Global construction equipment sales booming
August 14, 2013 by STAFF REPORT
The global construction equipment market is forecasted to grow by about $50 billion by 2017, according to a report by Transparency Market Research.
The report, Construction Equipment Market – Global and China Forecast, Market Share, Size, Growth and Industry Analysis, 2011 – 2017, estimates the market will reach $192.3 billion by 2017, representing a 6 per cent compound annual growth rate (CAGR) from $143.6 billion in 2012.
China accounted for nearly half of the overall global construction equipment sales with $59.2 billion in 2012, and is expected to soar to $95.6 billion by 2017. China also holds a 17 per cent market share of the global agriculture equipment industry.
Asia is considered the most promising market for construction equipment worldwide because of the construction and mining industries in countries such as China and India.
In 2012, earth-moving equipment contributed to roughly 43 per cent of the total construction equipment market revenue with $61.7 billion in sales.
Material handling equipment is the fastest growing segment, expected to continue at a CAGR of 6.6 per cent from 2012 to 2017. And construction vehicles should reach a market size of $22.9 billion by 2017, according to the report.
Caterpillar is the leading global construction equipment industry in terms of sales, followed by heavyweights Komatsu, Volvo, Hitachi, Liebherr, Sany, Zoomlion, Terex, Doosan and John Deere.
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