Globally, the Asia-Pacific region represents the largest and fastest growing earthmoving equipment market, representing a 51.4% share of global value.
Robust growth throughout this region has offset decline in the world's other two significant markets, North America and Europe, which recorded CAGR's of -10.69% and -8.28% over the review period. The global economic crisis was one of the main factors behind this steep industry reduction.
Surprisingly, South America represented the second fastest growing earthmoving equipment market across the globe, with a review period CAGR of 13.86%.
This growth has been fuelled by the implementation of a political and economic plan known as "Democratic Security", in Colombia, alongside a US$285.4 billion (BRL500.8 billion) investment allocation by the Brazilian federal government for infrastructure development under the Programade Aceleraçãodo Crescimento (PAC) program.global earthmoving equipment
Over the four year review period (2006-2010), the value of the global earthmoving equipment market increased at a compound annual growth rate (CAGR) of 1.13%.
Construction activities increased in most countries by 2010, a trend which is anticipated to continue over 2011. Across this time period, the global earthmoving equipment market was forecast to record positive growth and increase at a CAGR of 9.26%.
Loaders, the largest sector in the global earthmoving equipment market, achieved a CAGR of 2.28% during the review period, increasing their market share from 36.5% in 2006 to 38.2% in 2010.
On the other hand, construction tractors, the smallest sector, recorded a negative CAGR of -1.97% during the review period, observing a market share contraction of 29.6% in 2006 to 26.1% in 2010.
For more information on the global earthmoving equipment market, see the latest research: Global Earthmoving Equipment Market Report
Follow us on Twitter @CandMResearch
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.