New machinery market worth $195bn by 2018
Report estimates global growth
Sales will grow to an estimated $195 billion by 2018
A report by the US-based market research firm MarketsandMarkets suggest that the global market for new construction machinery sales will grow from an estimated $131.1 billion in 2013 to $195.0 billion by 2018.
The report assumes a compound annual growth rate (CAGR) of 8.3%.
Currently, the Asia-Pacific region makes up more than half of the global market, followed by Europe (less than a quarter of global sales), North America, South and Central America, and finally Rest of World (ROW), which includes Middle East and Africa.
“The market is estimated to witness 8.5% CAGR within the forecast period for infrastructure development purposes. The BRIC countries and emerging economies of Asia-Pacific including South Korea, and Australia are leading the growth for this market,” says the report.
“The critical factors responsible for growth of the market include a continuous increase in demand for new infrastructure, increase in the demand for residential buildings due to growing population, high construction and public infrastructural growth especially in emerging markets. The key concerns in the industry pertain to the high cost of the market.”
Split of market revenue in 2012
