China and Asia’s appetite for machinery will see it move further ahead of the world’s other markets in the next four years, according to market researcher Freedonia.
In its World Construction Machinery report Freedonia, says that despite the North American and European markets rebounding, the China-led boom will dominate sales in the next four years.
Total global sales are expected to reach $171 billion.
Freedonia calculates that the market will be worth $89.9 billion, with China accounting for 40% of total sales.
Freedonia says that demand for machinery in the Middle East will slow in the period and along with South America will account for $16 billion in sales.
Construction machinery demand in North America is forecast to grow by 6.7% rebounding from the 3% decline between 2005 and 2010. Freedonia predicts it will be worth $35.4 million by 2015. Sales in Europe will also recover and is forecast to reach $29.6 billion by 2015.
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