construction equipment markets in brazil november

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CONSTRUCTION EQUIPMENT

MARKETS IN BRAZIL

NOVEMBER 2015

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Wilton, CT 06897

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THE CONSTRUCTION EQUIPMENT INDUSTRY | BRAZIL 2015 INTRODUCTION .......................................................................................................................... 1 GENERAL INFORMATION ........................................................................................................... 2 THE BRAZILIAN ECONOMY ......................................................................................................... 3 MACHINERY MARKETS OVERVIEW ............................................................................................ 8

BACKHOE LOADERS | RETROESCAVADEIRAS ......................................................................................... 9 CRAWLER DOZERS | TRATORES DE ESTEIRAS ....................................................................................... 14 WHEEL LOADERS | CARREGADEIRAS DE RODAS .................................................................................. 19 SKID STEER LOADERS | MINI‐CARREGADEIRAS .................................................................................... 25 HYDRAULIC EXCAVATORS | ESCAVADEIRAS HYDRAULICAS ................................................................. 29

CRAWLER EXCAVATORS ................................................................................................................... 29 WHEELED EXCAVATORS ................................................................................................................... 35 MINI‐EXCAVATORS | MINI‐ESCAVADEIRAS ..................................................................................... 38

MOTOR GRADERS | MOTONIVELADORAS ........................................................................................... 41 ARTICULATED HAULERS | CAMINHOES ARTICULADOS ........................................................................ 46 RIGID HAULERS | CAMINHOES FORA DE ESTRADA ............................................................................. 49 COMPACTORS | COMPACTADORES ..................................................................................................... 54 ASPHALT PAVERS | PAVIMENTADORA DE ASFALTO ............................................................................ 59 AERIAL WORK PLATFORMS | PLATAFORMAS AÉREAS ......................................................................... 63 TELEHANDLERS | MANIPULADORES TELESCÓPICOS ............................................................................ 68 CRAWLER LOADERS | CARREGADEIRAS DE ESTEIRAS ......................................................................... 71 AGRICULTURAL TRACTORS | TRACTORES DE RODAS ........................................................................... 71 HARVESTING COMBINES | COLHEITADEIRAS ....................................................................................... 77

MANUFACTURER PROFILES ..................................................................................................... 81 AGCO Corporation ................................................................................................................................ 81 CNH GLOBAL N.V .................................................................................................................................. 82 CATERPILLAR, INC. ................................................................................................................................ 83 KOMATSU LIMITED............................................................................................................................... 84 VOLVO CONSTRUCTION EQUIPMENT .................................................................................................. 85 DEERE & COMPANY .............................................................................................................................. 86 CIBER EQUIPEMENTOS ......................................................................................................................... 87 TEREX ................................................................................................................................................... 87 RANDON S.A. ........................................................................................................................................ 88 JCB ........................................................................................................................................................ 89 LIEBHERR BRASIL .................................................................................................................................. 90 DYNAPAC GROUP ................................................................................................................................. 91 AGRALE S.A. .......................................................................................................................................... 92 HYUNDAI HEAVY INDUSTRIES .............................................................................................................. 92 SANY DO BRASIL ................................................................................................................................... 93 DOOSAN INFRACORE ............................................................................................................................ 94 LIUGONG .............................................................................................................................................. 94 OTHER SUPPLIERS ................................................................................................................................ 96

PROTON PRIMUS ............................................................................................................................. 96 XCMG ............................................................................................................................................... 96 MANITOU ........................................................................................................................................ 96 SHANDONG CHANGLIN .................................................................................................................... 96 FOTON ............................................................................................................................................. 96 ZOOMLION ...................................................................................................................................... 96 SEM .................................................................................................................................................. 97 XGMA .............................................................................................................................................. 97 TIANGONG ....................................................................................................................................... 97 LONKING .......................................................................................................................................... 97 HAULOTTE ....................................................................................................................................... 97 LBX CORPORATION .......................................................................................................................... 97 YTO BRASIL ...................................................................................................................................... 97

THE RENTAL EQUIPMENT MARKET .......................................................................................... 98 FINANCING OF EQUIPMENT ................................................................................................... 101

FINAME FINANCING ........................................................................................................................... 101 IMPORT TAXES ................................................................................................................................... 102

MANUFACTURER CONTACT INFORMATION ......................................................................... 103

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2015 ALL RIGHTS

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s began to uney trading parom 2001-201enced its first n 2014. Furthoybeans, andas received mBrazil—is equfrom $187.18drought, a pr

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ENGST ASSOCIATE

ple effects in contractors i

unneled to coDilma Roussel). Over 100 ave lost monestock declines ongoing ande investment, companies a

e deeply-rooteh largest GDPto other emeto China’s 42n, resulting in government reg to the Worldnducting tradethe nation’s rodevelopment aa timely mann

to reverse thh rates of the Minister. Levces under diffproach to poliRousseff. Hism inflation in o

credit rating.two successivnto a recessio budget, Stanthe nightmare

Levy’s urgingto reduce govwith Levy hahave capped

sed import tax generate conthese reformscies, Moody’s

portant for draburdens and ussion. For e

ES © 2015 ALL RIG

the economynflated sums rrupt busines

eff’s Workers business andey on compand by half, andd will likely un, since investoassociated wit

ed problems aP among worlrging econom%). Much of low levels of egulations had Bank’s low re across bordoads unpavedas farmers aner.

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vy has guidedferent adminicy, a contrast

s primary concorder to attrac Unfortunateve quarters oon. When the

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d pensions, limxes. Other auntroversy. Des are necessas and Fitch, fr

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are also causd economies

mies, investmethe economylabor produc

ave damagedranking of Braders. A deterid and with hend manufactu

mentioned aPresident Rod the Brazilianstrations in tht to the more cerns have bect more investely, however, of negative groe governmenor’s downgraared might ha

mented a numbt and achievpopular with mmited sick leausterity effortsespite the polary to attract irom also dow

ors to Brazil astments more posals have b

ION EQUIPMENT

ONTENTS CONFID

ast 2006, Petr their serviced politicians—gh she has nders have beeunder investi

wered its ratinurrent admini

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ng to “junk” ststration’s efforned” by sink

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structure, withted ports, hinget their produ

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us austerity md budget. Theans: For exammployment beng contested ng, Levy’s supnd to prevent azil’s credit sta

med at reducany of the refr deregulating


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embers of cated in and value of atus.

orts to ing

Brazil has ked 95th. DP

global ion and s es for

h about 85 ders ucts to

to the quim Levy economic market-

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atus.

ing forms are stillg the energy,


T STUDY ON EQUIPMENT MARKETS | BRA

YENGS

mining, agrrequiremenof service athat Petrobsource of foMore substpercent to 9Furthermorrecent agreseven otheless red tapfrom the staBrazil has lfor infrastruwill create i The governchanges in environmenand gas dewere desigauctions, umaintain athowever, hoffered on tInvestors afrom Mexicyears of a ngovernmenrules, Mexicauctions. A change insector, a setarnished frpercent andthe sales apower plancompanies this point. BG Group fextensive dwill increasof liquefied Petrobras isscandal. Band infrastr

AZIL 2015

ST ASSOCIATES ©

riculture, and nts that mandaand equipmenras must havossil fuels thatantively, Braz9.2 percent. re, various infeement for ther roads. Othepe, a lifting of ate-run Nationaunched a la

ucture developncentives for

nment’s attemthe sale of co

nt more attraceposits (not inned to be monlike the formt least a 30 peave been disathe opening rnd energy coo. The responationalized ont to liberalizeco was able t

n local contenector that offerom the scandd will be divesre transactedts, gas distribhave reporte

In a separatefor 70 billion ddrilling rights ae its gas and natural gas,

s not the onlyBusinesses asructure develo

2015 ALL RIGHTS

aviation sectoate businessent purchases.e a stake in t

at was discovezil raised the Ports, railwayfrastructure pre privatizationer projects invcaps on inve

nal Social andrge public copment. It hasr lenders to inj

mpts to give a oncessions active to investcluding pre-s

ore investmenmer productionercent stake iappointing. Around were soompanies are onse to Mexicoil policy—we its local contto attract more

nt rules could ers other invesdal and in neesting many of, some of the

bution serviceedly been invite deal involvindollars. Both as well as driloil reserves band facilitate

y company sessociated withopment are d

RESERVED. ALL CO

ors. Other rees to hire loca There is evehe “pre-salt” oered in 2007 rate of returnys, and airporrojects are in n of four roadsvolving airporestment profitsd Economic Dncessions pros also put fortject more cas

greater role tare indicative otors. Likewisesalt deposits), nt-friendly. A n sharing modn all projects.

As of this writold, while somhoping the B

co’s initial aucere disappointtent rules. Wre offers and i

stimulate mostment oppored of cash, plf its assets. Ae assets that ces, and downsted to look at

ng oil compancompanies o

lling rights in by 25 percenaccess to Br

eeking to diveh the scandal ivesting rathe

ONTENTS CONFID

eforms includeal companiesen talk of elimoffshore oil aunder a thick

n on highway rts might see the process s in 2015-201rts, railroads, s, and less inDevelopment oject that hopth a policy by sh into agricu

to the private of its efforts te, the latest r which openeconcession mdel that speci. Opening biding, only 17 o

me blocks recBrazilian govection of oil andting, promptin

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razil’s deep w

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DENTIAL TO THE CL

e easing loca for a certain

minating the rend gas fields,

k layer of rockconcessions similar increaof being priva16 might be eand seaports

nvolvement anBank (BNDE

pes to attract which the celture and mor

sector and imo create a buound of aucti

ed in October model was usified Petrobrads in the auctof the 119 bloceived no bidsrnment will tad gas blocks—ng the Mexicae in local con the next roun

the Braziliante-run Petrob investments

ails will not be include therms. The major ere is nothing 8, 2015, Shelazil, but BG hor Shell, the ahe world’s larg

water fields.

view of the “calved in constr

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ENGST ASSOCIATE

ompanies in oil prices as weopportunities

because of th

hese opportunss, estimated e more immedesents many cd the fallout f

he political site digits and mding trading preal could giv

cerns form themulate constrn the other had Cup soccer over the needsurfaced but w15 demonstratical controverth no quick so

below lists somnation follows

Y ECONOMIC I

MESTIC PRODUCT (R$ MILLIONS)ROWTH

L VAR. IN %) MENT RATE UNEMPLOYMENT

RATE

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US MILLIONS) US MILLIONS) TRAL BANK DO BRA

oss Domesti2014, contracer experiencinwed by 7.6 pe

ES © 2015 ALL RIG

oil, gas, shipbell as problems—opportunite currently-w

nities, combinat 100 million

diate situationchallenges. Tfrom the Petrotuation is alsomany calling fopartner, will reve a boost to e

e backdrop toruction spendand, citizens pmatches, belds of its own with a focus oations calling rsies compouolutions, even

me of the bass.

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T 3,886,835

7.6%

5.9%

T 7.0%

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c Product (Gting by 1.2 peng wide swingercent growth

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building and rems associatedies that might

weakened Bra

ned with Brazn people, bodn, as outlined The economyobras scandao dire, with Prfor her impeaceduce Brazil’sexports.

o Brazil’s hosting for the spprotested Bralieving that thcitizens. It w

on the Olympfor the impea

und the difficun though Braz

sic economic

2011

4,374,765 4,73.9%

6.5%

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1.74

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GDP) took a sercent. For thgs, including in 2010. Thu

ION EQUIPMENT

ONTENTS CONFID

elated industrd with Petrobrt look more a

azilian real.

il’s natural resde well for thein the indicat

y could contraal will be felt inresident Rouschment. Slows level of expo

ting of the Olyports infrastrucazil’s high levehe governmenwould not be s

ics, especiallyachment of Prulties in achievzil has much t

indicators for

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sharp downwahe year, GDPa contractionus far, 2015 i


ENTIAL TO THE CL

ries, sufferingras, offer addttractive than

sources and le nation’s longors section th

act by over twn many econosseff’s approvwing growth inorts, even tho

ympics in 201cture neededels of spendinnt placed the nsurprising if thy in view of thresident Rousving economito offer in the

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ard turn in theP grew by just

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ng for the needs of

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e long run.

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N/A‐1.9%

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YENGS

downward sfirst two quabeen unevethe first quaagriculture economic sindustry, a for 25 perce Inflation, rein July, 201to put a straspecifically attempts tosteady upswhighest levequarter of 2 The increasslowdown tAugust, 20it made wheof the crisisthe followinpercent in 2 Brazil is a suntil 2013. Brazilian exfavorable bhas made ccapital goodEuropean USince 2011cars, while include fooddestinationsArgentina ( Brazil has heconomy isThe main alivestock, osteel, commvehicles, aumail, teleco

AZIL 2015

ST ASSOCIATES ©

slide of the prarters of 2015enly felt in thearter of 2015 accounts for

sector (69 persector that inent of GDP.

eaching its hi5. The inflat

aightjacket ontargeted lowe

o lower the ratwing. In Julyel since Octo2014, althoug

sed borrowingthat is reflecte15, unemployen the econo

s for Brazil, inng year, the ra2014.

significant exp Imports excexports surpasbalance of tradconsumer goods, fuels and Union (21%), , Brazil has indecreasing ed products, fus for Brazilian8%).

had the sevens divided into agriculture prooranges, cottomercial aircrafuto parts, conommunication

2015 ALL RIGHTS

revious year’s5, placing Brae economy, asbefore declinonly six percercent of GDP)cludes manuf

ghest level siion rate has rn consumer dering the inflate (by increas, the interestber, 2006—yh it took a mi

g costs have ed in the steayment reachemy rebounde 2009, unempate consistent

porting countreeded exportsssed imports. de resulted froods more explubricants, anChina (15%)ncreased exp

exports of oil, uels and lubricn goods includ

nth largest ecthree major c

oducts consison, wheat, andft, chemicals,

nsumer durabns, banking, e

RESERVED. ALL CO

s last quarterazil into recess agriculture ing in the secent of GDP. ) experiencedfacturing, min

ince Novembrisen for eightdemand and sation rate to 4sing borrowingt rate was incet inflation hanor dip to 9.5

contributed toadily increasined 7.6 percented from the glployment surptly trended do

ry that regulas the following Rather than

rom decreasepensive. Braznd durable co, the United S

ports of soy becoffee, and ccants, and mde China (18

conomy sincecomponents: st of coffee, sod tobacco. Fo, petrochemicbles, cement, energy, comm

ONTENTS CONFID

, as the econssion. The ecactually expecond quarter. The service i

d big declinesning, and con

er, 2003, incrt consecutive spending. Go4.5 percent asg costs) havecreased to 14as been on th53 percent in A

o the economng unemployt, a contrast tobal econompassed eight ownward, rea

rly had favorag year, but bya surge in ex

ed imports, aszil’s chief imponsumer goodStates (15%),eans, corn, b

cotton. Other obile equipm%), the Unite

2007. As meagriculture, inoybeans, sugor industry, th

cals, footwearand lumber.

merce, and co

DENTIAL TO THE CL

omy contractconomic slowderienced recor

Unfortunatendustry, the l

s in 2015, as dstruction and

reased to 9.56months and

overnment pos a key objecte failed to arre.25 percent—e rise since thAugust, 2015

mic slowdown—ment rate. Ao the steady ic crisis. At thpercent, but

aching a low o

able trade bay February, 2xports, howevs the weakeneports are raw mds, arriving fro and Argentineef, iron, copexported itement. The leadd States (11%

entioned abondustry, and sarcane, cocohe key sectorr, machinery, Leading servmputing.

LIENT 7

ed in the down has rd GDP in ly, argest did accounts

6 percent continues

olicy has tive, yet est the

—the he last

5.

—a As of progress he height beginning

of 4.9

alances 015,

ver, the ed real materials, om the na (7%). pper, and ms ding %), and

ve, the services.

oa, rice, rs include motors,

vices are

8

MM

8

MACHINERMARKETS

RY

Y

Brazil is ricPrimary natgemstoneselectricity frhydroelectrtwelfth lead The abundaand manufaAlthough thprogress, Bthe sevenththe road forfor both thedevelopme

Our report can emphasfrequently uthe report isequipment,and developroduct thaown five-yeto base theclearances to analyze tare shipped

The machineconomy wsecond quaexperiencinlonger-termsolid footinginfrastructuprices are ifor growth w

Lastly, equBrazil. Pernew facilitiepast few yeTadano, Zoopened procapacity du

ENGST ASSOCIATE

h in natural retural resource, oil, wood, anrom hydropowric output. It iding producer

ance of Braziacturing sectohe recent ecoBrazil has oveh largest econr the near futue nation and tnts that will s

concentrates sis on companused in the cos broken dow we analyze cpments such

at are relevantear forecast oem on retail sa

through custthe sourcing od and sold.

nery market inwent into a tailarter of 2015. ng economic am perspective,g. Demand fore for the econ general decwhen commo

ipment supplirhaps most tees obviously hears, JCB, Deoomlion, Cifa,oduction facilituring the past

ES © 2015 ALL RIG

esources, inces include: irond aluminum.wer and rankss also the sec

r of petroleum

l’s natural resors, will help tnomic and po

ercome more nomy in the wure, but the lohe constructiopur economic

on trends witny sales and ponstruction, m

wn into differencompanies’ mas the openit for construcf sales and pales to end cutoms. We havof equipment

n Brazil had blspin in the la As discusse

and political p, however, theor equipmentonomy to growcline, Brazil’s

odity prices re

iers continue llingly, compahave positive eere, Hyundai Raimondi, aties in Brazil.two years, ad

CONSTRUCTI

GHTS RESERVED CO

luding 14 peron ore, manga. Brazil genes second or thcond leading

m.

sources, alonthe nation oveolitical problemdifficult proble

world. There wonger term peon industry thc growth.

thin the Braziproduction lev

mining, and agnt types of eq

market share, ng of new fac

ction markets.roduction. Oustomers rathve also providt as well as th

been strong uatter part of 20ed in the earlieproblems thate outlook for t remains strow at respectarich natural r

ebound.

to enter the manies that havexpectations

i, Doosan Infrnd Hitachi (inCaterpillar aldding a new f

ION EQUIPMENT

ONTENTS CONFID

rcent of the wanese, bauxit

erates about 7hird among nnation in etha

g with well-deercome the cms have disruems in the pawill undoubteerspectives arhat will propel

ilian heavy eqvels of the magricultural secquipment. Foproduction o

cilities or disc Each equipmur approach t

her than shipmded import anhe destination

up until very re014 and enterer section on t defy easy soconstruction

ong, as the naable levels. Aresources will

market and seve recently ops of Brazil’s poracore, Maniton partnership wlso expandedfacility in Cam


ENTIAL TO THE CL

world’s fresh wte, nickel, ura75 percent of ations for totaanol productio

eveloped agriurrent turbuleupted the couast and emergdly be bumpsre more encol many of the

quipment marachines that actors. This seor each piece utput, sales hontinuation oment type alsto sales estimments to dealnd export infons where the m

ecently, whenred a recessiothe economy

olutions. Froequipment is

ation has to deAlthough comm

l provide oppo

ee much potepened, or plaotential. Withowoc Craneswith Deere) h

d its manufactmpo Largo, Pa


LIENT

water. anium, its

al on and

icultural ent times. untry’s ged as s along

ouraging,

rket with are ection of of

history, f a

so has its mates was ers or

ormation machines

n the on in the y, Brazil is om a

on more evelop modity ortunities

ential in n to open,

hin the s, XCMG, have turing arana


.

BACKHOE RETROESCA


LOADERS AVADEIRAS

MARKETS | BRA

YENGS

state, whichproduction production.goal in the The followinmarket.

Sales and loader in thconstructioversatile maDemand foresulted in backhoe mknown Chinmarket pres Despite thedecimated increasing fhowever, wprovides sa

The most pvarious moversatility aaccounting years, the Bmunicipal eroughly 1-2

1425

0

2000

4000

6000

8000

10000

12000

14000

2000

AZIL 2015

ST ASSOCIATES ©

h is now in opand Deere, la For 2016, Sfuture of man

ng is our ana

Trends: Thee front and ban equipment.achine used ir these populan expansionarket include nese suppliersence in Braz

e popularity ofsales. Beforefrom 1,672 un

was rapid, as sales figures fro

popular types dels have a m

allows it to be for the larges

Brazilian goveequipment flee2 percent of sa

1890 224113

2001 2002 20

BAC

2015 ALL RIGHTS

peration. In 2ater in the yea

Sany will opennufacturing in

lysis of the pr

backhoe loadackhoe in the It can be ouin numerous tar machines

n of the numbDeere, Hyun

rs. Currently, zil and anothe

f the backhoee the current nits in 2005 tosales plummeom 2000-201

of backhoe lomore extensivused in a wid

st share—aboernment has iets, resulting ales, the rent

340 1320 1672

003 2004 2005

CKHOE LOAD

RESERVED. ALL CO

2015, LiuGongar, will expann a new facilit

Brazil the co

roducts offere

der, essentiae rear, is one utfitted with vatypes of agricin Brazil grew

ber of supplierndai, Terex, a

there are eiger eight with a

e loader, the rdownturn, hoo 12,042 unitseted to 6,627 4.

oaders fall intve range, fromde array of apout 55 percenimplemented in approximaal industry re

23983396

5

5 2006 2007 2

DER SALES | B

ONTENTS CONFID

g opened a pd an existing

ty in Jacarei, Smpany’s entir

ed in the Braz

lly a modifiedof the most p

arious attachmcultural and cw rapidly thrours. Since 201nd Volvo, as

ght companiesa more limited

recent economowever, sales s in 2013. Thunits in 2014

to the 75-85 hm 50-125 hp. pplications, wnt—of all salebuying progr

ately 25-30 pemains a limite

5199 5119

7991

2008 2009 2010

BRAZIL 2000‐

DENTIAL TO THE CL

lant for wheefacility for tra

Sao Paulo, wre line of exca

zilian heavy e

d farm tractor popular types ments, thus monstruction pughout the 2010, new entrawell as severs with a signifd footprint.

mic crisis hashad been rob

he downward 4. The graph

hp category, a The machineith contractors. Within therams to increaercent of saleed purchaser

18682

10315

1

0 2011 2012 2

2014

LIENT 9

l loader actor with the avators.

quipment

with a of

making it a rojects. 000s and ants to the ral lesser-ficant

s bust, spiral, below

although e’s rs e last few ase s. With

r of

12042

6627

2013 2014

110 Y

backhoes. applications Market ShaBrazilian bacollectively market, a mwhen they ctwo CNH blarger share2014, CaseHolland sol JCB was thselling 1,17percent of textraordinaonly 20 unitpeaking witfew years, tgovernmenaugment th In 2014, Cacounted sesales. Thesuppliers inseveral newestablished Volvo, one percent of tTultitlan, Mcompany adiscontinuethe manufaBackhoe loincluding PU.S. and B Randon ensales from companies eight percemarket. Backhoe sa

ENGST ASSOCIATE

The remainds.

ares: CNH, wackhoe markeaccounted fo

modest improvcaptured 36 prands, Case ce of the marke sold 1,757 ud 950 machin

he second lea72 backhoes athe market. Tary success ints, but it steadth 3,040 salesthe company

nt contracts thheir fleets, inc

aterpillar was parately) lead company ha

n 2010 (27%) w entrants in td companies l

of the relativethe market lasexico, to Pednnounced mo

e production oacturing of thooaders have holand, Mexicorazil. The U.S

tered the Bra29 units in itsoperating in

ent of the mar

ales, covering

ES © 2015 ALL RIG

der of sales go

with its Case aet for a good or 41 percent vement sincepercent of salconsistently a

ket than New Hunits (27%), wnes (14%).

ading supplierand capturingThe companyn Brazil: In 20dily increaseds in 2013. Whas benefited

hat have helpeluding a 2013

the third or foding supplier.s held more dand 2013 (26the market, itost a bit of m

e “newcomersst year. The erneiras, Braore changes fof backhoe loaose two produhad several dio, and Brazil.S. manufactu

azilian market s initial year toBrazil, Randoket, after selli

g the years 20

CONSTRUCTI

GHTS RESERVED CO

BA

oes to agricul

and New Hollnumber of yeof the

e 2012, les. Of the accounts for aHolland. In

while New

r in 2014, g nearly 18 y has had 000, it sold d its sales, ithin the last d from ed municipali3 contract for

ourth (if sales It sold 875 udominant pos6%). Howevet was not surp

market share to

s” to the Brazcompany relo

azil, in 2013. for backhoe paders (as weucts to SDLG,ifferent manu Graders hav

uring of grade

in 2002 and o 1,242 in 201on’s sales pluing 1,242 bac

010-2014, are

ION EQUIPMENT

ONTENTS CONFID

CATERPIL13%

VOLVO9%

RANDON8%

DEERE6%

AGCO4%

OTH1%

ACKHOE LOA

ltural, industri

land brands, hears. In 2014

a

ties 1,000 backho

s for Case andunits for 13 pesitions in the per, as mentionprising that soo the newcom

zilian market, ocated backhIn late 2014,

production. Tll as motor gr, Volvo’s Chinfacturing loca

ve generally brs will continu

made steady13. Howeverummeted to 5ckhoes in 201

e listed in the


ENTIAL TO THE CL

CASE (CN27%

NEW HOLLA14%

LLAR

HERS%

DER MARKET

ial, and other

has dominate, the two com

oe loaders.

d New Hollanercent of indupast, topping ned above, wome of the momers.

sold 610 unitoe productionhowever, the

The company raders), transfnese-based sations in recebeen produceue.

y progress, incr, like sales of26 units in 20

13 for 10 perc

following tab


LIENT

NH)

JCB18%

AND

T SHARES

r diverse

ed the mpanies

nd are ustry all

with ore well-

ts for nine n from e will ferring

subsidiary. nt years d in the

creasing f most 014 for cent of the

ble.



YENGST

BACKHOE LBRAZILIAN MANUFACTCASE (CNH)JCB NEW HOLLACATERPILLAVOLVO RANDON DEERE AGCO HYUNDAI LIUGONG XCMG TEREX OTHER SUPTOTAL:

SOURCE: YENG Unlike mos2014, goingOne of the in 2012. Inpartnershipmanufactur In contrast longer one has consist2014 for alm Other new XCMG, XGinterest in edevelop a bcompany hfor just oveMost of thenot favorabare the highcompaniesburdensommarket. Productionbackhoe loaniche in themachines invery small ploader prodconsistent l

AZIL 2015

T ASSOCIATES © 2

LOADERS IN BRSALES DATA |TURER )

AND (CNH) AR

PPLIERS

GST ASSOCIATES O

st other compag from 216 un“newcomers” 2014, the co

p with Hitachi re backhoe m

to Deere, Agcof the domina

tently averagemost four per

suppliers thatGMA, Yanmarentering the Bbackhoe loadeas not follower one percent

e companies hble for all supph tariffs for im. The combin

me operating e

n: Four compader producti

e market with n Brazil, althoparticipant daduction to Chileader since 2

015 ALL RIGHTS R

RAZIL 2010 TO 2014

2010 2,120 1,200 1,120 2,156 255 840

‐ 225

‐ 30 45 ‐ 0

7,991 OTHERS – FOTON

anies, Deere,nits in 2013 to” to the Brazilompany comp(for excavato

model 310K as

co has had a ant companieed over 200 arcent of the m

t have entere, Cukurova (T

Brazilian backer specificallyed up with ant of the markehave yet to repliers, let alon

mporters, as wnation of disadenvironment w

panies—Cateon in Brazil. Rits product lin

ough two of thating back mana, which we2010 and has

RESERVED. ALL CO

42011 22,227 2,1,865 2,1,172 1,2,021 2,240 704

‐ 250

‐ 43 16 45 99

8,682 10,, CHANGLIN, XGM

, the next leado 404 machineian backhoe

pleted two newors). The plans well as whe

long-standines as it was 1annual sales s

market.

ed the market Turkey), and Ykhoe market ay designed fony real hardwaet, mostly capecord sales, ane new entranwell as sales, dvantageouswill likely caus

erpillar, Case,Randon is a fne. Deere, Vohe companiesany years. (Ve will discuss s made great

NTENTS CONFIDE

2012 201,325 2,40,520 3,040,371 1,144,200 3,189341 39995 1,24

6 21250 2716 11811 15 1050

215 10,315 12,04MA, DIG, YTO, YANM

ding supplier,es for six permarket, Deerw facilities in nt that is excluel loaders.

g presence in0-20 years agsince 2006, s

include TereYTO (China).and has annor the Brazilianare yet. Thesptured by Hyuand current mnts. Compoufederal, state market condse some com

New Hollandfifth supplier tolvo, and Agcs are newcom

Volvo is transflater.) Caterpstrides since

NTIAL TO THE CLIE

3 2014 5 1,757 0 1,172 4 950 9 875 3 610 2 526 6 404 5 250 8 73 ‐ ‐ 0 ‐ ‐ ‐ 0 10 2 6,627 MAR, AND CUKUR

, saw its salescent of the m

re first recordeBrazil, one ofusive to Deer

n Brazil, but itgo. Nonethel

selling 250 un

x, LiuGong, H Sany has ex

ounced that it n market, but se companiesundai’s 73 uniarket conditionding the diff

e, and local taditions and a

mpanies to exit

d, and JCB—that has carveco are also promers and Agcoferring its bacpillar has bee2000, when

ENT 11

% of 2014 27 18 14 13 9 8 6 4 1 ‐ ‐ ‐ <1 100

ROVA

s jump in arket. ed sales f them in re will

t is no less, it its in

Hyundai, xpressed plans to the

s account its sold. ons are ficulties axes for all

t the

dominate ed a oducing o is a khoe

en the it

112 Y

manufacturproduction.to other Latbackhoes in

CNH’s two combined funits, or 33the industry2014. Casestronger of had been thproducer beCaterpillar ethe leadingmanufacturCase forgeunits, the sehighest totaNew Hollanfor 14 perceneither com JCB is the othird highesgrowth, JCB65 units in 2strong globfirst develo Randon, a steadily incmachines inseven percmanufactur

BACKHOE LOBRAZILIAN P

MANUFACT

CATERPILLACASE (CNH) JCB NEW HOLLARANDON DEERE VOLVO AGCO TOTAL:

SOURCE: YENG

ENGST ASSOCIATE

red only 25 un Since begintin American n Brazil are lis

companies for 2,547 3 percent of y output in e is the the two and

he leading efore emerged as rer. In 2014, d 1,489 econd al, and accound, manufactuent of output.

mpany has be

only other OEst total, 1,086B’s productio2001 and rea

bal reputation ped the back

company thacreased its pron 2013. Prodent of producring 450 mach

OADERS IN BRPRODUCTION

TURER

AR

AND (CNH)

GST ASSOCIATES |

ES © 2015 ALL RIG

0

2000

4000

6000

8000

10000

12000

14000

20

nits. In 2014,nning productcountries. Prsted in the ta

nted for 19 peured 1,058 ma Both CNH c

een a major ex

EM to manufa6 units, for 14 n developme

aching 3,113 ufor backhoe lhoe in 1953.

t is also knowoduction, goinduction droppection. Volvo, ohines for six p

RAZILDATA | 2010 T

2010

2,420 22,103 21,400 21,140 1845

‐ ‐

225 8,133 9

ABIMAQ

CONSTRUCTI

GHTS RESERVED CO

34214038

4

005 2006 2007

BRAZILIAN BA

, it produced 2tion in Brazil, roduction figuble below.

ercent of prodachines, the f

companies haxporter from t

acture over 1,percent of prnt has been eunits in 2013.loaders, partl

wn for its comng from 45 uned significanton the other hpercent of out

TO 2014

2011 20

2,477 3,742,337 2,262,044 2,41,222 8705 99

‐ ‐

300 309,085 10,5

ION EQUIPMENT

ONTENTS CONFID

48316177

5160

2008 2009 20

ACKHOE LOADER

2,419 machinCaterpillar ha

ures for the m

duction. CNHfourth highest

ave a strong pthe South Am

000 units in 2roduction. Simequally notew. The compay the result o

mmercial trucknits in 2002 atly in 2014, fahand, began tput. Howeve

12 2013

45 3,857 66 2,811 29 3,113 21 1,367 97 1270 ‐ ‐ ‐ ‐

00 325 58 12,743


ENTIAL TO THE CL

81339085

10

10 2011 2012

R PRODUCTION

nes for 31 peras exported m

major producer

H’s other comt total, and ac

presence in Bmerican count

2014, producimilar to its sa

worthy, beginnny benefits fr

of JCB’s found

k manufacturinnd peaking w

alling to 530 uproduction in er, as mention

2014

2,419 1,489 1,086 1,058 530 453 450 250

7,735


LIENT

0558

12743

7735

2013 2014

| 10 YRS

rcent of machines rs of

pany, ccounted

Brazil, but ry.

ing the ales ning with rom a der, who

ng, had with 1,200

nits for 2014, ned

% OF 2014

31 19 14 14 7 6 6 3

100



YENGST

above, Volvloaders. Roof productio Imports anbackhoe loaBrazil do noit necessaryof their macmade withinin 2014, buNot all of thbecome paaccording t Most of theother Latin also have sBrazil, follounits most y We have esloaders for shown in thestimate onyears and twhich typicdepending We have cooutside of Blonger be innot perfect,reasonable Forecast: Tbegan in 20few signs ohold througSales will bpercent beland 2013, w Production years of slo2015 and 3followed byshort of theunits, a 34

AZIL 2015

T ASSOCIATES © 2

vo subsidiary ounding out ton in 2014.

nd Exports: ader market iot necessarilyy to import sochines, and sn the nation. Vt, as noted ea

he imported mart of companyto demand.

e companies pAmerican na

some exportswed by Caseyears historic

stimated the pBrazil to be a

he nearby tabn retail sales othe expected ally ranges fron the care aonsidered scrBrazil wherebn the country , we believe o

e,

The unfolding014 has contiof relief on thegh the rest of 2bottom out at 3ow the 2014 when sales to

will follow a sow growth. W3,800 units in y three years oe more vigoropercent decli

015 ALL RIGHTS R

SDLG is slathe producers

Imports, desn Brazil. The

y manufactureome of their oales of imporVolvo had bearlier, SDLG w

machines are y inventory an

producing mations. Gener. Caterpillar

e and JCB, bucally. Today,

population oabout 64,700 le. We base over the past life of the ma

rom 15 – 20 yand use of therappage as wby a machine

after years ofour estimates

g of the econonued through

e immediate h2015 and into3,800 units inlevel of dema

opped the 10,

similar trajectoWe anticipate t

2016. The neof increasing us 2012 - 201ne from the 2

RESERVED. ALL CO

ted to take ovs is Agco, pro

pite the high e companies te their comple

offerings. Mosrted machineseen the leadinwill take overalways sold wnd are sent o

achines in Brarally, the OEMhas been the

ut exports oveexports of ba

of backhoe units as our 15 – 20

achines, years e machines.

well as sales might no f use. While are

omy that h 2015 with horizon. Thuso 2016 followen 2016 and reand, but far be,000 mark for

ory, hitting a that there wilext year, prodslow growth.

13 period. By2014 productio

NTENTS CONFIDE

ver productionducing 250 u

tariffs, are anthat manufacete product linst companies s are includedng importer ber Volvo’s prodwithin any givut to distribut

azil also expoMs that have he consistent leerall have not ackhoes are q

s, we expect ted by four ye

ebound to 5,0elow the morr both years.

low point in 2l be only 4,30duction will se The gains, h

y 2019, produon level.

BACKHOE LOFIELD POPUL

MANUFACTUR

CASE (CNH)

NEW HOLLAN

CATERPILLAR

JCB

AGCO

RANDON

VOLVO

OTHERS

TOTAL FIELD POPULATION

SOURCE: YENG

NTIAL TO THE CLIE

n of Volvo bacnits for three

n important pacture machinenes there, thuin Brazil impo

d with sales oefore openingduction of bacven year, as thtion networks

rt them, usuahigh productioeading exportexceeded 10

quite small.

this downwarars of modes00 units by 20e robust year

2016 followed00 units produee a minor uphowever, will uction will rea

OADERS (2014)LATION BY OEM

RER POP

D (CNH)

(UNITS)

GST ASSOCIATES

ENT 13

ckhoe percent

art of the es in us making ort some

of units g a facility ckhoes. hey

ally to on totals ter from

00 – 150

rd trend to st growth. 019, 25 rs of 2012

by four uced in ptick, still fall ch 5,100

M FIELD

PULATION (%) 27%

14%

22%

19%

4%

9%

3%

2%

64,700

1

CT

14

CRAWLER DOTRATORES DE

OZERS E ESTEIRAS

Y

Our five-ye BACKHOE LOBRAZILIAN S

SALES PRODUCTIOSOURCE: YENG

Products AStandard mbe modifiedvariety of abackhoes cpowered bytwo-wheel oinformationbelow provproduced in

BACKHOE LO

MANUFACTUR

CASE (CNH)

NEW HOLLAN

CATERPILLAR

AGCO

JCB

JOHN DEERE RANDON VOLVO* SOURCE: COM2015 AND HACHINESE SUB

Sales and been dominof these co

0

2,000

4,000

6,000

ENGST ASSOCIATE

ar forecast fo

OADERS IN BRSALES AND PRO

2014

6,627 N 7,735 ST ASSOCIATES

Available: OEmodels have ad to allow diggttachments th

come equippey diesel enginor four-wheel of the equipmides basic spn Brazil.

OADERS MANU

RERS

ND (CNH)

R

MPANY INFORMATAS TRANSFERRED TBSIDIARY.

Trends: Thronated by threempanies man

4,300

2015

BACKHOE

ES © 2015 ALL RIG

or backhoe sa

AZIL ODUCTION FO

2015 20

4,300 3,84,300 3,8

EMs offer 24 a digging deptging depths uhat enhance ted with powernes that are T drive. Compment made avecifications o

UFACTURED IN

MODEL NO

580N580N TURB

B110B416F2420F2

MF86 HSMF96 HS

3C3C PLUS310L

RD 406/RD 406BL60B

TION *VOLVO STTHE PRODUCT LIN

oughout the 2e companies,nufactures the

3,800

2016

E LOADER SAL

CONSTRUCTI

GHTS RESERVED CO

ales and prod

ORECAST THRO

016 2017

800 4,100 800 4,100

different backth of around 1

up to 17 feet. the machine’sr shuttle type

Tier-2 or Tier-3pany websitesvailable by ea

of the major su

N BRAZIL

O.

O

CC

6ADV

TOPPED PRODUCINNE TO CHINA WHE

2000s, the cra, Caterpillar, Ne bulk of its p

4,100

2017

ES OUTLOOK

ION EQUIPMENT

ONTENTS CONFID

uction is prov

OUGH 2019

2018 2

4,500 5,4,600 5,

khoe loader m14 feet (4.3 m Backhoes cas versatility. Itransmission3 compliant. s for all supplach of the supuppliers’ back

ENGINE SUPPLIERS

CASECUMMINS CUMMINS

CATERPILLAR CATERPILLAR

MWM MWM JCBJCB

DEERE MWM VOLVO

NG BACKHOE LOARE IT WILL BE MA

awler dozer mNew Holland,roducts sold

4,500

2018

| BRAZIL 201


ENTIAL TO THE CL

vided below.

2019 % CHG’14‐‘15

,000 ‐35 ,100 ‐44

models in Brameters) and man be outfittedIn the Brazilias and are genMachines areiers provide dppliers. The takhoes that are

ENGINE P(KW) /56/763/8100/55/770/956/763/863/869/969/9

62/85 AND68/9

DERS IN BRAZIL DUNUFACTURED BY S

market in Braz, and Komatsin Brazil, alth

05,

8 2

5 TO 2019


LIENT

% CHG’14‐‘19‐25 ‐34

azil. most could d with a an market, nerally e either detailed able e

POWER / HP75857574957585859293D 84/11091URING SDLG, ITS

zil has u. Each ough

,000

2019

1106 Y

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