Global and Indian Trends of CE Industry
According to Off-Highway Research projections, the global Construction Equipment (CE) market saw a peak in sales in 2021 with nearly 1.3 million units sold worldwide. The CE industry has seen several cycles of ups and downs but is noteworthy that the trend is moving towards higher numbers in years to come. However, projections suggest that sales are likely to decline over the next few years due to lack of growth in the Chinese market. Sales in 2023 are forecast to drop to just over 1.11 million units, falling to 1.05 million in 2024, 1.03 million in 2025, then 1.07 million in 2026 and 1.12 million in 2027. The primary reason for this downward trend is due to lack of growth in the Chinese market. The slowdown in global sales over the next couple of years comes amid a decline in China between 2020 and 2023 when sales are forecasted to fall from a high of 412,485 units to less than half that at 193,766. Off-Highway Research forecasts a gradual recovery in sales between 2023 an...