Off-Highway Research projections include low level expansions in Middle East market.
Total sales of construction equipment are expected to touch one billion units for 2018 registering an annual rise of 12%, according to Off-Highway Research.
Recent research published by the market intelligence specialist projects total retail value of equipment sales in 2018 nearing $99bn in absolute value. This follows the 27% rise in equipment sales in 2017, continuing the growth in the global equipment sector.
China and India will again be the drivers of global growth, said the research, with earthmoving equipment sales projected to rise 31% in China to 283,500 units this year. In volume terms, this would be the largest construction equipment market in the world, said Off-Highway, adding that the country saw a huge leap of 81% in equipment sales last year.
Double-digit growth is also expected in India for the third year running, with demand expected to rise 16% after registering a 15% increase last year. This would see equipment sales go above 70,000 units for the first time in the country, setting a sales record of $3.5bn this year.
In what could be good news at long last for the Middle East, Off-Highway Research projected some growth returning to Developing Asia, including the Middle East region, although it said the region, along with Latin America, will remain weak on the whole.
North America was also forecast to grow this year, with projections of 200,000 units being sold, a rise of 13%. Europe would also continue to see a rise in its equipment demand, the research added.
Among the few markets not expected to see a rise in the findings, the prime one is Japan, which will remain “relatively small” at 60,000-65,000 units, said Off-Highway Research.