Mar 11 2014
Reportbuyer.com just published a new market research report: World Construction Machinery Market
World demand to rise 6% annually through 2017
Global demand for construction machinery is expected to grow 6.0 percent per year to $189 billion in 2017, accelerating from the 2007-2012 period. This expansion will be fueled primarily by continued growth in the Asia/Pacific region, particularly China, where the market will expand at a double-digit annual pace as construction spending, particularly on infrastructure projects, continues to grow.
Although 2012 construction equipment sales in Western Europe were weak due to a recession in many European Union countries and sovereign debt issues in several countries, the market will rebound through 2017 as operators replace outdated machinery with more advanced units in an improving environment for construction spending.
In contrast, strong 2012 sales in North America, particularly the United States, will result in recently slower average demand growth through 2017 given that many operators have replaced older machines in expectation of faster economic growth and greater construction spending. This activity will lead to a lull in replacement sales for the next few years.
Construction machinery sales increases in Central and South America will slow through 2017 after posting a strong expansion from 2007 through 2012, which was supported by significant investments in large mining projects in several countries. After suffering in 2012 due to economic recessions in several nations, market expansion in Eastern Europe will accelerate through 2017 as construction spending returns to healthier levels amid an improving economic landscape. Both Eastern Europe and Central and South America will experience moderate distortions in construction machinery demand going forward as Russia and Brazil, the largest markets in their respective regions, are each slated to hold an installment of the Olympics and the FIFA World Cup.
Excavators, loaders to be fastest growing products
Excavators and loaders will experience the fastest sales growth through 2017 as both construction spending and investment in mining projects climb. These products are both extremely versatile, as they can be used in a wide range of construction and mining applications, making them attractive machinery investments for operators in both developed and developing nations.
Demand for aftermarket parts and attachments will expand at the slowest pace of any product category through 2017 as more operators opt to purchase new machinery amid improving economic circumstances.
Study coverage
Details on these and other findings are contained in the upcoming Freedonia industry study, World Construction Machinery, priced at $6300. It presents historical demand data for 2002, 2007 and 2012, as well as forecasts for 2017 and 2022 by product, world region, and for 35 countries (see sample tables inside brochure). The study also considers key market environment factors, evaluates company market share, and profiles 39 competitors worldwide.
Source: http://www.reportbuyer.com