The Sri Lankan equipment market is set for growth over the next five years according to a new report from Off-Highway Research.
The new study, The Construction Equipment Industry in Sri Lanka, says that following the cessation of 30 years of internal conflict in 2009, the Sri Lankan economy has shown improved stability and growth prospects. A programme of infrastructure investment saw the construction equipment market peak at 1,170 machines in 2011, and a further 6,642 agricultural tractors were sold that year.
Following a slump in 2013, sales rebounded to 942 pieces of construction equipment last year, with crawler excavators, backhoe loaders and compaction equipment being the leading volume markets. A growing economy should push sales levels significantly higher over the next five years. Compaction equipment sales are expected to double by 2020, for example, while hydraulic excavator sales are expected to climb to 345 units in 2020, compared to 245 this year.
In addition to a historical market perspective, this in-depth 200+ page report provides forecasts by equipment type to 2020, and looks in detail at the economic drivers behind the expected medium-term growth in sales. Click here for more details the report online.