Global sales of construction equipment sales are expected to stabilise in 2019, following two years of strong growth, according to specialist forecasting and market research company Off-Highway Research.
Worldwide equipment demand grew by 27 per cent in 2017, following a period of decline which had run from 2012 to 2016. The momentum was maintained in 2018, with a further 26 per cent increase. This took global equipment sales to an all-time high of 1.1 million units, with a retail value of US$110 billion. While the volume achieved in 2018 is expected to represent the peak of the current cycle, equipment sales in 2019 are forecast to remain close to last year’s total.
Chris Sleight, Managing Director of Off-Highway Research said, “After two years of solid and largely synchronised growth, the picture for the world’s major equipment markets is now looking more mixed. There will be moderate declines in a number of key markets in 2019, but the falls are not expected to be steep and will be partially offset by continued growth elsewhere. As a result, sales are expected to remain above 1 million units per year over the medium term, with a value in the region of US$100 billion.”
New Special Reports for 2019
Off-Highway Research is exhibiting at Bauma in Hall B5, on stand 426J, as part of the UK Pavilion. It is using the event to launch new Special Reports covering the construction equipment industries in Malaysia and The Philippines, updating popular studies previously published in 2012 and 2014 respectively. The new reports will be available to buy in the second half of 2019.
In addition, this year will see Off-Highway Research publish a detailed Special Report on South Africa, its first coverage of an African market for two decades.