2023 NA Production: Graders
A Grader is a piece of heavy equipment used to level or smooth roads or other surfaces. Also referred to as a Road Grader or a Motor Grader.
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2023-11-16
Outboard Marine Engine Market Hits $5.5 Billion
GLOBAL REPORT
The global Outboard Marine Engine Market size is estimated at $5.54 billion in 2023, and is expected to reach $8.99 billion by 2035, growing at a CAGR of 4.1% during the forecast period, according to research by Power Systems Research.
The COVID-19 outbreak significantly impacted the boat manufacturing industry and caused a decline in recreational activities worldwide, which hurt outboard motor sales. However, in 2021, the market regained momentum due to the easing of restrictions. The market is expected to register healthy growth in the coming years.
There are generally three types of boat drives including inboard, outboard, and sterndrive. One obvious distinction among them is their placement of motor in the boat.
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Transitioning from ICE Buses to Zero-Emission Engines
NORTH AMERICA REPORT
During the past few months, we have seen significant changes in the bus market in Europe and North America as operations convert from internal combustion engines to zero-emission buses.
In Europe, Scania and Volvo are moving from building complete buses to a chassis only build. The high cost of zero-emission buses and a competitive market are primary reasons for this. The expected growth of zero-emission buses is forcing the OEMs to better streamline operations, and we expect to see other large OEMs transition down this path.
Source: AMS
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Kubota and Sumitomo Plan Mutual Supply of Equipment
JAPAN REPORT
Kubota Corporation and Sumitomo Construction Machinery Co., Ltd. said they have begun discussions regarding the mutual supply of construction equipment.
Internationally, the growing demand for housing and the expected increase in construction work related to infrastructure investment and urban development, plus the increasing shortage of construction labor, are expected to create strong demand for construction equipment to improve efficiency and reduce labor requirements.
Kubota develops, manufactures, and sells small construction equipment used in urban construction, while Sumitomo Construction Machinery specializes in medium and large construction equipment used in a wide range of civil engineering and forestry work.
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Hyundai Sells EVs To Oil-Producing Countries
SOUTH KOREA REPORT
Hyundai Motor Company has started to develop the EV market in the Middle East. The strategy is to get a head start in the market by making large investments. In response to the global movement to reduce carbon dioxide emissions, interest in the EV market is high in the oil-producing countries of the Middle East.
On Oct. 22, 2023, Hyundai Motor Company, which is expanding its business into environmentally friendly hydrogen energy in addition to local vehicle production, signed a joint investment agreement with the Saudi National Fund to establish a semi-finished product assembly plant. The joint venture plant will be built in King Abdullah Economic City and will have an annual production capacity of 50,000 units.
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Weichai-BYD JV Begins Production of Battery Plant
CHINA REPORT
The joint venture between Weichai Power and BYD has started construction on its factory, which has attracted widespread attention and has quickly become a hot topic in the industry. On Nov. 3, 2023, in Shandong Province, the Weichai (Yantai) New Energy Power Industrial Park project, a joint venture between Weichai Power and BYD, officially began construction.
Project plans call for the creation of a research and development and manufacturing base for batteries, motors, electronic controls, and electric drive assemblies that run through new energy commercial vehicles.
After the project is put into operation, the direct beneficiaries will include Weichai New Energy Commercial Vehicles under the Weichai Group and located in Yantai.
May 12, 2023, Weichai Power and BYD signed a strategic cooperation agreement in Shenzhen to jointly produce power batteries in Shandong.
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Construction Equipment Set for Substantial Growth
INDIA REPORT
The construction equipment industry anticipates a robust 5-year outlook with a projected 15% year-on-year growth. This optimistic forecast is anchored in the momentum generated by ongoing construction projects and increased infrastructure spending. The government’s substantial allocation of $130.57 billion (Rs 10 lakh crore) underscores its commitment to fortifying this sector.
Moreover, the recognition of the scale and technological prospects within the construction landscape further emphasizes the strategic importance of advancements in this domain.
Source: Times of India: Read The Article
The construction equipment (CE) sector has undergone significant transformation over the past 2-3 years, marked by major players reaching peak manufacturing capacities and subsequently embarking on expansive growth initiatives.
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2023-10-24
Sonalika Group Plans $100 Million for Export Facility
INDIA REPORT
Sonalika Group is planning to spend approximately $100 million to set up a manufacturing facility for the production of tractors aimed at the international export market. Production will be used to developing products tailored to meet customer requirements in Latin America, Europe, United States, Oceania and South Asia
“We are looking at investing $100 million to set up a dedicated facility for exports. The new unit will have total installed capacity of 100,000 units and will be commissioned within the next two years,” according to Gaurav Saxena, director and CEO of the company’s International Tractors Ltd., operation.
One-third of the group’s revenue is attributed to exports, and the organization aims to be among the world’s top three tractor brands by 2030, considering the global sale of 1.5 million tractors. Presently, ITL exports 35,000 units and has set a target to reach 100,000 units within the next seven years.
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FAW Jiefang, CATL Launch New Energy Venture
CHINA REPORT
FAW Jiefang and CATL have set up a joint venture company, Jiefang (Jilin) New Energy Technology Co., Ltd., to do business in the new energy segment. The company is wholly-owned by Jiefang shidai New Energy Technology Co., Ltd., which is a joint venture between FAW and CATL with each party holding 50% of the JV’s shares.
The JV was established to sell new energy vehicles, batteries, battery parts, and electric vehicle charging equipment charging stations; Information system integration services; and Intelligent control system integration. It also will manufacture power transmission and distribution and control equipment.
In August 2022, CATL reached a strategic cooperation agreement with FAW Jiefang, proposing to invest 500 million yuan to establish a subsidiary for cooperation. CATL’s battery business mainly focuses on the passenger car market, and the cooperation between the two sides marks the beginning of CATL’s in-depth launch into the new energy commercial vehicle market.
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Malaysia’s Proton Considers Building EV Plant in Thailand
SOUTHEAST ASIA: MALAYSIA REPORT
Malaysian state-owned carmaker Proton is considering building an EV plant in Thailand, according to reports from Thailand government officials. The Thai government has long focused on promoting related industries.
At a joint press conference with the Prime Minister of Malaysia, where he is visiting, the Thai Prime Minister said, “I hope we can confirm clear steps to invite the plant and proceed quickly,” and indicated that he plans to work out the details with the parties involved soon. The amount of investment and production capacity were not disclosed.
Proton was established in 1983 as a national policy to revive Malaysia’s automotive industry. Currently, the company is rushing to switch to EVs after receiving an investment from Geely, a private Chinese automotive giant.
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