Forecasts suggest the global construction equipment market will see five per cent growth next year…
The global construction equipment market is expected to grow some five per cent in 2017, with figures raising to 690,506 units.
The forecast from Off-Highway Research, a specialist marketing intelligence company, said after five years of falling demand 2016 would represent a cyclical low in global equipment sales.
The forecast ‘Global Volume & Value Service’ revealed it expects unit sales to rise from 654,751 in 2016 to 795,150 in 2020. This would see the value of the market swell from US$72.2 billion in 2016 to US$89.3 billion in 2020.
Indian and China are expected to see growth, with the former set to rise 21 per cent this year before seeing further improvements in 2017 and 2018. This market is expected to be the only one to see growth in 2016.
Chinese construction is set to increase in 2017, which is good news after unit sales reached 104,840 machines this year—the lowest since 2002 and less than the record high seen in 2011 when figures hit 435,070. Recovery is expected to be gradual, with a 10 per cent growth set for 2017. Conditions are expected to remain difficult in the Chinese market.
The European, Japanese and North American construction markets are also set to grow following poor sales in 2015, and the rest of the world is expected to see a five per cent rise.