Fall of domestic housing in the United States affected sales of construction equipment in the country, particularly heavy equipment. Nevertheless, the outlook for the construction machinery market is positive, with demand for machinery expected to recover post 2010, as the global economy recovers.
Asia-Pacific is forecast to register robust growth in the construction machinery segment, especially in countries such as Indonesia, India, South Korea, and China. Among these nations, China is expected to account for the largest share of the overall demand for new products globally, followed by North America.
In terms of unit sales, China represents the largest market for construction and mining machinery worldwide, as stated by the new market research report on Construction and Mining Machinery/Equipment. China is also projected to emerge as the fastest growing market for construction and mining machinery worldwide. Wheeled Loaders represents the largest machinery segment in the Chinese market, accounting for about 63% share in 2010.
Global mining equipment demand is forecast to grow significantly over the years. Presently, China is a major market for mining equipment worldwide, backed by the country’s expanding mining industry. The United States as well as the industrialized countries of Western Europe represents other major mining equipment markets. Growth in mining equipment demand is expected to be driven by growth in China, as the country is expected to continue generating half of the demand for novel mining equipment. China registered robust growth in the mining equipment sector due to significant investments made by the nation in the local mining sector. In addition to China, Australia and India are other major markets in Asia-Pacific region, where demand related to mining equipment is high. Demand for mining equipment in Latin America, Africa and Middle East is forecast to rise significantly as these regions possess large mineable resources.
Major players profiled in the report include Caterpillar Inc., CNH Global, Dingsheng Tiangong Construction Machinery, Doosan Infracore, Deere & Co., Hitachi Construction Machinery, Hanta Machinery Co. Ltd., JCB Ltd., Komatsu Ltd., Kubota Europe, Mitsubishi Heavy Industries, Shandong Shantui Construction Machinery Imp. & Exp. Co. Ltd., Sumitomo Heavy Industries, TCM Corp., Terex Corp., Volvo AB, Xuzhou Construction Machinery Group Co., Ltd., among others.
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