The Asia-Pacific region, including China and India, has overtaken Europe and North America in demand for heavy construction and earthmoving equipment, according to a new report from Timetric, a provider of online data, analysis and advisory services on key financial and industry sectors. With a 57.8-percent market share, the Asia-Pacific market is now the largest in the world, followed by Europe with 22 percent and North America with 12.4 percent.
With economic uncertainty in Europe and sluggish growth in the United States, these numbers are likely to drop further, the report says. Europe will decline to 18.2 percent and North America 9.8 percent by 2016. The report says Asia-Pacific’s market share will increase to 64.5 percent by 2016.
Today’s global earthmoving market is worth U.S. $78.7 million, the report says. Between 2007 and 2011, the global compound annual growth rate was as little as 2.5 percent, weighted downward by a 23.9-percent decline in 2009, the worst year in the global economic crisis.
The compound annual growth rate is expected to increase to 7.98 percent during the forecast period 2012-2016, with anticipated strong growth in the global construction industry.
Timetric’s report, “Global Earthmoving Equipment – Market Opportunity and Environment, Analyses and Forecasts to 2016,” is available at http://timetric.com/research/report/CN0129SR.
