitive advantage

Optimize product and service portfolio> Focus on most attractive product segments (excavators, backhoe loaders) by

leveraging differentiators engine and transmissions> Global expansion of financing and aftermarket services needed, but regional

specifics need to be considered

Enhance competitiveness on global scale> Optimize product offering based on harmonized vehicle platforms, but compliant

with regional market specifics (emissions, price levels)> Actively participate in market consolidation through M&A and JVs

Formulate suitable growth strategies encompassing key CE growth priorities> Key value proposition and product/service portfolio> Countries targeted and footprint design> Core competencies and differentiating technologies

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It's character that createsimpact!

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roland berger construction equipment market 20111007 (1)

Documents

growth markets

construction equipment

global market survey

text object

construction equipmenta4rb

key markets

bric markets

marketing executive