Unit sales grew by 27% in 2017 to 894,000 units worldwide, the highest the market has been since 2012, the report says.
Worldwide equipment* sales bottomed-out at 702,000 units and $70.6 billion in 2015 and 2016, the report says.
China rebounded strongly after a slump with sales of crawler excavators more than doubling in 2017 compared to 2016.
Construction equipment sales in India grew by 10% in 2017, continuing the momentum of the 36% surge seen in 2016, and taking demand for equipment to a new record high there.
Demand also grew across Europe, while North America recovered from the uncertainty of 2016 that had seen sales slow.
Off-Highway Research is predicting that global sales will grow 6% (by units) this year, and reach more than a million units in 2022. It sees growth in the next four years coming substantially from North America, putting a lot of faith in US president Donald Trump's infrastructure commitments.
North American unit sales dipped in 2016 amid US election uncertainty but grew to 173,188 units in 2017. Off-Highway Research forecasts a massive 54% growth in North America to 267,350 units by 2022.
Worldwide sales and forecast sales of construction equipment, 2017-2022 (Units)
|
2017 |
2018* |
2019* |
2020* |
2021* |
2022* |
|
|
Europe |
160,551 |
161,958 |
160,238 |
152,316 |
150,790 |
149,953 |
|
North America |
173,188 |
193,250 |
217,525 |
238,515 |
255,325 |
267,350 |
|
Japan |
67,810 |
59,330 |
61,700 |
65,285 |
71,845 |
66,845 |
|
China |
217,110 |
245,232 |
225,965 |
201,945 |
212,520 |
222,700 |
|
India |
60,485 |
67,560 |
66,410 |
72,460 |
78,310 |
83,960 |
|
Rest of the World |
214,923 |
222,336 |
222,377 |
220,420 |
230,980 |
236,678 |
|
Total |
894,067 |
949,666 |
954,215 |
950,941 |
999,770 |
1,027,486 |
|
% Change on Previous Year |
+27 |
+6 |
- |
- |
+5 |
+3 |
* - Forecast.
Source: Off-Highway Research
* Equipment covered by the study is: articulated dump trucks, asphalt finishers, backhoe loaders, crawler dozers, crawler excavators, crawler loaders, mini excavators, motor graders, rigid dump trucks, rough terrain lift trucks (masted and telescopic handlers), skid-steer loaders, wheeled excavators and wheeled loaders.
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