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Hydraulic excavator demand in China hit an unprecedented high last year while the first few months of 2021 also saw some staggering sales figures. More sustainable levels have been seen in recent months, signalling the start of a slowdown.
Global construction equipment sales are expected to hit a record high of 1.13 million units, with a value of almost US$110 billion this year, according to updated forecasts from specialist consultant Off-Highway Research.
The Chinese, Indian & International Database Services and Global Volume & Value Service have been updated with revised forecasts for 2021-2025.
Although a low volume machine type in Chinese terms, the skid-steer loader is gaining in popularity and exports are also on the rise.
The last decade has seen crawler excavators overtake wheeled loaders as the construction machine of choice in China. However, demand for wheeled loaders in the country remains enormous at more than 100,000 units per year.
The market will rise this year, but with a slowdown coming in roadbuilding, other sectors will rise in importance over the medium term.
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.
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.