Economic and Market Conditions and Fluctuations in Construction Investment Demand
First written in FY2021. 10 of 22 entries say "Worsened", first in FY2022. Latest entry: FY2027-H1.
Takeuchi Mfg. moved to the "Worse" side of this theme in 2022, 2 years after the typical company in this theme (2020).
The whole theme swung hardest in 2020: 17 of 32 companies on the "Worse" side.
18 other companies' latest entry also says "Restated".
- FY2027-H1RestatedAnnual report
「In Europe, signs of recovery emerged from the sluggish economic environment, and demand for products recovered gradually.」
Although the economic environment in Europe remains sluggish, the company maintains its previous view that product demand is bottoming out and heading toward recovery. In North America, it explained that while adjustments in housing-related activity are continuing, demand for infrastructure and non-residential construction remains firm. - FY2026European demand has bottomed out and partially recoveredAnnual report
「In Europe, although weak economic conditions have persisted, previously sluggish product demand bottomed out and recovered gradually.」
Although weak economic conditions have continued in Europe, the company reported that previously deteriorating product demand had bottomed out and was recovering gradually. In North America, housing-related demand remained weak, and uncertainty over tariff and trade policies persisted. - 2026-04-24MitigatedGeneral Meetings of Shareholders
「Although conditions continue to vary by country in Europe, demand for products, which had remained sluggish, has bottomed out. Sales of excavators by the U.K. sales subsidiary and European distributors remained strong, and unit sales exceeded those in the previous consolidated fiscal year.」
Regarding the deterioration in European demand, the company reports that sluggish product demand has bottomed out and unit sales have increased, indicating that the previous deterioration has eased to some extent. - FY2026-H1WorsenedAnnual report
「Uncertainty and heightened unpredictability surrounding the U.S. administration's tariff and trade policies led customers to postpone product purchases in the first quarter,」
Uncertainty over U.S. tariff and trade policies has materialized in the sales environment as customers postponing product purchases. In Europe, however, signs have emerged that previously sluggish product demand has bottomed out. - FY2025WorsenedAnnual report
「In Europe, weak economic conditions have persisted, and investment appetite has declined broadly, not only in construction equipment.」
Weak economic conditions and declining investment appetite have continued in Europe, and unit sales of mini excavators and hydraulic excavators fell significantly below the previous consolidated fiscal year. The company explained that caution also intensified in North America due to persistently high mortgage rates and home prices and concerns about higher tariffs. - FY2025-H1WorsenedAnnual report
「In Europe, weak economic conditions have persisted, and investment appetite has declined broadly, not only in construction equipment.」
Weak economic conditions and declining investment appetite have continued in Europe, and deteriorating market demand has become more apparent, with unit sales of mini excavators and hydraulic excavators falling significantly below the level in the same period of the previous year. - FY2025-Q1WorsenedAnnual report
「In Europe, unit sales of mini excavators and hydraulic excavators fell significantly below the level in the same period of the previous year due to sluggish consumer spending and weak capital investment resulting from persistently high interest rates.」
Persistently high interest rates, sluggish consumer spending and weak capital investment emerged as a decline in European unit sales, making the deterioration in market conditions more apparent. - FY2024WorsenedAnnual report
「The global situation remains unpredictable due to the prolonged war in Ukraine, the Israel-Gaza war, restrictions on passage through the Suez Canal and other factors reflecting heightened geopolitical tensions.」
In addition to the previously identified situation in Ukraine, inflation and rising interest rates, geopolitical risks including the Israel-Gaza war and restrictions on passage through the Suez Canal were explicitly identified, indicating increased uncertainty in the external environment. - FY2024-Q3RestatedAnnual report
「During the first nine months of the fiscal year under review (from 1 March 2023 to 30 November 2023), the global economy remained uncertain due to the prolonged situation in Ukraine, global inflation and financial instability caused by policy-rate increases in various countries. In the United States, however, consumer spending remained firm on favorable employment conditions and wage growth. In Europe, economic conditions remained weak in the near term, but signs of recovery emerged as inflation, which had been a major concern, declined recently and real incomes and consumer spending were expected to improve.」
The company reaffirmed its view that uncertainty about the outlook continued due to the situation in Ukraine, inflation, interest-rate hikes and financial instability, while signs of partial recovery emerged in U.S. consumer spending and the European economy. - FY2024-Q2RestatedAnnual report
「During the first six months of the fiscal year under review (from 1 March 2023 to 31 August 2023), the global economy remained uncertain due to the prolonged situation in Ukraine, global inflation and financial instability caused by policy-rate increases in various countries. In the United States, however, consumer spending remained firm on favorable employment conditions and wage growth. In Europe, economic conditions remained weak in the near term, but signs of recovery emerged as inflation was expected to decline gradually and real incomes and consumer spending were expected to improve.」
The company explained that uncertainty about the outlook continued due to the situation in Ukraine, inflation, interest-rate hikes and financial instability, while signs of partial recovery emerged in U.S. consumer spending and the European economy. - FY2024-Q1WorsenedAnnual report
「During the first three months of the fiscal year under review (from 1 March 2023 to 31 May 2023), the global economy remained uncertain due to the prolonged situation in Ukraine, global inflation and financial instability caused by policy-rate increases in various countries, although」
In addition to the previously identified situation in Ukraine, inflation and interest-rate hikes, the company explicitly identified financial instability and stated that uncertainty about economic and market conditions continued. It also noted signs of a gradual recovery in the United States and Europe. - FY2023WorsenedAnnual report
「Although housing-related construction has recently softened due to higher interest rates and surging prices for housing materials, underlying housing demand has not disappeared and is expected to recover eventually. Over the medium to long term, construction investment related to green transformation (GX) is expected to expand.」
The company explicitly identified the recent softening in housing-related construction due to higher interest rates and surging housing-material prices, indicating that uncertainty about market conditions has increased. At the same time, it expects medium- to long-term demand to expand through GX-related investment. - FY2023-Q3RestatedAnnual report
「Amid continuing global shortages of goods, large-scale economic sanctions imposed in response to Russia's invasion of Ukraine caused further shortages of components, materials and energy and higher prices.」
The company explained that shortages of components, materials and energy and higher prices continued against the backdrop of the invasion of Ukraine and economic sanctions. The impact of rapid interest-rate hikes on corporate and consumer activity was also noted. - FY2023-Q2WorsenedAnnual report
「During the first six months of the fiscal year under review (from 1 March 2022 to 31 August 2022), the global economy continued to face shortages of goods, while large-scale economic sanctions imposed in response to Russia's invasion of Ukraine caused further shortages of components, materials and energy and higher prices.」
The company states that shortages of components, materials and energy and higher prices accelerated against the backdrop of economic sanctions in response to the invasion of Ukraine, while rapid interest-rate hikes were also affecting corporate and consumer activity, further increasing uncertainty about economic and market conditions. - FY2023-Q1WorsenedAnnual report
「Large-scale economic sanctions imposed in response to Russia's invasion of Ukraine caused further disruption to logistics, shortages of components, materials and energy, and higher prices. If the inflationary spiral continued, it could have a negative impact on both corporate and consumer activity, making the outlook even more uncertain.」
Against the backdrop of the invasion of Ukraine and economic sanctions, disruption to logistics, shortages of components, materials and energy, higher prices and an inflationary spiral were identified, increasing uncertainty about the outlook for economic and market conditions. - FY2022WorsenedAnnual report
「The global situation changed dramatically after Russia invaded Ukraine, and uncertainty about the outlook deepened again.」
The company states that housing and life infrastructure demand remained firm, while the situation in Ukraine caused uncertainty about the outlook for the global economy to deepen again. - FY2022-Q3RestatedAnnual report
「In the housing market, the wood shock and labor shortages affected housing construction, but underlying housing demand remained strong.」
Although the wood shock and labor shortages affected housing construction, housing demand remained strong, and factors causing fluctuations in demand for construction investment continued to exist. - FY2022-Q2RestatedAnnual report
「In the housing market, the wood shock drove up home prices and delayed housing construction, but underlying housing demand remained strong」
Although home prices rose and construction was delayed due to timber supply and demand conditions, housing demand remained strong, while factors causing fluctuations in demand for construction investment continued to exist. - FY2021First statedAnnual report
「Changes in these market conditions and market needs could affect the Group's performance.」
The company regards residential construction, life infrastructure projects, and construction investment in factories, commercial facilities and public facilities as the foundation of demand. It aims to strengthen customer relationships while monitoring market conditions and reflect market needs in new product development.