Global demand for construction and mining machinery/equipment began to plummet in 2008 due to the global economic downturn that severely affected the construction industry worldwide. Decline in demand continued through 2009 and 2010, as spending on new construction activity continued to slump
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. The US market of construction equipment is expected to be driven by the enhanced activity in residential construction sectors. Besides, the non-residential construction work such as construction and repair of bridges, highways, and public works would be a major growth driver for the US construction industry. The implementation of strict emission norms for off-road engines in the EU, the US, and Canada is forecast to drive up the prices of construction equipment in these regions, in turn increasing the sector's revenues in the coming years. Besides, the trend related to construction equipment rental is spreading, particularly across mid and smaller size machines.
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. Crawler Excavators represent another major segment. Europe constitutes the second largest market worldwide, followed by the United States.
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.
The report titled "Construction And Mining Machinery/Equipment: A Global Strategic Business Report" announced by Global Industry Analysts Inc., provides a comprehensive review of the construction and mining machinery markets, impact of recession on the markets, current market trends, key growth drivers, product introductions, recent industry activity, and profiles of major/niche global as well as regional market participants. The report analyzes market data and analytics in terms of units for regions, including the US, Canada, Japan, Europe, China, and Rest of World. Major product segments analyzed include Hydraulic Excavators, Mini Excavators, Crawler Excavators, Wheeled Loaders, Backhoe Loaders, Skid-steer Loaders, among others.
For more details about this comprehensive market research report, please visit - http://www.strategyr.com/Construction_and_Mining_Machinery_Equipment_Market_Report.asp
Source: Global Industry Analysts, Inc.