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Construction Equipment Sales Upsurge Forecasted 06-16-15 | News

Construction Equipment Sales Upsurge Forecasted

Increase in construction for commercial and residential infrastructure setup was cited as one reason for predicted growth of almost nine percent per year between 2015-2020.

The global construction equipment market is expected to reach $240.97 billion by 2020, with a year over year growth rate of 8.9 percent, according to a new report by Allied Market Research.

Among the different types of construction equipment, loader and cranes are forecast to remain the most preferred type, due to their numerous applications in construction, mining and public works. The report states that the loader segment could contribute more than 44 percent of the total market revenue, due to increased application in earth moving operations, and the crane market is growing at a steady rate owing to the growing demand for lifting and material handling from different industries.

It also reports that earth moving, and lifting and material handling equipment combined for around 50 percent of the total market in 2014. Between the two, earthmovers should grow at a faster rate during the forecast period, due to the upsurge in construction for commercial and residential infrastructure setup.