by Corinne Gangloff
November 6, 2019
Asia/Pacific demand for construction machinery is projected to rise 4.9% per year to $123 billion in 2023, according to the new Freedonia Group study, Global Construction Machinery.
Among the major factors driving the regional market’s rapid growth are:
More information regarding the study is here: https://www.freedoniagroup.com/industry-study/global-construction-machinery-3728.htm
In particular, trends in China – the world’s largest national producer and purchaser of construction machinery – will underlie regional market gains. For example, after a relatively poor sales performance in recent years, replacement product demand in China is expected to rebound. Continued swift economic growth, inflows of foreign investment, and impressive fixed investment spending gains (among other factors) in the country will also bolster sales.
Combined, the loader, crane and dragline, and excavator segments will account for two-thirds of sales gains in China, driven by increases in construction activity and rising mining output. For example:
Contact Corinne Gangloff for an interview with the analyst Gleb Mytko.
Additional Machinery and Equipment studies can be viewed here: https://www.freedoniagroup.com/industry-category/mach/machinery-equipment.htm
Provide the following details to subscribe.