Global equipment market to see +6% annual growth

02 August 2013

The global construction equipment market will see average annual growth of +6% between 2012 and 2017, according to a new report from market research company The Freedonia Group. This will see the value of the sector rise from US$ 142 billion in 2012 to US$ 189 billion in 2017.

According to Freedonia, the strongest growth will be in the Asia-Pacific region, where the market for equipment will grow an average of +8.3% per year to US$ 93.4 billion by 2017. This is more than double its value of US$ 40.6 billion in 2007, and will represent almost half of global demand for construction equipment.

All other regions are expected to see growth below the +6.0% global average. The strongest will be Africa and the Middle-East, where the market is expected to see an average annual rise of +5.5%, to reach US$ 9.6 billion by 2017.

Surprisingly, Western Europe is also forecast for relatively strong growth of +5.1% between 2012 and 2017. However, this was the weakest region of the world in the crisis years, with a -3.4% annual average decline between 2007 and 2012. This means that at US$ 23.1 billion, the value of its construction equipment market in 2017 will only just be above the 2007 level of US$ 21.4 billion.

In North America, the second largest equipment market after Asia, growth will average just +2.9% per year to 2017, which will bring regional sales to US$ 47 billion. Latin America is set for a +4.6% annual average increase, taking the sector to US$ 8.3 billion by 2017. Eastern Europe, including Russia, will rise +4.7% per annum to US$ 7.7 billion by 2017.

For more information visit www.freedoniagroup.com

Latest News
Ausa looks to the future with electric machines
OEM plans new machines by 2025
Kaeser shows ‘study’ for electric compressor
Machine produced to generate discussion about electric products
Hochtief subsidiary increases stake in mining services firm
Hochtief’s Australian subsidiary Cimic has increased its stake in mining services company Thiess, in response to the importance of the energy transition.