Mining Equipment Industry Outlook
The continuous demand on the global mineral and metal markets provides mining equipment manufacturers in Sweden a competitive edge. The advent of automation technologies in the category has led to the augmented use of smart and connected solutions. This, in turn, has provided significant opportunities for mining equipment manufacturers for the retrofitting of existing products. However, companies need to assess market drivers and factors impacting the equipment sales to sustain in the market.
Business Challenges Faced
The client, one of the leading mining equipment manufacturers in Sweden was facing predicaments due to stagnant growth rates. The limited availability of large-scale projects and the abundance of low-cost inferior equipment into the market was adversely affecting their mining equipment sales. Moreover, the decline in world commodity prices and demand due to cooling-off the Chinese economy was creating difficulties for the company. The client, therefore, decided to leverage SpendEdge’s category market intelligence solution to better understand the market dynamics. They also wanted to obtain real-time insights to profile the right suppliers for their business.
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Our Research Approach
With the aid of SpendEdge, the client performed a comprehensive SWOT and PESTLE analysis to better understand the internal and external factors impacting the mining equipment industry. This helped the client to assess market dynamics, trends, suppliers pricing, and gain detailed insights regarding the mining equipment market size. Also, the experts conducted a technology landscape assessment and analyzed competitors’ category strategies to improve category forecasting and develop successful category plans.
The comprehensive mining equipment industry report offered also helped the client to identify key suppliers operating in the industry space. They gained a detailed understanding of the various components and procured the right products and services at the right price levels.
SpendEdge’s solution helped the client to understand price fluctuations, identify profitable projects, increase mining equipment sales, and improve supplier efficiency. This approach reduced the operational costs for the client and increased their profit margins by 35%. The supply market insights further helped the client to evaluate and determine appropriate supply markets to conduct in-depth analysis and profile potential suppliers.
Understanding pricing trends is crucial for companies to identify profitable projects and improve mining equipment market share. Subscribe now to enjoy free access to SpendEdge’s pricing insights regarding the industry.
Best Practices for Companies in the Mining Equipment Industry
- Make improvements to machinery to achieve productivity gains.
- Increase cross-industry collaboration to improve equipment sales.
- Adopt lean techniques and process automation without jeopardizing the quality of equipment.
- Improve the production efficiency and reduce consumption of resources per unit of production to ensure sustainability.