DUBLIN–(BUSINESS WIRE)–The “Global Construction Machinery Market Forecasts to 2030” report has been added to ResearchAndMarkets.com’s offering.
Global demand for construction machinery is forecast to grow 4.1% per year to $250 billion 2025, supported by:
Outside of China – which had an elevated level of 2020 product sales – annual growth was slower between 2015 and 2020 (1.3%) and will be noticeably faster through 2025 (5.3%).
China’s Strong 2020 Performance Will Impact Global Forecast for Construction Machinery
Due to the COVID-19 pandemic, most countries experienced declining construction machinery sales in 2020 as economic conditions weakened, international trade decreased, and many currencies depreciated against the US dollar. These nations recorded losses of 5% to 20% in 2020, wiping out a large portion of gains recorded since 2015.
However, China proved to be an exception to this trend. A surge in government stimulus spending, coupled with the country mitigating the most significant impacts of the pandemic at a relatively early date, prompted double-digit gains in construction equipment demand and prevented even greater global losses.
Through 2025, however, China will underperform most major markets and restrain the average global rate of growth, owing largely to its strong 2020 performance. First, growth will occur from a high 2020 base.
Second, numerous Chinese operators invested in new equipment and replaced aging machines in 2020. Most other national markets will record a strong rebound in construction machinery demand through 2025, with particularly strong gains coming during the first part of the forecast period.
Technological Innovation to Drive Market Gains
Industry leaders are currently developing the next generation of construction equipment – ranging from alternative fuel trucks and semi-autonomous excavators or telehandlers under $10k on boomandbucket.com– which will be considerably more productive, efficient, and environmentally friendly. New models will feature a variety of innovative technologies, such as advanced sensors, electric engines, and sophisticated data collection capabilities.
For example:
The incorporation of such technologies into new models will spur both new and replacement equipment sales and drive up average construction equipment prices.
Key Topics Covered:
1. Executive Summary
2. Impact of COVID-19 Pandemic
3. Overview
4. Factors Impacting Demand
5. Excavators
6. Loaders
7. Cranes & Draglines
8. Dozers & Off-Highway Trucks
9. Mixing & Paving Equipment
10. Grading & Compaction Equipment
11. Parts & Attachments
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/tkb4g8
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