Transparency Market Research anticipates annual growth for construction equipment market
In a report titled “Construction Equipment Market - Global and China Forecast, Market Share, Size, Growth and Industry Analysis, 2011 - 2017," the global construction equipment market was valued at $143.6 billion in 2012, and is expected to rise to $192.3 billion by 2017.
The report separates the global construction equipment market into several types, including Earth-moving equipment, material handling equipment, concrete and road construction equipment, among others.
The earth-moving equipment market had the largest share of the global construction equipment market and is set to stand at $61.7 billion in 2012. According to the report, in 2012 earth-moving equipment alone contributed about 43 percent of all revenues to the global construction equipment market.
The fastest growing segment is the material handling equipment market, which is projected to post a CAGR of 6.6 percent between 2012 and 2017, outpacing the growth rate of the total market.
Construction vehicles are also expected to register a strong rate of growth 2012 to 2017. The construction vehicles market is expected to be worth $22.9 billion by 2017.