Global equipment market to see +6% annual growth
By Chris Sleight02 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