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Global construction equipment sales forecast to rise 25% in next four years
Market intelligence company Off-Highway Research is forecasting global sales of construction equipment to increase by 7% in 2017.
Off-Highway Research expects the number of construction machines sold in 2017 to reach 695,142 units worldwide, compared to the 650,133 pieces of equipment sold in 2016, which represented the bottom of the industry’s economic cycle.
Longer term, it predicts sales rising from the low point of 650,133 units in 2016 to around 810,000 machines in 2020 – a 25% increase in four years.
Managing director David Phillips said: “Sales of construction equipment last year were affected by weak economic growth worldwide and low global prices for many commodities. These factors had a knock-on effect for the demand for most types of machinery, particularly equipment used in mining and other extractive industries. However, with commodity prices rising as 2016 went on, sales picked up in a number of key markets.”
The huge Chinese has been falling for the past five years but Off-Highway Research says it has now bottomed out and will return to growth this year. However, even with the 13% rise in sales forecast for 2017, demand in China will still only be 30% what it was in the boom years of 2010 and 2011.
