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Major Focus Points and Results of The Research Conducted for the Asia-Pacific Mining Equipment Sector

By: Admin In: Business Last Updated: 2016-11-23

Mining Equipment IndustryGlobally, the mining equipment sector is predicted to see a growth at CAGR 6.42%, reaching a market size of 136.03 billion US dollars in the year 2021. With such rapid growth in the cards, it becomes important to analyze the factors that would help the suppliers make more profit with this growth. Timetric, a leading business-research service provider, recently came forward with an analysis of the trends in the mining equipment sector for the year 2016. This survey is based on the opinions of 110 senior decision makers of this sector. The survey throws light on the pattern of customer preference and the factors that affect such preferences. Additionally, it also revealed the performance of various suppliers of mining equipment in Asia-Pacific region. This survey of key buyers and decision makers helped in framing many end-results, which you will read as you proceed further in the article.

Main Focus of The Analysis
With this survey revealed by Timetric, the main question circulating in everybody’s mind is, ‘What is the main focus of this analysis?’ Well, to clear out the chaos, here is a list that will tell you more about this survey.

  • Their main focus was to find out which supplier-categories are excelling in the competition and which are not. This was done by inspecting the ratings of customer satisfaction for 16 different categories of mining equipment.

  • To top that, it was to help suppliers and manufacturers of mining equipment in Asia-Pacific region get more profit from their sale. It analyzed the main factors that drove people to choose certain supplier and discard the other for their mining equipment deals.

  • It also analyzed the leading suppliers of mining equipment like Komatsu, Caterpillar, Atlas Copco and Sandvik. Not just overall analyses, it also analyzed individual suppliers of various equipment separately.

  • Through the survey, they also wanted to find out what was the rate at which a buyer would change a supplier or rather why would a buyer switch from one supplier to the other.

  • The gist of the survey was to point out the major changes that the customers demanded from their suppliers in terms of mining equipment. By studying the ratings of customer satisfaction, it became clear as to which area suppliers had to work on to gain profit and earn their loyalty.

Resulting Trends
Having discussed the main focus of this research, it’s time we discuss the trends that came to light after this long process. The name that emerged as the leading supplier from this survey was Caterpillar. Based in the USA, this company topped the list with maximum customer satisfaction ratings in eight categories out of the total 16. The major factor that makes customers stick to certain suppliers is the quality of equipment provided. Major strata of customers go for a trial run of the equipment and check its demonstration before dealing with them. The main factor that decided the customer-supplier bond was the quality of the equipment supplied. The brand name also played a key role in determining the market share of the supplier.

A brief knowledge about the trends in the mining equipment sector was discussed in the above article. These factor points would definitely help you strengthen your position in the market of mining equipment.

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