Study: Global demand for construction machinery to grow through 2019
The demand will hit $218 billion by 2019. This is a deceleration from the increase in demand seen from 2009-2014.
The report said regions such as the Asia/Pacific region, Central and South America, and the Africa/Mideast region will see above-average gains due to the abundance of infrastructure projects underway in developing countries in those regions. China will account for more than two thirds of additional needed construction equipment from through 2019. In contrast, industrialized areas such as North America and Western Europe will see below-average gains after strong sales in 2014, the result of the purchase of newer equipment after a global financial crisis.
Excavators and loaders are expected to be the fastest-growing market segment due to a rise in construction and mining activity, coupled with their versatility, the report said.
The report also said China will be the largest global supplier of construction equipment through 2019, overtaking the U.S. Central and South American countries are expected to see the biggest production gains.
The study, titled "World Construction Machinery," includes historical-demand data from 2004, 2009 and 2014, as well as forecasts for 2019 and 2024, in six global regions and 33 countries. It also examines key market environment variables, evaluates company market share and profiles 37 global industry players.