A new edition of our bi-annual Global Construction Equipment Markets study is now available, featuring updated forecasts. The report is available to ALL Off-Highway Research clients, while non-clients can request a copy by completing an online form.
Prior to the Covid-19 pandemic, the cyclical construction equipment market was expected to fall in 2020 and beyond. However, huge stimulus in China caused global sales to remain at 2019's high last year, and a new record may be achieved in 2021.
The Chinese, Indian, International and Global Volume & Value Services have been published with actual figures for 2020, and forecasts for 2021-2025.
Actual sales and production data for 2020 in Europe, North America and Japan is now available, and includes a new equipment type.
The European construction equipment market was one of the worst affected by the Covid pandemic in 2020 and there will be only modest growth this year. However, the volume of equipment sold in Europe remains at a healthy level.
Sales of construction equipment in China grew 30 per cent last year to take the market to levels not seen since the last stimulus-driven boom of 2010-2011. Further modest growth in 2021 is forecast to take demand over the 500,000 unit mark for the first time.
Construction equipment sales in India last year did not fall as far as had been feared at the start of the pandemic. The drop was only 12 per cent, and robust growth is forecast to take the market to a record high in 2023.
Although a niche product, new applications are driving high growth rates and new levels of acceptance for the mini excavator in India.
Subscribers to Off-Highway Research’s Chinese, European and Indian Services can now download our latest Market Reports, Equipment Analyses and Company Profiles.
The webinar will explore how abrasion resistant steel can be used by OEMs as they develop more sustainable and long-lasting construction equipment.