CLEVELAND, Sept. 5, 2017 /PRNewswire/ -- Global demand for excavators is forecast to advance 9.9% per year through 2021 to $50.6 billion, approximating the average market pace. Growth in the segment will be supported by:
- advances in global building and nonbuilding construction spending
- increasing mining and forestry sector production, bolstered by rising commodity prices
- expanding natural gas output and minor gains in crude oil production
These and other trends are presented in Global Construction Machinery, 6th Edition, a new study from The Freedonia Group, a Cleveland-based industry research firm.
The development of more sophisticated excavators will contribute to segment gains in dollar terms. As advanced technologies (e.g., more fuel-efficient engines) are incorporated into new models, their cost will rise. In response, construction, surface mining, and energy companies will replace outdated excavators with better-performing machines that utilize less fuel, offer greater mobility, are easier to maintain, and are compatible with a larger number of attachments. More fuel-efficient and hybrid models will also be introduced to reduce operating costs.
Global demand for all types of construction machinery is projected to increase 9.6% per year through 2021 to $250 billion, a major improvement over the losses posted during the 2011-2016 period. Multiple factors will drive global market gains in dollar terms, including increases in residential, nonresidential, and nonbuilding construction activity; expansion of the global mining, forestry, and energy sectors, bolstered by a recovery in commodity, natural gas, and crude oil prices following a period of decline; the replacement of outdated construction machinery by companies that delayed purchases in recent years because of weak economic conditions; and rising sales of more expensive, better performing equipment.
More information about the study is available at https://www.freedoniagroup.com/industry-study/global-construction-machinery-market-by-product-6th-edition-3539.htm
Related studies include:
- #3519 Global Power Tools Market, 9th Edition (May 2017)
- #3509 Global Bus Market, 6th Edition (May 2017)
About The Freedonia Group, a division of MarketResearch.com – The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Additional Machinery & Equipment studies can be purchased at www.freedoniagroup.com, www.marketresearch.com and www.profound.com.
SOURCE The Freedonia Group