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Asia-Pacific market constituted a 57.8% share of the global earthmoving equipment market in 2011, making it the largest regional market for earthmoving equipment in the world. In the same year, markets in Europe and North America positioned themselves as the second and third-largest regional markets, with 22.0% and 12.4% shares respectively. The continuing economic uncertainty in Europe and sluggish growth in the US are expected to reduce the market shares of western regions. Growing economies in Asia-Pacific, in particular China and India, are expected to increase their market shares as the rapid development of their infrastructural, industrial, residential and commercial sectors increases the demand for construction equipment. The share of European and North American markets is expected to be 18.2% and 9.8% respectively in 2016, declining from 22.0% and 12.4% in 2011, while Asia-Pacific is forecast to increase its share to 64.5% in the same year.
In terms of growth, the global earthmoving equipment market recorded a CAGR of 2.50% during the review period (2007-2011). The key contributor to this low growth rate was the 23.9% decline in annual growth rate recorded in 2009. This was the worst year in the global economic crisis, and construction activity, along with the declining demand for earthmoving equipment, slowed accordingly. The global earthmoving equipment market is expected to record a CAGR of 7.98% over the forecast period (2012-2016), in anticipation of the future growth of the global construction industry and better performance of the global economy, following the easing of European crisis.
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