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World demand for construction machinery is projected to expand
6.5 per cent per annum through 2015 to $171 billion, in line
with the 2005-2010 rate of increase. Following severe losses
between 2008 and 2010, equipment sales are expected to rebound
sharply in North America, Western Europe and Eastern Europe. In contrast,
growth in the Africa/Mideast, Asia/Pacific, and Central and South
American markets is expected to slow during the 2010-2015 period, as
both mining and construction activity in these regions climb at more
restrained paces. These and other trends, including market share and
product segmentation, are presented in World Construction Machinery, a
new study from The Freedonia Group, Inc., a US-based industry market
research firm.
Over half of all additional
construction
equipment demand
generated between
2010 and 2015 will be
attributable to the
Asia/Pacific region.
Sales of construction
machinery are predicted
to rise nearly 7 per
cent per year through
2015 because of
increases in construction spending and mining output. Although this represents
healthy gains, the rate of growth is a deceleration from the double-
digit annual rates recorded during the 2005-2010 period. India,
China, Malaysia and Indonesia are among the Asian countries that will
record strong growth. China alone will account for 39 per cent of all new
equipment demand through 2015.
Construction machinery demand in North America is also forecast to grow
nearly 7 per cent annually between 2010 and 2015, as product sales in the
US recover rapidly. Equipment consumption in the US is projected to
expand over 7 per cent per annum during this time, after a dramatic decline
between 2007 and 2010 due to turmoil in the residential construction market
and the global financial crisis. Mexico is also expected to perform better
through 2015, while growth in Canada, on the other hand, will decelerate
slightly because of limited increases in construction activity.
Following a period of sizeable losses between 2008 and 2010, the East
and West European construction machinery markets are expected to
show renewed strength as advances in construction spending and mining
activity stimulate increases in equipment demand. The adoption of
Stage IV emissions standards for off-highway engines by European Union
countries, which is expected to drive up the prices of construction
machinery, will add to value gains.
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