Still far cry from highs of 2011
Global sales of construction equipment, which have fallen from $106 billion in 2011 to $94 billion in 2013, are expected to fall to $92 billion in 2014, according to Off Highway Research, a consulting firm in the space.
However, sales are expected to register a growth to $94 billion in 2015, the firm forecast, adding that it would still be a while before the highs of 2011 are touched, as even in 2018, sales are expected to grow to $104 billion.
India’s share
Sales of construction equipment in India are expected to hover around the current level of $2 billion between 2013, 2014 and 2015 and grow toward $4 billion in 2018.
Also, India’s share in global construction equipment space is expected to grow during the period, David CA Phillips, MD, Off Research, said at a construction equipment conference.
Infrastructure push
This will be supported by the infrastructure push given by the Narendra Modi-led Government, he said. Infrastructure projects such as highway development and dedicated rail freight corridor projects are expected to push the demand for construction equipment.
Exhibition
“About 630 companies from 25 countries including China, Germany, Italy, Korea, Spain have participated in the construction equipment exhibition this year,” shared Igor Palka, CEO, BC Expo India, a joint venture of Messe Munchen International and Association of Equipment Manufacturers. Business Line
