This statistic represents the size of the global construction equipment market between 2008 and 2010 with projections through 2015. In 2008, this market was sized at around 108.5 billion U.S. dollars.
Size of the global construction equipment market
Caterpillar, Komatsu and Hitachi are among the world’s leading manufacturers of construction equipment, which includes for example excavators, wheel loaders, pavers and concrete mixers. Construction machinery manufacturers sell their equipment to customers in the private as well as the public segment, the latter one being highly dependent on investment efforts undertaken by political decision makers. During the 2008 financial crisis, many politicians delayed the continued renewal of their countries’ infrastructure, resulting in a stark decline in market volume particularly in mature economies such as Japan.
The global market for construction equipment is expected to grow at a compound annual growth rate (CAGR) of 7.3 percent from around 102.3 billion U.S. dollars in 2010 to about 145.3 billion U.S. dollars in 2015. After dramatic declines between 2008 and 2009, North America is projected to grow at an annual growth rate in the double digits from 2010 to 2015, while India and the VISTA* states are expected to hold the largest potential for growth: India’s construction machinery market is estimated to reach eight billion U.S. dollars by 2015.
* VISTA is an acronym for Vietnam, Indonesia, South Africa, Turkey and Argentina.