Global Ride-on Trowel Market: Snapshot
Power trowels are widely used in construction activities world over for smoothing concrete surfaces of all sizes, mainly to meet safety requirements and achieve superior flat surfaces. Ride-on power trowels have gained significance as construction equipment to achieve superior concrete surfaces through various finishing and floating operations. These mechanized equipment are increasingly being demanded in various regions for achieving superior concrete finishes required of large construction projects such as those in warehousing, industrial buildings, and airports. The need for high-tolerance smooth, concrete surface in massive warehouse construction is also accentuating the demand for advanced ride-on trowelling technologies for high production finishing jobs in large areas.
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A vastly rising infrastructural development in a number of emerging economies and the rapid pace of industrialization in developing regions are key factors opening up promising avenues for players in the ride-on trowels market. However, the need for cost-effective ride-on trowels that also provides superior fuel economy and better lever controls are key challenges. Nevertheless, in the coming years this may pan out as exciting opportunities for players. Teeming with opportunities worldwide, the worldwide ride-on trowel market is projected to rise from a valuation of US$67.0 Mn in 2016 to reach a worth of US$101.0 Mn by 2025 end. The market is projected to expand at a CAGR of 4.7% during 2017–2025.
Easy Maneuverability and Maintenance to Account for Dominant Demand for Mechanical Ride-On Trowels
On the basis of steering type, the market is broadly bifurcated into mechanical and hydraulic ride-on trowels. Of the two, the mechanical ride-on trowel segment held the major share amounting to 71.0% in the global market and is expected to retain its dominance throughout the assessment period. The vastly rising demand for mechanical ride-on trowels is mainly attributed to their optimum maneuverability, higher operator comfort, and easy maintenance requirements. Stricter enforcement laws in various developed and developing nations is a key factor boosting their adoption during the forecast period.
Based on the blade diameter used for ride-on trowels can be segmented into 36”, 46”/48” and over 48” ride-on trowels. Of these, the 46”/48” segment holds a substantial share in the global market currently and is expected to retain its dominance in the coming years as well. The prominent demand for 46”/48” enabled-ride-on trowels is on account of the wide flexibility they have in operations and the versatile concrete finishing jobs possible with them.
Petrol Fuel Powered by Ride-On Trowels Currently Leads, However Diesel Trowels to Rise at Prominent Pace
Of the various types of fuels used in the operation of ride-on trowels, the market can be divided into petrol, diesel, and electric. Of these, petrol fuel based ride-on trowels holds the leading share in the global market and is expected to maintain this trend. However, the diesel fuel based ride-on trowel segment is projected to rise at a substantial pace. The demand for these products is largely driven by the growing need for cost-efficient machines that can also meet high demand for superior concrete surface finishes. The declining prices of diesel in some regions is offering a robust fillip to their demand.
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North America Dominates Global Market, Europe to Rise at Prominent Pace
The various regional markets for ride-on trowels comprise North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Of these, North America leads the pack, holding the major revenue share of the global market and is expected to retain its dominance throughout the forecast period. The regional market is also projected to rise at the dominant CAGR of 5.0% during 2017–2025. This regional market is closely trailed by the Europe market and will rise at a significant pace in the coming years. Asia Pacific is expected to rise at a moderate growth rate, led by India. While, a marked slump in construction activities in China and Japan may hamper the growth to an extent, a burgeoning infrastructural development in India is anticipated to provide a strong impetus to the regional market.