World Construction Machinery Industry

  • August 2011
  • -
  • Freedonia

Summary

Table of Contents

World demand to rise 6.5% annually through 2015

Global demand for construction machinery is projected to expand 6.5 percent per year to $171 billion in 2015, matching the 2005-2010 rate of increase. Following a period of severe losses (2008-2010), equipment sales are expected to rebound sharply in North America, Western Europe and Eastern Europe. At the same time, growth in the Africa/Mideast, Asia/ Pacific, and Central and South American markets is expected to decelerate through 2015, as both mining and construction activity expand at a more restrained pace.

Industrialized countries to see accelerating growth

Equipment demand in North America is forecast to grow nearly seven percent annually between 2010 and 2015, as product sales in the US recover rapidly. Construction machinery consumption in the US is projected to expand seven percent per annum during this time, after it declined dramatically between 2007 and 2010 because of turmoil in the residential construction market and the global financial crisis. Double-digit annual residential building construction spending gains will fuel advances in the US market. Mexico is also expected to perform better through 2015 than during the previous five-year period. Following several years of sizeable losses (2008-2010), growth in the East and West European construction machinery markets is expected to accelerate. Moderate advances in construction spending and mining activity will stimulate increases in equipment consumption. The adoption of Stage IV emissions standards for off-highway engines by EU countries, which is expected to drive up the prices of construction machinery, will add to future value gains.

Asia/Pacific region to generate most new demand

More than half of all new equipment demand generated during the 2010-2015 period will be attributable to the Asia/ Pacific region, even though growth will slow. Sales of construction machinery are predicted to rise nearly seven percent per year through 2015 because of healthy construction spending gains and advances in mining output. Several major Asia/ Pacific countries are forecast to record rapid growth, including India, China, Malaysia and Indonesia. China alone will account for 39 percent of all new construction machinery demand between 2010 and 2015.

Cranes, loaders, excavators to be fastest growing types

Consumption of cranes, loaders and excavators will expand at an aboveaverage pace through 2015. Many end users were not able to secure financing for their purchases between 2008 and 2010 because of the global financial crisis, so demand for heavy equipment (e.g., cranes, off-highway trucks) declined sharply. Sales of these products are expected to rebound through 2015. The cranes and draglines segment will benefit from increases in residential, commercial and industrial construction expenditures in urban areas. Loaders are extremely versatile and relatively inexpensive, so demand for these machines will rise because of mining output growth and advances in all types of construction spending. Global excavator consumption will be driven by mining and nonbuilding construction activity gains.

Study coverage

Details on these and other findings are contained in a new industry study, World Construction Machinery. It presents historical demand data for the years 2000, 2005 and 2010, plus forecasts for 2015 and 2020 by product, world region and for 36 countries. The study also considers market environment factors, assesses industry structure, evaluates company market share and profiles competitors in the global industry.

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