How do you estimate demand for new industrial equipment in emerging markets?

For SEA construction machinery, I'd start with a combo of top-down (GDP growth + construction spend as % of GDP from World Bank/ADB data) and bottom-up (count active contractors, estimate fleet size per tier). Oxford Economics and Fitch Solutions have decent country-level capex forecasts if you have budget for a subscription. Also worth calling 5-6 local equipment dealers early — they'll give you ground truth on replacement cycles and financing behavior that no dataset will capture.