The global market for construction and mining equipment is forecast to reach 822,000 units by the year 2015, according to a report issued by Global Industry Analysts. The report says that huge demand for construction equipment is expected to come from developing countries with a growing need to construct highways, oil refineries, power plants, office buildings and other infrastructure projects, with China and other developing markets in Asia-Pacific, Latin America and the Middle East leading the way.
The report also predicts an increasing trend towards equipment rental in Europe, the United States and Canada, particularly in mid-sized and smaller machines.
Global demand for equipment began to plummet in 2008 because of the global economic downturn, with the decline continuing in 2009 and 2010. However, an increase in demand is expected beginning in 2011, the report asserts.
Asia-Pacific is expected to register robust growth in the construction machinery segment, the report says, especially in Indonesia, India, South Korea and China. China is expected to account for the largest share of overall global demand, followed by North America.
The U.S. market of construction equipment is expected to be driven by enhanced activity in residential construction sectors as well as non-residential with construction and repair of bridges, highways and public works.
The implementation of strict emission norms for off-road engines in Europe, the United States and Canada is forecast to drive up the prices of equipment in these regions.
For more details about the report, visit: http://www.strategyr.com/Construction_and_Mining_Machinery_Equipment_Market_Report.asp.