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1、 Global - Machinery 0199 - 2099 - 2012 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1 MarketLine Industry Profile Global Machinery May 2013 Reference Code: 0199-2099 Publication Date: May 2013 WWW.MARKETLINE.COM MARKETLINE. THIS PROFILE IS A LICENSED PRODUCT AND
2、IS NO T TO BE PHOTOCO PIED Global - Machinery 0199 - 2099 - 2012 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 2 EXECUTIVE SUMMARY Market value The global machinery market grew by 8.2% in 2012 to reach a value of $245.7 billion. Market value forecast In 2017, the
3、global machinery market is forecast to have a value of $371.4 billion, an increase of 51.2% since 2012. Category segmentation Construction machinery is the largest segment of the global machinery market, accounting for 52.9% of the markets total value. Geography segmentation Asia-Pacific accounts fo
4、r 38.6% of the global machinery market value. Market rivalry The machinery market is characterized by intense competition, due in part to high establishment and fixed costs, as well as barriers to exit from the market. Global - Machinery 0199 - 2099 - 2012 MARKETLINE THIS PROFILE IS A LICENSED PRODU
5、CT AND IS NOT TO BE PHOTOCOPIED Page | 3 TABLE OF CONTENTS Executive Summary2 Market value 2 Market value forecast.2 Category segmentation2 Geography segmentation 2 Market rivalry .2 Market Overview .6 Market definition6 Market analysis .6 Market Data7 Market value 7 Market Segmentation .8 Category
6、segmentation8 Geography segmentation 9 Market Outlook 10 Market value forecast.10 Five Forces Analysis 11 Summary 11 Buyer power.12 Supplier power 13 New entrants .14 Threat of substitutes.15 Degree of rivalry16 Leading Companies17 AB Volvo.17 Caterpillar, Inc. 20 Deere as such, larger businesses ma
7、y be able to exercise a degree of influence, and the loss of such buyers may adversely affect market player revenues. The varied requirements of different buyers allow manufacturers to differentiate themselves by offering products answering to specific customer needs. A number of leading market play
8、ers have established globally recognized brands. For example, John Deere manufactures all its machinery, from tractors to lawnmowers, under the same name, creating a high level of brand identification and loyalty, while CNH Global trade a number of products under the New Holland brand. A strong bran
9、d reputation can influence buyers in this market, thus weakening their position. On the other hand, brand loyalty has been decreasing in the machinery market. Many of the products sold in this market are large purchases and companies may be increasingly likely to shop around for the best deal before
10、 making a purchase. This is particularly true in the uncertain economic times have that have been experienced in recent years. Most buyers are unlikely to integrate backwards into the manufacture of machinery, which strengthens the incumbents. On the other hand, buyer power is strengthened to an ext
11、ent by relatively low switching costs. Overall, buyer power in this market is assessed as moderate. Global - Machinery 0199 - 2099 - 2012 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 13 Supplier power Figure 7: Drivers of supplier power in the global machinery ma
12、rket, 2012 SOURCE: MARKETLINE M A R K E T L I N E With fairly low differentiation of raw materials, such as steel and aluminum, within the market, there is often little to distinguish different suppliers. Machinery manufacturers tend to incur low switching costs if they change their suppliers of the
13、se materials, except in cases where long-term obligations have been negotiated. The price of raw materials can be volatile, with substantial variations being evident from year to year. Aluminum prices rose to very high levels up to 2008, after which they crashed. By the beginning of 2011, aluminum p
14、rices were around 10% higher than for the same period in 2010. However, in 2012 aluminum prices have been fluctuating. Market players may attempt to overcome price fluctuations by adopting hedging strategies, or by entering into long-term contracts with suppliers. Where value-added inputs, such as e
15、ngineered components, are concerned, supplier power is stronger because they are offering highly-differentiated goods. A number of market players are highly reliant on single suppliers. CNH Global, for instance, relies upon single suppliers for certain components, primarily those that require joint
16、development between the company and supplier. This again strengthens supplier power. Overall, supplier power is assessed as moderate in the market. Global - Machinery 0199 - 2099 - 2012 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 14 New entrants Figure 8: Factor
17、s influencing the likelihood of new entrants in the global machinery market, 2012 SOURCE: MARKETLINE M A R K E T L I N E The global market is dominated by a small number of large international players. Entry to the market as a direct competitor to companies such as Caterpillar would require consider
18、able capital outlay to set up production plants, involving high fixed costs offset by scale economies. However, small-scale entry is possible by short-line and specialty manufacturers. Entrants on a small scale would generally operate on a local rather than a global level, and operate in individual
19、markets. Large market players possess significant intellectual property assets in the form of patents, licenses, and trademarks. Furthermore, leading manufacturers have established strong brands that are recognized globally. Regulations exist in this market, such as international environmental laws
20、governing the use, transport and disposal of substances and control of emissions. In addition to governing manufacturing and other operations, these laws often impact the development of products, adding to costs. Although the market globally is experiencing positive growth, economic conditions remai
21、n tough, and a decline in lending may prevent potential entrants from accumulating sufficient capital to enter the market. The likelihood of new entrants is moderate overall. Global - Machinery 0199 - 2099 - 2012 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 15 Th
22、reat of substitutes Figure 9: Factors influencing the threat of substitutes in the global machinery market, 2012 SOURCE: MARKETLINE M A R K E T L I N E Substitutes, as such, do not exist in this market. However, used products being sold privately may act as potential substitutes. With a high level o
23、f price sensitivity in this market, used machinery becomes a possible threat. Such equipment is cheaper than the equivalent bought new, although it is unlikely to be under any kind of warranty if sold privately, which may be of great significance when it comes to heavy duty machinery. The availabili
24、ty of parts may also be an issue for older products, and they are also likely to have higher levels of engine emission. New vehicles meeting emission standards may qualify for tax incentives, which would reduce the threat of substitutes. A further possible threat could be the use of manual labor in
25、place of machinery. This may be a credible threat on farms in developing economies. However, it is highly unlikely that manual labor will be used as a substitute for mining or construction equipment. Furthermore, as emerging economies continue to grow, manual labor is likely to be replaced by machin
26、ery as demand increases. Overall, the threat of substitutes is moderate. Global - Machinery 0199 - 2099 - 2012 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 16 Degree of rivalry Figure 10: Drivers of degree of rivalry in the global machinery market, 2012 SOURCE: M
27、ARKETLINE M A R K E T L I N E The machinery market is dominated by a small number of large multinational players. Competition between large players is intense due to a number of factors, such as high fixed costs for players, and low switching costs for buyers. Recently, market players have been targ
28、eting developing countries in order to maximize growth. For example, Deere construction and forestry; and financial services. The companys agriculture and turf segment manufactures and distributes a full line of agricultural and turf equipment and related service parts. The segments equipment operat
29、ions are consolidated into five product platforms, including crop harvesting; turf and utility; hay and forage; crop care; and tractors. Deere also purchases certain products from other manufacturers for resale. Additionally, the segment offers ancillary products and services supporting its agricult
30、ural and turf equipment customers. John Deere Landscapes, a unit of the company, distributes irrigation equipment, nursery products and landscape supplies, including seed, fertilizer and hardscape materials. Another unit of the company, John Deere Water, manufactures and distributes precision agricu
31、ltural irrigation equipment and supplies. The segment also provides integrated agricultural business and equipment management systems. In addition to the John Deere brand, the agriculture and turf segment purchases and sells a variety of equipment attachments under the Frontier, Kemper and Green Sys
32、tems brand names. The segment also manufactures and sells walk-behind mowers and scarifies in select European countries under the SABO brand name. The companys construction and forestry segment offers a range of equipment for the construction, earthmoving, material handling and forestry. The segment
33、s forestry machines are distributed under the John Deere brand name and forestry attachments are distributed under the John Deere and Waratah brand names. In addition to the equipment manufactured by the construction and forestry segment, the company purchases certain products from other manufacture
34、rs for resale. The company and Hitachi Construction Machinery (Hitachi) has a joint venture for the manufacture of hydraulic excavators and track log loaders in the US and Canada and a joint venture for the manufacture of excavators in Brazil. Deere distributes Hitachi brands of construction and min
35、ing equipment in North, Central and South America. The company also supplies a range of construction, earthmoving, material handling and forestry products manufactured by John Deere in the US, Finland and New Zealand. These are also distributed by Hitachi in certain Asian markets. Global - Machinery
36、 0199 - 2099 - 2012 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 24 The construction and forestry segment also has a joint venture in China with Xuzhou Bohui Science & Technology Development (Xuzhou) known as known as Xuzhou XCG John Deere Machinery Manufacturing
37、 for the manufacture of hydraulic excavators. In India, the segment manufactures construction equipment branded Leyland Deere through its joint venture with Ashok Leyland. The segment also has established manufacturing capacity for construction and forestry equipment in Russia and construction equip
38、ment in China. The company also owns Nortrax, an authorized dealer for construction, earthmoving, material handling and forestry equipment in the US and Canada. Deere also owns a retail construction and forestry sales operation in Russia and owns retail forestry sales operations in Australia, Brazil
39、, Finland, Ireland, New Zealand, Norway, Sweden and the UK. The financial services segment primarily finances sales and leases by the companys dealers of new and used agriculture and turf equipment and construction and forestry equipment. In addition, the financial services segment provides wholesal
40、e financing to dealers of the foregoing equipment, finances retail revolving charge accounts and operating loans and offers crop risk mitigation products and extended equipment warranties. The segment offers financing, primarily for Deere products, in the US, Canada, Australia, China, India, New Zea
41、land, Russia, Thailand and in several other countries in Asia, Europe and in Latin America. Key Metrics The company recorded revenues of $36,157 million in the fiscal year ending October 2012, an increase of 12.9% compared to fiscal 2011. Its net income was $3,065 million in fiscal 2012, compared to
42、 a net income of $2,800 million in the preceding year. Table 13: Deere & Company: key financials ($) $ million 2008 2009 2010 2011 2012 Revenues 28,437.6 23,112.4 26,004.6 32,013.0 36,157.1 Net income (loss) 2,052.8 873.5 1,865.0 2,799.9 3,064.7 Total assets 38,734.6 41,132.6 43,266.8 48,207.4 56,26
43、5.8 Total liabilities 32,201.9 36,313.9 36,963.4 41,392.5 49,403.8 Employees 56,623 51,262 55,650 61,278 66,859 SOURCE: COMPANY FILINGS M A R K E T L I N E Global - Machinery 0199 - 2099 - 2012 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 25 Table 14: Deere & Com
44、pany: key financial ratios Ratio 2008 2009 2010 2011 2012 Profit margin 7.2% 3.8% 7.2% 8.7% 8.5% Revenue growth 18.1% (18.7%) 12.5% 23.1% 12.9% Asset growth 0.4% 6.2% 5.2% 11.4% 16.7% Liabilities growth 2.5% 12.8% 1.8% 12.0% 19.4% Debt/asset ratio 83.1% 88.3% 85.4% 85.9% 87.8% Return on assets 5.3%
45、2.2% 4.4% 6.1% 5.9% Revenue per employee $502,227 $450,868 $467,288 $522,422 $540,796 Profit per employee $36,254 $17,040 $33,513 $45,692 $45,838 SOURCE: COMPANY FILINGS M A R K E T L I N E Figure 15: Deere & Company: revenues & profitability SOURCE: COMPANY FILINGS M A R K E T L I N E Global - Mach
46、inery 0199 - 2099 - 2012 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 26 Figure 16: Deere & Company: assets & liabilities SOURCE: COMPANY FILINGS M A R K E T L I N E Global - Machinery 0199 - 2099 - 2012 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO
47、 BE PHOTOCOPIED Page | 27 Hyundai Heavy Industries Co., Ltd. Table 15: Hyundai Heavy Industries Co., Ltd.: key facts Head office: 1 Jeonha-dong, Dong-gu, Ulsan 682 792, KOR Telephone: 82 2 746 4603 Fax: 82 52 202 3432 Website: english.hhi.co.kr Financial year-end: December Ticker: 9540 Stock exchang
48、e: Seoul SOURCE: COMPANY WEBSITE M A R K E T L I N E HHI is one of the global leaders in the heavy industries segment. The company is one of the leading shipbuilders in the world. It has a global business network spread across Europe, the Americas, Asia, Africa and Middle East. The company operates
49、through 10 business divisions: oil refining, shipbuilding, construction equipment, offshore and engineering, engine and machinery, industrial plant and engineering, electro electric systems, financial services, green energy and other businesses. The companys shipbuilding business has delivered approximately 1,720 vessels to 271 shipowners in 48 countries. The companys 10 dry docks at Ulsan and Gunsan yards can build around 90 vessels a year for the shipping, energy transport and exploration, and naval markets. Major products offered by this segment includ
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