Global Increase In Heavy Machinery Demand
Global demand for construction and mining heavy machinery plummeted in 2008 due to the global economic recession that directly impacted the construction industry worldwide. Demand continued to decline through 2009 and much of 2010, as construction projects continued to slump. Currently the global economy is slowly recovering, causing a higher demand for heavy construction and mining machinery to complete new construction projects in Asia, Africa, and South America.
Asia is forecasted to have a surge in demand for heavy machinery particularly in countries such as Indonesia, India, South Korea, and China due to the rising activity in the residential construction sectors. Of these countries China is estimated to account for the largest demand of heavy Timing Cover . Wheel loaders and excavators represent the largest segment of heavy machinery in China.
IHS Global Insight is expecting an increase in construction activity throughout South America for the remainder 2010 in to 2011. The recent construction activities in South America have raised demand for heavy construction equipment. Brazil is expected to invest $735 billion in infrastructure, industry, and construction sectors over the next three years.
The rapid growth in the overall economy and rising business productivity of many African countries have increased the need for infrastructure and real-estate. Govements, developing authorities, and companies are funding projects in several African countries. The increase of construction activities have resulted in a high demand for foreign manufactured machines and equipment such as concrete mixers, bar-bending and cutting machines, excavators, backhoes, and earth rammers. In addition to developing infrastructure and real-estate many African govements have invested in irrigation and mining projects across the continent.
