A new report from Timetric has found that the Asia-Pacific market for heavy construction machinery and earthmoving equipment has outpaced that of Europe and North America. Asia-Pacific currently has a 57.8% market share, while Europe and North America have 22% and 12.4%, respectively. By 2016, Asia-Pacific’s share is expected to reach 64.5%, while the US and Europe’s is likely to fall to 9.8% and 18.2%, respectively.
The changing scenario has been attributed to the economic decline in Europe and the US at the same time that growth has led to greater demand for construction equipment in Asian countries such as China and India.
Overall, the heavy construction and earthmoving equipment market’s compound annual growth rate came in at 2.5% in 2007 – 2011, hit by a 23.9% decline in 2009 when the economic crisis was at its peak. However, The growth rate is predicted to rise by 7.98% in 2012 – 2016 as the construction industry picks up.
Adapted from press release by Louise Fordham.
Read the article online at: https://www.worldcement.com/asia-pacific-rim/15042013/construction_equipment_asia_growing_market_share_109/