I’ve been contemplating the market potential a bit more myself.
ChatGPT has estimated those excavator populations. It’s worth noting that not nearly all countries are even included here. The 2030 penetration rate estimate is taken from the Q3 2025 presentation.
The largest market is, of course, the USA. China is completely missing from this, as is Japan.
Even if, for example, the USA were to grow only to 4% with annual growth at 26%, there would still be an endless market remaining. I would also estimate that pricing is higher in the US, so in addition to volume, unit sales are also more valuable.
For example, Germany, as the second largest market on the list, is interesting. Germany alone has significantly more equipment than the high-penetration Nordic countries.
Here’s also a “blurry” graph of management’s estimates since the IPO. For example, the US estimate at the IPO stage was on the high side.
On the other hand, good development has been seen in the Netherlands, Germany, and Austria.
So, there is a market, but how will it develop and what is Engcon’s share?