Construction equipment sales on course for ‘record’ year

Equipment sales are predicted to see a record year in 2021

Sales of construction equipment are expected to achieve record sales, in volume terms, in 2021 of 1.13 million, according to information from Off-Highway Research.

Stimulus spending in China in 2020 as a result of the Covid-19 pandemic kept global construction equipment sales at an unexpectedly high-level last year and that buoyancy will continue in 2021 as other markets bounce back.

Sales are expected to remain very strong in 2022, with many OEMs reporting full order books.

During a live webinar, Chris Sleight, managing director of Off-Highway Research, confirmed that, although demand in China is expected to decline by more than originally thought, good recoveries in other key markets, such as Europe and North America, should take sales to record levels.

It was also noted that, although China is expected to see a decline in sales this year, it is from an extremely high level – sales increased by around 30% in 2020.

Sales in Europe are expected to grow by around 15% this year and by 12% in North America, which would take the region to record levels of sales.

It was noted that construction equipment sales would have been higher without the current supply chain issues that are impacting the industry.

Sleight added that it was “unusual” for the market to have such a sustained period of high sales, saying, “The peak in global equipment sales which began in 2017 has already been extended beyond what would otherwise be expected, and the forecast foresees these very high levels of sales continuing. This prolonged peak in construction equipment sales is unusual, if not unprecedented.

“This could lead to the build-up of a large population of relatively young equipment which could be a barrier to new sales in the future, particularly if construction activity falls away.”

STAY CONNECTED



Receive the information you need when you need it through our world-leading magazines, newsletters and daily briefings.

Sign up

POWER SOURCING GUIDE

The trusted reference and buyer’s guide for 83 years

The original “desktop search engine,” guiding nearly 10,000 users in more than 90 countries it is the primary reference for specifications and details on all the components that go into engine systems.

Visit Now

CONNECT WITH THE TEAM
Becky Schultz Vice President of Content Tel: +1 480 408 9774 E-mail: [email protected]
Julian Buckley Editor Tel: +44 (0) 1892 784088 E-mail: [email protected]
Chad Elmore Managing Editor Tel: +1 262 754 4114 E-mail: [email protected]
Josh Kunz Power Progress Brand Manager Tel: +1 414 379 2672 E-mail: [email protected]
Roberta Prandi Power Progress International Brand Manager Tel: +39 334 6538183 E-mail: [email protected]
CONNECT WITH SOCIAL MEDIA