With the increasing building activities, the global construction equipment market is projected to reach USD 160.84 billion by 2026, at a CAGR of XX%.
Backhoe loaders and excavators are indispensable for any construction. Their demand is very high in developing countries where urbanization is happening at a fast pace. Bright prospects of the construction industry will, therefore, broaden the outlook of this market in the forthcoming period.
It’s a somewhat different tale being told in the US. With exports down, American hopes are being increasingly pinned on rising domestic plant demand. Contrasting the US, China, the nation with the world’s biggest demand for construction equipment, has seen domestic sales dip, with many firms now looking to up their percentage of exports against total machine sales.
However, the Asia-Pacific region, with China at the forefront, is still the key region for aggregate demand due to its huge government-led investment in new transport and other vital infrastructure.
In fact, leading independent research tips the region’s share of overall global aggregates demand to grow over the next two years. Such a big demand for aggregates tends to go hand in hand with big demand for construction equipment.
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