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Freedonia Market Research Press Releases Manufacturers of Construction Equipment are Increasingly Using Strategic Acquisitions to Gain Access

Manufacturers of Construction Equipment are Increasingly Using Strategic Acquisitions to Gain Access to New Technologies

by Gleb Mytko

June 14, 2023

New technologies – with the potential to greatly increase the capabilities of construction equipment – have appeared on the market in recent years.

Cleveland OH, June 14, 2023 – According to the new study, Global Construction Machinery, technological innovation is transforming the massive global construction machinery industry. New technologies – with the potential to greatly increase the capabilities of construction equipment – have appeared on the market in recent years, sparking a race to develop next-generation machines. Among the most promising areas of development are:
  • electrification (i.e., the development of electric and hybrid off-highway equipment)
  • autonomous machines and models that automate key functions
  • data collection and communication capabilities
  • new fleet management systems
Because manufacturers of construction equipment have limited experience with many of these state-of-the-art technologies, they have increasingly turned to strategic acquisitions to achieve their R&D goals. Such technologies are also extremely expensive and time-consuming to develop.
Since 2021, several important acquisitions have occurred in the global construction machinery industry:
  • CNH Industrial agreed to acquire Hemisphere GNSS (China) in March 2023 in order aid the development of autonomous machines for construction and agricultural applications.
     
  • In January 2023, Caterpillar agreed to purchase a partial stake in US-based Lithos Energy – a battery technology company – as part of its electrification efforts. In May 2022, the company acquired Tangent Energy (US), which develops energy-saving and emissions-cutting technologies.
     
  • Oshkosh acquired Hinowa (Italy) in January 2023 in order to get access to the company’s electrification technologies.
     
  • To expand its battery electrification capabilities, Deere acquired a majority stake in Austria’s Kreisel Electric, a developer of immersion-cooled battery technologies, in February 2022.
     
  • Volvo used its purchase of a majority stake in Electric Special Technics (Netherlands)—which produces customized electric wheeled and crawler excavators for the domestic market – to advance its development of electric models.
With technological innovation growing in importance, such strategic acquisitions will continue to be used extensively by manufacturers of construction equipment. In general, it will be the leading industry participants that continue to make the largest acquisitions because of the high costs involved.  
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