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The stimulus which governments around the world put in place to combat the economic effects of the Covid pandemic drove a period of high economic growth, but also high inflation from 2021-2023. The years since then have been characterised by weaker growth, but inflation has stayed stubbornly above the levels governments and central banks would like to see. 

Growth did return to the global construction equipment market in 2025 after three years of declining sales. The 2 per cent increase was mostly due to continued strength in emerging markets, with China and the rest of the world up sharply, supported by a gentler increase in South America. India was an exception, where the pre-buy activity of 2024 translated into a subdued market in 2025. 

The picture for this year is similarly mixed, with flat to downward forecasts for GDP growth and trade growth. On the positive side, inflation should continue to moderate (although these forecasts were published prior to the start of the war in Iran, which has sent oil and gas prices sharply upwards). There is also a forecast for a very small increase in gross capital formation, but in absolute terms this will remain low compared to the first half of the decade. 

Off-Highway Research forecasts that against this backdrop there is little prospect for strong growth in construction output and therefore construction equipment sales. However, as the outlook improves, with falling inflation and rising economic growth, the market should start to feel the benefit.

The Annual Review provides in-depth analysis and sales forecasts by country, equipment type, production, international perspective and projected forecasts up to 2030, and is essential reading for global companies. The review is intended as a decision-making tool for manufacturers, distributors, rental companies, financial institutions, importers and all other stakeholders in the global construction equipment market. 

This review is now available to buy. Click here to purchase it from our store, or contact [email protected]