Heavy equipment demand strong in Asia-Pacific according to report

A report from market analysis specialist Timetric has highlighted increased demand for machines in the Asia-Pacific region. This report shows that the Asia-Pacific region has overtaken Europe and North America in demand for heavy construction machinery and earthmoving equipment. The 57.8% market share of the Asia-Pacific market for these machines makes it the largest in the world, followed by Europe with 22.0% and North America with 12.4%, according to the report. Economic uncertainty in Europe and slow gro
April 12, 2013 Read time: 2 mins
A report from market analysis specialist Timetric has highlighted increased demand for machines in the Asia-Pacific region. This report shows that the Asia-Pacific region has overtaken Europe and North America in demand for heavy construction machinery and earthmoving equipment. The 57.8% market share of the Asia-Pacific market for these machines makes it the largest in the world, followed by Europe with 22.0% and North America with 12.4%, according to the report. Economic uncertainty in Europe and slow growth in the US means that these figures could decline further. The report suggests that by 2016, European market share will fall to 18.2% while the market share in North America will fall to 9.8%. Growing economies in Asia-Pacific, China and India in particular, have boosted demand for construction equipment. The report suggests that this growth will continue as the Asia-Pacific market is estimated to increase its share to 64.5% by 2016. Between 2007 and 2011 the global compound annual growth rate was as little as 2.5%. The reason for this low growth rate is set to be the 23.9% decline in annual growth recorded in 2009. This was the worst year in the global economic crisis, which resulted in a declining demand for construction work and heavy machinery. Positive news is that the compound annual growth rate is expected to increase to 7.98% over the forecast period 2012-2016, following an anticipation of the future growth of the global construction industry.

Related Content

  • VDMA reports steady German equipment sector
    February 14, 2013
    Steady financial performance is claimed for the German equipment producers in 2012, according to the manufacturing association VDMA. The German construction equipment and building material machinery industry generated €12.5 billion in turnover during 2012 according to the latest results. Of this, construction equipment accounted for €7.9 billion, while €4.6 billion of business came from the building material, glass and ceramics machinery sector. This is a nominal decrease of around 1% compared to 2011. Afte
    Read More
  • Volvo CE ends 2023 with healthy sales
    January 29, 2024
    But despite increased orders in North and South America, overall global order intake remained low, declining by 26%, primarily caused by lower demand in China.
    Read More
  • North American market fuels 15% rise in Volvo CE Q2 2012 sales
    July 31, 2012
    Volvo CE said strong sales, particularly in North America, helped the company record a 15% rise in equipment sales in Q2 of 2012 – bucking a worldwide reduction in the size of the global equipment sales market. The company’s operating income also rose in Q2 2012 to 35%, with operating margin up 13.3% on the same period of 2011. Volvo CE strengthened its market position in wheeled loader and excavator sales in China, taking a 14.7% share of the vital market.
    Read More
  • Materials shortage & supply chain issues frustrate strong 2022 German construction equipment demand
    February 18, 2022
    Materials shortage and supply chain issues are tempering strong German construction equipment demand in early 2022, according to the VDMA.
    Read More

Highlighted Content