Sales Of Ride-On Power Trowel Are Slated To Accelerate At A Steady CAGR Of 4.6% By 2031
Research Reports
Nov 21, 2022
The global ride-on power trowel market size is projected to reach US$ 137 Mn, exhibiting growth at 4.6% CAGR between 2022 and 2032, predicts Fact.MR. Increasing infrastructure development activities across emerging economies is anticipated to propel the growth in the global ride-on power trowel market over the forthcoming years.
Ride-on power trowels are used to extract, polish, and smoothen concrete surfaces during the floating and finishing processes. These are primarily deployed in garages, warehouses, airports, industrial structures, and residences owing to the requirement of enormous loads in these places.
As per Fact.MR, need to smoothen and level surfaces is likely to surge at a fast pace in the near future owing to the rising number of large warehouse and airport construction projects across the globe.
For instance, according to the Australian Government’s Department of Infrastructure, Transport, Regional Development and Communication, from September 2020 to 21, around 1.168 million passengers were carried domestically and internationally by flights.
Hence, rising number of air passengers is set to result in the high demand for new airports and in turn, drive the ride-on power trowel market.
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“Increasing demand for mechanized concrete finishing in places with large surfaces is anticipated to augment the growth in this market. Besides, urgent need for state-of-the-art construction equipment from laborers due to the heavy load involved in building activities is also set to drive the market,” says a Fact.MR analyst.
Key Takeaways:
- Based on country, the U.S. is expected to surpass US$ 33 Mn owing to the increasing usage of construction equipment.
- GCC countries are anticipated to generate a revenue share of US$ 21 Mn on the back of the upcoming event of FIFA.
- In terms of region, North America is set to dominate the global market by holding the lion’s share with expansion of construction industry in the U.S.
- Middle East and Africa is likely to hold about US$ 20 Mn in 2022 because of the increasing adoption of advanced technology.
- Europe is projected to account for approximately 23.4% of the market share in 2022 stoked by the increasing construction in residential sector in the U.K. and Germany .
- Based on product type, the mechanical ride-on trowel segment is anticipated to reach US$ 93 Mn by 2032.
Growth Drivers:
- High demand for mechanical ride-on trowels owing to their low maintenance requirements, high operator comfort, and superior maneuverability is set to boost the market.
- Rapid expansion of the commercial real estate sector in developed countries is anticipated to drive the market over the forecast period.
- Increasing demand for advanced troweling methods to surge the efficiency and smoothen high-tolerance concrete floors is likely to bolster the growth in this market.
Restraints:
- Unavailability of cost-effective ride-on power trowels with greater lever controls and high fuel efficiency may hamper the growth in this market.
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Competitive Landscape
Key players present in the global ride-on power trowel market are focusing on strategies, such as brand development, portfolio expansion, competitive pricing, acquisition, and investment to broaden their geographical presence and strengthen their positions.
For instance,
- June 2021: Valtec Group LLC, a leading manufacturer of industrial machinery and equipment based in Michigan, announced the launch of VP614 OmniPoly Poly Trowel Blades. These are available in six inches by fourteen inches and are designed to control the dark burnish marks on the concrete floor. These are made of abrasion-resistant and long-lasting materials for reducing blade changes.
- July 2021: Allen Engineering Corporation, a U.S.-based concrete equipment manufacturer, introduced its new heavy-duty walk-behind trowel named PRO446X. It has a helical gearbox that is capable of tackling extremely demanding projects. It also has a rotor diameter of 46 inches and an adjustable plow handle.
- January 2020: Multiquip, a machinery manufacturer headquartered in the U.S., launched its new ride-on power trowel at the 2020 World of Concrete, Las Vegas. The LD6 model is the company’s first 6-feet compact trowel equipped with a hydrostatic drive system. It provides value and robust performance to concrete contractors.
Key Players in the Ride-on Power Trowel Market Include:
- Multiquip
- Allen Engineering
- Wacker Neuson
- Atlas Copco
- Parchem Construction
- Dragon
- Bartell
- MBW
- Shenhua
- Dynamic
- Masterpac
- Roadway
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More Valuable Insights on Ride-on Power Trowel Market
Fact.MR provides an unbiased analysis of the ride-on power trowel market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global ride-on power trowel market with a detailed segmentation on the basis of:
By Product Type
- Hydrostatic Ride-on Power Trowel
- Mechanical Ride-on Power Trowel
By Troweling Diameter
- 36 inch troweling diameter
- 48/49 inch troweling diameter
- 59/60 inch troweling diameter
Key Questions Covered in Ride-on Power Trowel Market Report
- The report offers insight into the ride-on power trowel market demand outlook for 2022-2032.
- The market study also highlights projected sales growth for ride-on power trowel market between 2022 and 2032.
- Ride-on power trowel market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
- Ride-on power trowel market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
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