The Equipment Today team talked with industry leaders and asked them to look back at 2023 and forward into 2024. In this Q&A, Kai Friedrich, managing director and divisional director of earthmoving and material handling technology for Liebherr USA, Co., shares his insights.
What was the construction industry’s biggest challenge in 2023?
The construction industry’s biggest challenge in 2023 was price increases due to inflation causing economic insecurity. Throughout 2023, this concern has faded and our industry remains quite stable.
Are changes in the workforce, including retirements, affecting your company?
Liebherr USA, Co. retention rates are stable and continue to improve.
Is your company still experiencing fallout from the pandemic, including supply chain issues or other problems?
The supply chain issues due to the pandemic are quite marginal, and we no longer see any significant impacts going forward.
What innovations or improvements do you anticipate in construction equipment in 2024?
We anticipate a larger move toward electrified solutions as the demand is increasing momentum. Customers are now evaluating companies more based on green solutions and emissions reduction. Liebherr continues to offer a technology-open approach with the goal of meeting our customers' evolving needs.
How are the Industrial Internet of Things, software and connectivity affecting your company specifically and the industry as a whole?
We predict an increase in efficiency on all job sites [because of] these technological advancements throughout the industry. Liebherr’s offerings include technological innovations within our machines enabling our customers with faster and more efficient troubleshooting, preventive machine maintenance, fewer accidents, and more precise operation.
For example, our equipment can communicate with the surrounding environment, including other machines, which increases productivity and decreases human error and safety-related accidents. This connectivity also increases machine efficiency through automatic machine movements based on site-specific needs.
Do you expect the infrastructure bill to affect your business or your customers’ businesses? How, if you can explain further?
Yes. With a significant rise in infrastructure projects, the nation is dependent on the equipment used to rebuild the nation. [Because] Liebherr offers a full line of product segments, each with a wide variety of equipment and solutions used on infrastructure projects, both Liebherr and our distribution network will be significant participants on these projects.
What will be the biggest challenge in 2024 for the industry?
The biggest challenge of 2024 is the shared expectation of equipment and products offering zero-emission solutions. Demand for green products is huge for all original equipment manufacturers to meet these evolving requirements. Each of our supply and technical innovations is still being refined to meet the expectations of our customers. We are very close to fulfilling these needs, but it will take some more time.
