Measured in units, the total world market for construction equipment increased by 23% in January-August 2011 compared to the same period last year. In Europe the market increased by 36%, North America was up 40% and South America increased by 24%. Asia excluding China was up 26% while China increased by 16%. Other markets increased by 9%.
Market conditions for the rest of 2011 are expected to be reasonably good, although a bit softer than forecasted earlier with a projected total market development for the full year 2011 of 15-20% (previous forecast 15-25%). Europe is expected to grow by 20-25% (previous forecast 15-25%), North America 35-40% (25-35%), South America 15-20% (10-20%), Asia excluding China 20-25% (no previous forecast) and China 5-10% (10-15%).
The Chinese market has slowed down as a consequence of measures by the government to curtail inflation. However, Volvo CE has strengthened its position as market leader in China with a 12.4% share of the wheel loader and excavator market during the first nine months of 2011.
For 2012 the total world market is projected to grow by 5-15%. Europe is expected to grow by 10-20%, North America 15-25%, South America 0-10%, Asia excluding China 10-20% and China 0-10%.