EU Annual Review April 2023

ANNUAL REVIEW
The construction equipment industry in

EUROPE
APRIL 2023 | ISSUE 495
EUROPEAN SERVICE
European annual review | April 2023
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ANNUAL REVIEW
The construction equipment industry in Europe
A R EV I EW O F 2 0 2 2
AND FO R EC AS T T O
2027
April 2023 | Issue 495
CONTENTS
Summary 5
2022 versus long-term trends 8

Country analysis and forecasts 10
Austria 12
Belgium 13
Denmark 14
Finland 15
France 16
Germany 17
Ireland 19
Italy 20
Netherlands 21
Norway 22
Poland 23
Portugal 24
Spain 25
Sweden 26
Switzerland 27
United Kingdom 28
Equipment analysis and forecast to 2027 30
Forecast to 2027 31
Articulated dump trucks 31

Asphalt pavers 32
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Backhoe loaders 32
Compact tracked loaders 32
Crawler dozers 33
Crawler excavators 33
Crawler loaders 33
Masted rough terrain lift trucks 34
Mini excavators 34
Motor graders 34
Rigid dump trucks 34
Skid-steer loaders 35
Telescopic handlers 35
Wheeled excavators 35
Wheeled loaders <80 horsepower 36
Wheeled loaders >80 horsepower 36
Production analysis 37
Production by country 37
International perspectives 40
Sales 40
China 41
India 41
Japan 42
North America 42
Production 44
China 44
India 45
Japan 45
North America 46
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SUMMARY
Table 1. Western Europe: Sales of construction equipment by country, 2018-2022
(units)
% Change % of Total
2018 2019 2020 2021 2022 2021-2022 2022
Austria 3,487 3,678 3,169 4,102 4,403 +7 2
Belgium 6,564 7,074 6,301 7,511 7,650 +2 4
Denmark 4,238 4,022 3,676 4,523 4,833 +7 2
Finland 2,571 2,997 2,433 2,548 2,544 - 1
France 33,048 35,836 29,689 33,589 36,165 +8 17
Germany 44,266 48,501 44,172 48,089 47,445 -1 22
Ireland 2,196 2,360 1,756 2,514 2,430 -3 1
Italy 17,014 19,783 19,916 26,631 31,499 +18 15
Netherlands 7,357 7,486 5,732 7,251 7,334 +1 3
Norway 4,854 5,049 4,258 4,617 4,614 - 2
Poland N/A N/A N/A 8,347 8,150 -2 4
Portugal 1,658 1,988 1,761 2,232 2,148 -4 1
Spain 5,889 6,475 4,811 6,146 7,110 +16 3
Sweden 5,372 5,316 4,616 5,294 5,522 +4 3
Switzerland 3,634 3,406 3,570 3,941 3,626 -8 2
United Kingdom 38,256 35,841 26,906 40,953 41,388 +1 19
Total 180,404 189,812 162,766 208,288 216,861 +4 100
Like-for-like % +14 +5 -14 +23 +4
annual change
Source: Off-Highway Research
Chart 1. Western Europe: Sales of construction equipment, 2018-2022 (units)

225,000
200,000
175,000
150,000
125,000
100,000
75,000
50,000
25,000
-
2018 2019 2020 2021 2022
Construction equipment sales in Europe rose 4 per cent in 2022 to 216,861 units. This
increase from 2021’s already high level of 208,288 machines sold maintained the
market at a high level, and comparable with the previous record set in 2007.
However, the two sets of figures are not strictly comparable, as Off-Highway
Research has now added Poland to its market coverage. The annual percentage
changes shown in the table above are presented on a like-for-like basis, which is to
say that the figure of 23 per cent growth in 2021 excludes Poland as coverage of that
Page 5
country only started that year, while 2022’s 4 per cent rise takes the Polish market
into account.
The strongest growth in 2022 was seen in the larger markets of Southern Europe –
most notably Italy, which saw sales rise an impressive 18 per cent. Although Italy
was slow to emerge from the global financial crisis, its improvement in the late 2010s
and through the Covid years has been impressive. This latest sharp spike in sales
has taken the market to its highest ever, surpassing the previous peak in 2007.
At 16 per cent, Spain’s growth was also well above average. At 7,110 machines sold,
the volumes in Spain were the best they have been since the global financial crisis,
but were still a far cry from the volumes of 20,000 units sold per year in the height
of the boom in the mid-2000s.
In contrast to Spain and Italy, Portugal bucked the trend in Southern Europe with a
4 per cent decline in sales. The market is sensitive to both inflation and the cost of
financing equipment, so was adversely affected by 2022’s interest rate rises.
While Italy was the pick of the larger markets, France also performed well with an
8 per cent rise in sales, thanks to broad demand for both heavy and compact
equipment. Growth in the UK was more subdued at 4 per cent, but the volume of
equipment sold was the highest ever seen. Meanwhile the German market declined
1 per cent, but this has to be seen in the context of the extraordinarily high number
of machines which have been sold in the country in the last four to five years. Annual
sales are on a par with the number of machines sold at the height of the post-
reunification boom in the early 1990s.
Among the smaller volume markets, there was no clear regional pattern to growth.
In Northern Europe, Sweden grew 4 per cent, while Finland and Norway were flat.
As is the case in Germany, all three markets are at historically high levels, so zero
growth still represents a healthy market. Against that backdrop, Sweden’s growth
was particularly impressive. Elsewhere in the region, Denmark achieved 7 per cent
growth in equipment sales thanks reasonable economic growth and increased
government spending on infrastructure.
There was modest growth in the Benelux region, with the Netherlands rising 1 per
cent and Belgium up 2 per cent.
In the Alpine region, Austria was up 7 per cent while sales in Switzerland fell at a
similar rate. However, these two countries generally do not move with the same
cyclicality as most other equipment markets, and tend to be much more stable. The
change in Switzerland should therefore be viewed as a more gentle year-to-year
oscillation in sales, rather than a more decisive medium term trend. The situation in
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Austria is slightly different, as the market has seen an unusual spike due to Covid-
related stimulus spending.
Finally, Poland has been added to Off-Highway Research’s regular European

coverage for the first time. The market was particularly buoyant in 2021, but faltered
in 2022 and declined again in 2023 due to the economic impact and general
uncertainty resulting from the war in neighbouring Ukraine. Also unhelpful is the
on-going dispute between the Polish Government and European Commission on the
supremacy of EU over national law, which has been running since 2021. One of the
impacts of this is that significant EU funds for infrastructure construction are being
held back.
Table 2. Europe: Sales of construction equipment by country, 2018-2022 (% of

total)
2018 2019 2020 2021 2022
Germany 25 26 27 23 22
United Kingdom 21 19 17 20 19
France 18 19 18 16 17
Italy 9 10 12 13 15
Poland N/A N/A N/A 4 4
Belgium 4 4 4 4 4
Netherlands 4 4 4 3 3
Spain 3 3 3 3 3
Sweden 3 3 3 3 3
Denmark 2 2 2 2 2
Norway 3 3 3 2 2
Austria 2 2 2 2 2
Switzerland 2 2 2 2 2
Finland 1 2 1 1 1
Ireland 1 1 1 1 1
Portugal 1 1 1 1 1
Chart 2. Europe: Sales of construction equipment by country, 2018-2022 (% of

total)
Others
Sweden 11%
Germany
3% 22%
Spain
3%
Netherlands
3%
Belgium
3%
Poland
4%
United Kingdom
19%
Italy
15%
France
17%
Page 7
Germany remains the largest construction equipment market in Europe, Accounting

for 22 per cent of demand in 2022. However, strong growth in France and Italy last
year meant that their relative significance grew at the expense of Germany and the
UK. The big four markets accounted for 73 per cent of regional construction
equipment demand last year.
The importance of Poland is borne out by the fact that in 2022 it was the next largest
equipment market, representing 4 per cent of European demand. Other markets of
a comparable, if slightly smaller size, include Belgium, the Netherlands, Spain and
Sweden.
2022 VERSUS LONG-TERM TRENDS

Table 3. Western Europe: 10 year average sales, 2010-2022 (units)
2011- 2022 average (units) 2022 (units) 2022 vs 10-year average (%)
Austria 3,118 4,403 +41
Belgium 5,870 7,650 +30
Denmark 3,655 4,833 +32
Finland 2,276 2,544 +12
France 29,095 36,165 +24
Germany 40,380 47,445 +17
Ireland 1,870 2,430 +30
Italy 16,816 31,499 +87
Netherlands 6,043 7,334 +21
Norway 4,516 4,614 +2
Portugal 1,458 2,148 +47
Spain 4,336 7,110 +64
Sweden 4,624 5,522 +19
Switzerland 3,745 3,626 -3
United Kingdom 34,067 41,388 +21
Total 161,870 207,444 +28
Comparing the size of the markets in 2022 to their long-term averages illustrates just
how high the European market has risen in the last ten years. Across the whole
region, sales in 2022 were 28 per cent higher than the ten-year average.
Within this, of course almost all markets are currently seeing sales volumes well
ahead of the long-term average. The only exception, as discussed above, is
Switzerland, which is essentially a flat and consistent market.
Those performing significantly ahead of the long-term average include the southern
markets of Italy, Spain and Portugal. All three were relatively slow to emerge from
the global financial crisis, but since the late 2010s have started to make up for lost
time, with consistently above-average growth. Other relatively strong performers
over the long term include Austria, Belgium, Denmark and Ireland.
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The larger markets of France, Germany and the UK have seen long-term growth
similar to the European average. This is to be expected, as it is these markets which
have greatest sway on the European total and which therefore largely define what
the average is.
Relative underperformers over the last ten years include Finland, Norway and
Sweden, along with The Netherlands. In all four cases, this is not necessarily a
negative. These countries saw their sales rise to high historic levels in the mid- to
late 2010s, and those volumes have largely been maintained for five years or more.
The apparent lack of growth is due to very good sales volumes in these countries,
rather than any problems or lacklustre performance.
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COUNTRY ANALYSIS AND FORECASTS

Table 4. Western Europe: Forecast sales of construction equipment by country,
2022-2027, (units)
Forecast % Change 2023-
2022 2023 2024 2025 2026 2027 2027
Austria 4,403 4,300 3,979 3,902 4,157 4,474 +4
Belgium 7,650 7,026 6,576 6,546 6,496 6,495 -8
Denmark 4,833 4,375 4,260 4,178 4,166 4,166 -5
Finland 2,544 2,348 2,459 2,618 2,747 2,267 -3
France 36,165 36,315 35,000 33,633 35,587 37,867 +4
Germany 47,445 46,115 47,305 46,985 46,560 47,010 +2
Ireland 2,430 2,235 2,221 2,219 2,217 2,217 -1
Italy 31,499 32,378 30,210 28,292 27,937 28,310 -13
Netherlands 7,334 7,151 6,981 6,861 7,011 6,885 -4
Norway 4,614 4,472 4,653 4,763 4,840 4,811 +8
Poland 8,150 7,617 7,523 7,435 7,640 7,689 +1
Portugal 2,148 2,294 2,150 2,076 2,138 2,260 -1
Spain 7,110 7,346 6,787 6,334 6,846 7,214 -2
Sweden 5,522 5,379 5,113 5,154 5,188 5,411 +1
Switzerland 3,626 3,585 3,472 3,566 3,577 3,696 +3
United Kingdom 41,388 39,558 38,895 37,645 37,125 37,125 -45
Total 216,861 212,494 207,584 202,207 204,232 207,897 -9
% Annual Change +4 -2 -2 -3 +1 +2 -9
Chart 3. Western Europe: Forecast sales of construction equipment, 2022-2027

(units)
225,000
200,000
175,000
150,000
125,000
100,000
75,000
50,000
25,000
-
2018 2019 2020 2021 2022 2023 2024 2024 2026 2027
Historic Sales Forecast
Off-Highway Research’s forecast for Europe is essentially for the market to stabilise
at a high level. Although single-digit percentage annual declines in sales are
expected for the next three years, the market is forecast to remain above 200,000 units
over the medium term. Prior to the current peak, a volume above 200,000 machines
sold was only achieved once before for a single year in 2007.
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With volumes reaching a similar high once again, it may be tempting to make
comparisons with the boom (and subsequent bust) of the mid-2000s. Although the
market is now of a similar size again, the circumstances are different. In the mid-
2000s, sales built to a peak extremely quickly and then fell away even more violently,
whereas the volumes which have been achieved in Europe in recent years have built-
up gradually.
Off-Highway Research therefore believes that rather than the market overheating,
the current volumes are indicative of a more natural level of sales in Europe, which
is significantly higher than was seen in the last cycle.
Although extraordinary divers such as abnormally low interest rates and stimulus
spending have contributed to the current high in equipment sales, there are reasons
to be confident that volumes will be sustained as more normal conditions start to
prevail. Infrastructure markets in Europe are strong and the outlook is good.
Although some of this is due to stimulus spending, the fact remains that these
projects are long-term in their nature and so provide prolonged stability for the
equipment segment.
Second, although rising interest rates are likely to cool the housing market, this is
expected to be a relatively short-lived slowdown in activity. There is still an
underlying need for housing in Europe, and this fundamental demand is expected
to drive activity again once the current inflationary spike (which also affects
construction costs) and period of rising interest rates has passed.
Finally, there is a factor which is specific to the equipment industry – lead times for
new equipment manufacturers’ order books backlogs remain high. Although there
is some evidence that the situation is normalising, the size of the backlogs are such
that they alone should provide strong sales volumes in 2023.
But like any forecast, Off-Highway Research’s outlook may change if circumstances
and drivers change. It has to be said that most of the factors which could impact on
the forecast represent downside risks. These include the negative impacts of a
prolonged war in Ukraine, further inflationary pressure, higher than expected
interest rate rises and worse than predicted economic growth.
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AUSTRIA
Table 5. Austria: Sales of construction equipment, 2022-2024* (units)
2022 2023* 2024*
Articulated dump trucks 62 53 40
Asphalt pavers 26 24 23
Backhoe loaders 38 33 28
Compact tracked loaders 36 34 31
Crawler dozers 35 32 29
Crawler excavators 971 860 790
Crawler loaders 3 3 2
Masted rough terrain lift trucks 8 5 5
Mini excavators 1,373 1,441 1,310
Motor graders 18 18 15
Rigid dump trucks 13 5 2
Skid-steer loaders 87 87 78
Telescopic handlers 409 450 480
Wheeled excavators 271 238 216
Wheeled loaders < 80 HP 541 525 480
Wheeled loaders > 80 HP 512 492 450
Total 4,403 4,300 3,979
% Annual change +7 -2 -7
* Forecast
The Austrian construction equipment market is a saturated one, with 2022 a record
year, mainly due to Covid-related stimulus over the past two years that have
spurred extra demand for machines. Following the high of 2022, equipment sales are
forecast to fall slightly in 2023. The general trend for 2024 and 2025 will also be
downward, with a recovery starting in 2026.
Mini and midi excavators are popular, particularly when used with the compact
dumpers (a similar practice to Switzerland). Both the mini excavator and telescopic
handler saw growth of 17 and 27 per cent respectively in 2022 over 2021 and demand
is expected to stabilise at these high levels in 2023 due to high order backlog levels.
With the massive growth for midi and standard crawler excavator in 2021, sales of
these machines declined by 10 per cent in 2022 with a similar downturn forecast for
2023. In contrast, the wheeled excavator moved up 5 per cent in 2022 but is forecast
to decline this year.
The backhoe loader still sells in modest numbers, but has largely been replaced by
midi excavators and compact wheeled loaders. Both compact and larger wheeled
loaders performed will in 2022, growing by 12 and 14 per cent respectively
compared to 2021. However, both are forecast to see mild downturns over the next
two years.
Although higher interest rates could threaten Austria’s housebuilding sector and
sales of equipment to carry out this work, in 2022, the population exceeded 9 million
for the first time, due in part to more than 40,000 displaced people from Ukraine.
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This rising population is expected to stimulate house building, despite the

headwinds.
One definite area of growth in the near to mid-term is civil engineering, which will
be engaged in building new power plants and electric energy infrastructures. A
major example of a civil engineering project in Austria is the massive waterpower
project in Kühtai in Tyrol.
BELGIUM
Table 6. Belgium: Sales of construction equipment, 2022-2024* (units)
2022 2023* 2024*
Crawler excavators 1,035 950 950
Crawler loaders - - -
Motor graders 8 6 6
Telescopic handlers 1,620 1,350 1,250
Total 7,650 7,026 6,576
* Forecast
The previous two years were volatile with first a fall in 2020 due to the pandemic,
and then a rebound in 2021. Some suppliers of smaller equipment saw little effect of
the pandemic due to the surge in home improvement work during the pandemic.
In 2022, other factors started to take effect in the construction market, with high
inflation manifesting itself in increased and materials prices. These additional costs
have slowed the building of private housing and some other buildings, although
government investment in infrastructure continues. In addition, in Belgium incomes
are linked to inflation rates by legislation, resulting in an additional 11 per cent being
added to the payroll costs, an additional inflationary pressure across all employers.
Equipment sales rose in 2022 despite these headwinds. Indeed, order backlogs are
high and delivery times for many suppliers are higher than they would like them.
Some manufacturers have been unable able to supply machines ordered in 2022 and
have resulted in deliveries being carried over to early 2023.
Page 13
Zero emission machines are becoming more available to the marketplace, although
the uptake is currently poor as there are currently no government incentives to offset
the additional costs incurred to switch.
Overall sales in 2022 rose 2 per cent when compared with 2021, taking the market
some 8 per cent higher than it was in 2019, prior to the pandemic. These historically
high level of sales, combined with inflationary pressures in the market, are expected
to see a decline in sales over the medium term to more normal market volumes.
DENMARK
Table 7. Denmark: Sales of construction equipment, 2022-2024* (units)
2022 2023* 2024*
Motor graders 3 2 2
Rigid dump trucks - - -
Wheeled loaders < 80 HP 1,000 1,000 950
Total 4,833 4,375 4,260
* Forecast
Denmark’s GDP for 2022 increased by 3.1 per cent in 2022 following on from the
positive results in 2021. However, increased materials costs and interest rates had a
dampening effect, especially on personal disposable income, which will have an
effect on private consumption and feed through to a decline in demand for private
housing. Inflation peaked at 8.5 per cent but this is expected to subside in 2023 to
around 4.4 per cent and falling further in 2024.
In 2022 the government increased spending on transport, road infrastructure and

renewable energy. As a result, there has been an increase in spending across all civil
infrastructure projects, leading to increased demand for heavier equipment.
The new building sector also saw some improvement, but this spend rate started to
decline towards the end of the year due to rising costs. Similarly, repair and
maintenance initially rose in 2022 but also levelled off later on. These sectors are
significant, as together they represent five times the value of the civil/infrastructure
market.
Page 14
From a machinery sales perspective, numbers have increased 7 per cent compared
to 2021 and looking back further to pre-Covid levels (2019) are some 20 per cent
higher. Among the strongest performing equipment types have been backhoe
loaders, mini excavators, telehandlers and wheeled excavators.
FINLAND
Table 8. Finland: Sales of construction equipment, 2022-2024* (units)
2022 2023* 2024*
Mini excavators 443 425 425
Motor graders 8 5 6
Total 2,544 2,348 2,459
% Annual change - -8 +5
* Forecast
The market for construction machinery in Finland remained flat in 2022 following
its recovery in 2021 from the impact of the Covid-19 pandemic the previous year.
This is below the outcome expected at this time last year when, among other factors,
there was a widespread assumption that the delays in delivering machines ordered
in 2021 would create pent up demand and a rise in sales in 2022.
To some extent this scenario did manifest itself with the start of the year being
strong. However, difficulties related to higher energy costs, inflationary pressures,
the war in Ukraine and, in particular, rising interest rates caused a slowdown in
order intake and, eventually, deliveries, in the second half of the year. Indeed, the
lead time for machine deliveries has added to these problems by adding price rises
and price uncertainty to the mix.
Now, this context is sufficiently challenging for most suppliers to feel the market is
set for a noticeable decline in 2023, even if a minority prefers to ‘wait and see’ before
committing to such a pessimistic outlook. Although the delivery backlog still means
sales appear strong the decline in orders that started in the second half of 2022 has
continued at the start of this year. Furthermore, private investors and housebuilders
are cautious, while the public sector is unlikely to commit to major new projects
Page 15
before the results of the April general election are known; the continuing growth in
rental demand will only partially offset these negative trends.
There is also unanimity in the belief that anticipating market conditions in 2023 is
fraught with uncertainty and that this uncertainty is compounded when it comes to
looking at 2024. Thus, even though a return to growth is the most widespread
forecast for next year, confidence in such an outcome – or even in any given forecast
– remains very low and it is generally believed rapid changes, both positive and
negative, could yet alter the outlook considerably.
FRANCE
Table 9. France: Sales of construction equipment, 2022-2024* (units)
2022 2023* 2024*
Crawler excavators 4,850 4,532 4,391
Mini excavators 14,748 15,190 14,467
Wheeled excavators 1,950 1,925 1,868
Wheeled loaders < 80 HP 1,573 1,550 1,500
Wheeled loaders > 80 HP 1,250 1,170 1,136
Total 36,165 36,315 35,000
% Annual change +8 + -4
* Forecast
Total unit sales for construction equipment in 2022 exceeded 2021 levels by 8 per
cent. Strong market growth in 2022 was seen in both segments compact and large
construction equipment. The market in 2022 saw a record year in unit sales,
especially due to a strong fourth quarter and a successful year-end finish.
With most manufacturers and distributors now struggling with delivery constraints
from both 2021 and 2022, backlogs remain at high levels. Whilst supply chain strains
for parts and components are now easing across the globe, they still prevail in high
volume categories where demand remains high, including mini excavators
(particularly of the 3 to 5 tonne classes) and telescopic handlers.
On the positive side, strong order backlogs will provide stability for the first three
quarters of the year. Things are less clear for the final three months of 2023, which
will depend on order intake this year as well as the macro-economic situation.
Page 16
As in several other countries in Europe, the French economy is being disrupted by

industrial action. In 2022 truck drivers went on strike to protest against new rules
limiting them to a 25-hour week, which left parts of the country, particularly Paris,
without diesel and petrol for a short period. At the start of 2023 France was hit by a
series of massive strikes which saw the blockage of major road and trains lines over
plans to raise the pension age to 64 years. Although all those events do not affect
consumption or employment, they may eventually hit the economy at some point
this year.
With prices for electricity, diesel and petrol soaring by the start of 2023, some
companies were reported to have closed production entirely from January to March,
whereas other end-users have decided to only work over the weekends, or during
nights, subsequently causing reduced orders for new construction equipment.
Despite interest rates now in the range of between 2.5 and 3.0 per cent, along with
increased bureaucracy for mortgage finance, demand for housing in the country´s
capital and major cities remains upbeat. House prices are expected to increase,
which should mean healthy demand for compact construction equipment due to
housebuilding and associated utility construction work.
In the civil engineering sector, work for the 2024 Olympic Games continues in the
capital but with many structures nearing completion, it is not a significant driver of
equipment sales. More significant are canal projects to link the North of France with
Benelux and Germany, train tunnelling works to connect France (Lyon) with Italy
(Turin), followed by the build-up of new windfarms and nuclear power plants.
One of the major problems expected in 2023 are higher equipment prices, with
increases of the order of 12.5 to 15 per cent over 2022. This has led to some cancelled
orders for compact equipment from the major rental houses, while the policy is to
age-out the fleet of heavier equipment.
Although backlogs are likely to last up well until the third quarter 2023 deliveries
are expected to fall in the final quarter. The market is forecast to be flat for the year
as a whole, with declines in 2024 and 2025, followed by a recovery in 2026.
GERMANY
The German construction equipment market remained subject to an extremely high
level of demand throughout 2022, with sales declining only marginally below those
recorded in 2021, the second highest year on record, and allaying the fears of some
observers that the market may have overheated.
Suppliers continue to report a high backlog of new machine orders, which in some
cases extends beyond 2023. Availability of machines continues to be the primary
Page 17
cause of concern, however, and sales are inevitably constrained by the ongoing
problem of protracted delivery times as a result of widespread disruption to the
component supply chain.
Table 10. Germany: Sales of construction equipment, 2022-2024* (units)

2022 2023* 2024*
Mini excavators 19,602 19,000 19,250
Wheeled excavators 3,430 3,325 3,500
Total 47,445 46,115 47,305
% Annual change -1 -3 +3
* Forecast
Whilst the sector is beset with other problems such as the spiralling costs of leasing,
building materials, energy and transportation, there appears little evidence to
suggest that contractors and rental companies have lost confidence to invest in their
machinery fleets. Customers in end-user segments such as general construction,
mining and quarrying, landscaping and rental all report positive levels of business
confidence, although the recent series of machine price rises imposed by
manufacturers has led some customers to postpone new machine purchases in
favour of prolonging the working life of their existing fleets.
With the exception of the crawler excavator and crawler dozer sectors, which
recorded declines of eight and 23 per cent respectively, most of the volume product
sectors remained relatively stable or posted negligible declines. In the heavy
equipment segment, articulated dump trucks underwent a welcome return to
growth (+39 per cent), in response to the government’s focus on transport and
energy infrastructure projects. In unit volume terms, telescopic handlers saw the
largest increase in sales (+20 per cent), due largely to robust demand in the
agricultural sector.
The outlook for the German construction industry remains optimistic, with
significant ongoing investment in infrastructure and general construction sectors.
Whilst it is hoped that the issue of machine availability will ameliorate during the
next 12-18 months, the high volume of sales in the recent past has created a large
Page 18
population of relatively new machines, which is expected to impact to a certain

extent on demand in 2023. Most suppliers now believe the market will undergo a
period of consolidation in the short to medium term at least, and it is not
unreasonable to conclude that sales could contract by 2-3 per cent in 2023.
IRELAND
Table 11. Ireland: Sales of construction equipment, 2022-2024* (units)
2022 2023* 2024*
Motor graders - 2 -
Total 2,430 2,235 2,221
% Annual change -3 -8 -1
* Forecast
The pressures that have led to increases in costs across Ireland and many other
countries saw equipment sales fall 3 per cent last year. However, it should be noted
that the volume sold in 2022 was still higher than in 2019. The only machines to show
an increase in sales in 2022 against 2021 were telehandlers (up 7 per cent) and the
niche of compact wheel loaders (up 20 per cent). All other machine types saw a fall
in sales.
Some of the decline may be attributed to supply chain and shipping issues, but
economic factors were the key driver. Inflation peaked at 9.2 per cent in 2022 and
the average for the year was 7.8 per cent. In terms of construction, this was felt in the
cost of equipment, fuel materials and labour, inevitably slowing down the market.
However, Ireland still has significant demand for housing of which there is a
recognised national shortage. This helped the construction industry perform well
over the first six months of the year, before faltering as the inflationary pressures
started to bite.
This continued slowdown in equipment demand has already set the tone for 2023,
and is expected to drive an 8 per cent decline in equipment sales.
Page 19
ITALY
Sales of construction equipment in Italy expanded rapidly in 2022. Indeed, the 18
per cent growth compared to 2021 resulted in sales of 31,499 units, the highest ever
recorded by Off-Highway Research and only the fourth time that total demand has
exceeded 30,000 units. This was also the ninth consecutive year of growth in the
construction machinery market.
Table 12. Italy: Sales of construction equipment, 2022-2024* (units)

2022 2023* 2024*
Compact tracked loaders 1,468 1,500 1,400
Mini excavators 16,036 16,800 15,500
Skid-steer loaders 1,610 1,625 1,500
Total 31,499 32,378 30,210
% Annual change +18 +3 -7
* Forecast
Understandably, there are now signs that this unprecedented period of expansion
(following an equally unprecedented drop in sales between 2007 and 2013) is coming
to an end. Although sales are widely expected to rise again this year the rate of
growth is generally anticipated to be much slower. There are even some suppliers
who fear the market could stagnate or even regress, although these do not represent
the majority view.
The caution these dissenting opinions embody stems from concerns relating to high
interest rates, inflationary pressures and the general economic uncertainty instigated
by the war in Ukraine as well as the very high volume of machines sold last year,
which suggests a degree of saturation. There is also some concern that planned
reductions in the fiscal incentives that have stimulated the market in recent years
will reveal underlying demand to be at a noticeably lower level.
Nevertheless, the more widely shared opinion is that there remain reasons for
qualified optimism. Firstly, fiscal incentives will not be removed entirely, and
deadlines for machine delivery have been extended. Secondly, the machines bought
through these schemes now appear to be hard at work, reducing fears the market
for new machines would be flooded with nearly new second hand models. Thirdly,
the generous EU-funded post Covid-19 rescue package stipulates an investment
Page 20
timetable that most believe will fuel new and existing construction projects for
several years to come.
Accordingly, even the slight drop in sales anticipated in 2024 – albeit with little
certainty as to the size of the decline – would see market volumes remain above
30,000 units. What’s more, the average for the five-year forecast period is expected
to remain around the same level as in the boom period from 2000 to 2007.
NETHERLANDS
Table 13. Netherlands: Sales of construction equipment, 2022-2024* (units)
2022 2023* 2024*
Motor graders 2 2 2
Rigid dump trucks - - -
Total 7,334 7,151 6,981
* Forecast
Inflation led to subdued growth in the Dutch construction equipment market last
year, with sales rising by a marginal 1 per cent. In addition to the macro-economic
factors affecting all markets, government legislation aimed at reducing nitrogen
emissions in the form of NOx (from the combustion of fuel) and ammonia (from
agriculture) had an impact, particularly on new house building activity.
Although some exemptions were initially made for the construction industry, these
were reversed following a court ruling in November. This had led to an immediate
slowdown in construction activity due to the requirement to assess projects in terms
of their nitrogen emissions. This could be a prolonged issue due to the shortage of
nitrogen control expertise to advise the industry.
Despite a generally flat equipment industry, some categories saw sales increases,
most notably telehandlers (up 28 per cent) wheeled excavators ( up 8 per cent) and
small wheel loaders (up 4 per cent).
Page 21
The current climate in the Netherlands is expected to lead to modest declines in

equipment sales this year and next.
NORWAY
Table 14. Norway: Sales of construction equipment, 2022-2024* (units)
2022 2023* 2024*
Crawler loaders - 1 -
Total 4,614 4,472 4,653
% Annual change - -3 +4
* Forecast
The market for construction machinery in Norway remained at the same level in
2022 as it had been in 2021. Although this meant overall sales were once again at a
high level, this generally positive picture masks a situation where the delivery of
machines ordered as much as one year previously contrasted with a significant fall
in order intake towards the end of the year. This situation is set to persist in the first
half of 2023, with deliveries remaining high but new orders being made at a much
lower rate.
One reason for this fall in underlying demand is in fact the specific problem of long
delivery times. Prices have risen considerably in the past year and are even uncertain
at the time of order for some machines, a clear deterrent for many potential
customers. Other factors inhibiting new orders are more generalised: high energy
and material costs, general inflationary pressures and high interest rates (high
energy prices are perhaps a direct factor in the stalling of demand for electric
machines which has remained or slightly below the level of 2021). Collectively, these
have led to delays to some major infrastructure projects as well as a slow down in
housing activity. There is even a slightly ‘un-Norwegian’ breakdown in the
consensus on how to overcome current challenges, with considerable political
debate between those advocating more investment and those suggesting delays are
necessary to reduce costs and tackle inflation.
Page 22
The range of forecasts for 2023 reflects this debate, from those anticipating no change
compared to 2022 to those fearing a decline in sales of 10 per cent or even more.
Nevertheless, there is widespread confidence that, even in the latter scenario, no
‘dramatic’ decline in demand is expected. Indeed, the shared belief remains that the
fundamentals of the economy and construction sector remain strong and that 2024
will most likely see a return to growth, even if not quite to the historically high levels
of demand seen prior to 2020.
POLAND
Table 15. Poland: Sales of construction equipment, 2022-2024* (units)
2022 2023* 2024*
Total 8,150 7,617 7,523
* Forecast
The market for new construction equipment in Poland has undergone consistent
growth in recent years with sales reaching a record level in 2021. Following further
positive development during the first quarter of 2022, when some product sectors
saw growth of up to 30 per cent, demand faltered significantly towards the middle
of the year in response to continuing uncertainty surrounding events in Ukraine,
high energy costs, soaring inflation and spiralling leasing costs. Although the market
underwent a gradual recovery during September to November, it was insufficient
to prevent an overall decline of around two per cent compared to 2021.
The ongoing concern surrounding the underlying issues affecting the construction
equipment market are expected to precipitate a relatively modest decline in demand
of five to six per cent in 2023. However, the significant level of construction work
that is required to bring the country’s infrastructure up to the desired standard, and
the commitment of European funds for both direct subsidies and indirect funding
to pay for these infrastructure projects, mean there is considerable optimism
regarding the medium and long term prospects of the machinery market.
Page 23
Inevitably, much will depend on developments in Ukraine and, significantly, on

how quickly the ongoing ‘rule of law’ dispute between the European Commission
and Polish government can be resolved. Until such matters are settled, €35 billion in
grants and loans from the EU pandemic relief programme to Poland remain locked.
The instigation of many large infrastructure projects is heavily dependent on their
release, and clearly all predictions are perilous when they are dependent on the
timing of political decisions.
PORTUGAL
Table 16. Portugal: Sales of construction equipment, 2022-2024* (units)
2022 2023* 2024*
Crawler loaders 1 - 1
Mini excavators 805 800 780
Motor graders 5 6 4
Total 2,148 2,294 2,150
% Annual change -4 +7 -6
* Forecast
Despite strong economic growth in 2022, Portuguese contractors are dependent on

credit, so high interest rates had an immediate effect on the market in 2022. With
inflation expected to cool this year, and with it a levelling-off of interest rates, the
market is hopeful for something of a rebound in sales in 2023.
Impacts from machine inflation though should not be too severe due to the country’s
massive infrastructure spend. Forthcoming plans include various road projects, a
new high speed railway linking Oporto to Lisbon, improvements to city metro
networks, port extensions and the new Lisbon (Montijo) Airport.
With companies reporting a continuation of strong order backlogs, the first six
months of 2023 are forecast to see further growth in volumes delivered. However,
the second half of the year will see less growth, due to a reduction in order intake.
This is forecast to lead to overall growth for the year of 7 per cent. There will be some
variations among individual construction equipment types, with backhoe loaders
and crawler excavators expected to be strong.
Page 24
With several importers previously unable to deliver due to upbeat demand in North
America and changes in engines from Stage IIIA to Stage V, the skid-steer loader is
expected to see some stronger than usual sales growth in 2023. Meanwhile, both
compact and larger wheeled loaders are expected to see a small increase in unit sales
this year.
There is expected to be something of a decline in sales in 2024 and 2025, following

the strong results expected this year, with the market returning to growth from 2026
onwards.
SPAIN
Table 17. Spain: Sales of construction equipment, 2022-2024* (units)
2022 2023* 2024*
Total 7,110 7,346 6,787
% Annual change +16 +3 -8
* Forecast
Spain saw above average equipment sales growth in 2022 to take the market to 7,110
units, thanks in part to a period of sustained improvement in crawler excavator
sales. Demand is forecast to remain stable this year, with construction equipment
importers and distributors still in the process of working through their backlogs.
Shortages and long lead times are particularly apparent in mini and crawler
excavators. These are expected to ease somewhat this year, particularly for mini
excavators, which are forecast to see 15 per cent growth thanks to high demand and
greater availability.
Confronted with an aging machine population, in 2023 the rental sector appears to
have started to re-invest in new equipment. In Spain rental buying is heavily
weighted to the first half of the year, with sales in the second half tending to be
dominated by contractors and owner-operators.
Page 25
In addition, 2023 is an election year and is expected to see the government increase
its spending on infrastructure projects such as motorways and major roads in the
northern area of Madrid and major cities. This is reported to be driving new orders
for equipment.
On the other hand, the market acknowledges that both equipment prices and the
cost of finance have risen sharply in the last two years, and these continue to weigh
on demand. Growth this year is expected to be relatively subdued as a result, while
sales are forecast to fall in 2024 and 2025 before returning to growth in 2026.
SWEDEN
Table 18. Sweden: Sales of construction equipment, 2022-2024* (units)
2022 2023* 2024*
Crawler excavators 1,020 1,000 975
Crawler loaders - - 1
Total 5,522 5,379 5,113
* Forecast
The market in Sweden grew by four per cent in 2022 compared to 2021. Such growth
had been widely anticipated at the start of the year, but was in the end something of
a surprise. Sales to the rental sector (particularly compact wheeled loaders), a
continued rebound from the uncertainties induced by the Covid-19 pandemic
(wheeled excavators) and long delivery times, meaning machines registered as sold
in 2022 could easily have been ordered up to a year earlier, combined to offset the
clear fall in order intake at the end of the year. Indeed, a new record for overall sales
was set, eclipsing the mark previously set in 2018.
Perhaps inevitably after reaching such a peak the expectation now is for a slight
decline in sales, even if the exact scale of any decline remains very uncertain. Indeed,
some suppliers remain optimistic that the continued delivery backlog and an
anticipated recovery in demand will see sales remain at last year’s levels. However,
the majority now appears intent on dealing with a slight reduction in market size.
Page 26
Reasons for this forecast decline combine local issues – the weakness of the Swedish
Krona – with international problems: higher costs for materials and energy, inflation
in general and high interest rates. These have already had some impact on
construction activity, with some projects delayed and the housing sector in
particular seeing a reduction in activity. Nevertheless, the level of investment in the
north of the country, and the growth of the rental sector mentioned above, mean any
declines are expected to remain small both this year and next, even if the level of
uncertainty surrounding such assertions remains universally high.
SWITZERLAND
Table 19. Switzerland: Sales of construction equipment, 2022-2024* (units)
2022 2023* 2024*
Backhoe loaders - - 1
Motor graders 1 1 1
Total 3,626 3,585 3,472
* Forecast
The well publicised machine availability and supply chain problems in the global
construction equipment industry continue to affect the ability of Swiss importers to
meet current demand levels. Contrary to the expectations of suppliers that the
market for new construction machinery in 2022 would remain largely stable,
demand in nearly all product sectors was subject to varying degrees of decline, with
sales recording an overall drop of eight per cent.
The Swiss market is dominated by two product sectors, mini and crawler excavators,
which together account for some 65 per cent of the overall sales volume. The
relatively large population of young machines, as a result of buoyant sales during
the last two years in particular, will inevitably hinder any immediate growth in the
market. However, Switzerland is traditionally a very stable market and demand
rarely varies beyond 10 per cent in any given year. For the foreseeable future the
market will be sustained largely by the replacement programmes of the main end-
user sectors and will continue to receive impetus from the Swiss government’s
investment in infrastructure construction.
Page 27
The construction equipment sector will continue to be subject to the effects of global
supply chain issues throughout the remainder of 2023 and, inevitably, into 2024.
Furthermore, many suppliers now believe the market has already reached saturation
level and that sales of new construction equipment will undergo a further slight
decline in 2023 before stabilising at more normal levels over the medium to long
term.
UNITED KINGDOM
Table 20. UK: Sales of construction equipment, 2022-2024* (units)
2022 2023* 2024*
Mini excavators 18,650 17,500 17,500
Wheeled loaders > 80 HP 1,000 950 900
Total 41,388 39,558 38,895
* Forecast
Although the UK saw only a 1 per cent rise in equipment sales in 2022, this took the
market to record high volumes, and a level which was some 15 per cent higher than
prior to the pandemic in 2019.
The true level of demand remains hard to ascertain, as the last two years have seen
sales being delayed due to lack of machine availability. This was particularly the
case in 2021, with many of the machines sold that year being delayed purchases from
the height of the pandemic in 2020. Last year was seen as more of a return to normal
supply dynamics, although machine availability was still an issue.
As in the rest of Europe, inflation has been an issue in the UK for more than a year,
with somewhat higher price increases being seen throughout the country compared
to the EU. Inflation rose rapidly from early in 2022 to a peak in excess of 11.1 per
cent in October and subsiding a little to the year end at 10.per cent.
In addition to the pressure which this puts on construction due to higher equipment,
fuel, materials and labour costs, the UK industry has had to contend with a further
Page 28
issue. The construction industry has historically been allowed reduced tax on the
diesel it uses. This diesel for off-highway applications is coloured with a dye and
known as ‘red diesel.’ However, that exemption was removed in 2022 and
construction machines now have to be fuelled with diesel taxed at the same rate as
road fuel, with some exceptions. At the time of writing, red diesel sold in the UK at
around £0.80 per litre, compared to £1.65 for on-road diesel. The removal of the
exemption for construction equipment has therefore more than doubled fuel costs
in the industry.
Putting these issues aside, the market has a good pipeline of infrastructure projects
which continue to drive equipment demand. The most notable of these are the
Hinkley Point nuclear power station, and HS2 high-speed rail project. Having said
that, the inflationary environment and rising costs for HS2 have re-opened the
debate the project timeline and how this might be changed to better control costs.
The increase in house building costs and the affordability of mortgages due to the
rise in interest rates from an all-time low in 2022 has caused demand for new
housing to fall. It may result in some planned starts being delayed until the outlook
improves.
As a result, equipment demand is expected to slow this year and next, although only
a mild downturn is expected.
Page 29
EQUIPMENT ANALYSIS AND FORECAST TO 2027

Table 21. Western Europe: Sales of construction equipment by type, 2018-2022
(units)
% Change % of Total
2018 2019 2020 2021 2022 2021-2022 2022
Articulated dump 1,586 1,168 2,027 1,849 -9 1
trucks 1,768
Asphalt pavers 1,136 1,070 1,011 1,224 1,188 -3 1
Backhoe loaders 2,721 2,597 1,967 3,650 3,763 +3 2
Compact tracked 1,273 1,441 1,571 1,995 2,160 +8 1
loaders
Crawler dozers 1,182 1,220 1,002 1,481 1,171 -21 1
Crawler excavators 30,942 31,221 25,450 34,479 33,819 -2 16
Crawler loaders 176 198 128 128 110 -14 -
Masted rough 1,217 1,299 1,041 1,392 1,454 +4 1
terrain lift trucks
Mini excavators 68,310 70,651 66,706 86,060 90,681 +5 42
Motor graders 193 207 192 304 275 -10 -
Rigid dump trucks 273 243 206 262 231 -12 -
Skid-steer loaders 4,024 4,353 3,488 3,682 3,762 +2 2
Telescopic handlers 30,044 32,512 23,782 31,229 35,877 +15 17
Wheeled excavators 10,054 10,409 8,663 9,595 9,670 +1 4
Wheeled loaders < 15,924 18,417 16,366 18,489 18,511 - 9
80 HP
Wheeled loaders > 11,349 12,206 10,025 12,291 12,340 - 6
80 HP
Total 180,404 189,812 162,766 208,288 216,861 +4 100
% Annual Change +14 +5 -14 +28 +4 +4 -
Chart 4. Western Europe: Sales of construction equipment by type, 2022 (units)

Backhoe loaders Others
2% 6%
Wheeled
excavators
4%
Wheeled loaders >
80 HP Mini excavators
6% 42%
Wheeled loaders <

80 HP
8%
Crawler excavators
16%
Telescopic handlers
16%
The overall 4 per cent increase in equipment sales last year was made up of some
wildly different growth dynamics for the different equipment types. Even some of
the higher volume types, such as telescopic handlers and crawler excavators, which
would tend to move in line with the market average, displayed diverging growth
trends.
Page 30
FORECAST TO 2027
Table 22. Western Europe: Forecast sales of construction equipment by type, 2023-
2027 (units)
Forecast % Change
2022 2023 2024 2025 2026 2027 2023-2027
Articulated dump 1,849 1,685 1,658 1,634 1,700 1,751 +4
trucks
Asphalt pavers 1,188 1,156 1,145 1,110 1,105 1,136 -2
Backhoe loaders 3,763 3,680 3,584 3,417 3,589 3,675 -
Compact tracked 2,160 2,180 2,050 1,985 1,979 1,957 -10
loaders
Crawler dozers 1,171 1,155 1,132 1,162 1,236 1,275 +10
Crawler excavators 33,819 32,667 32,476 31,463 32,097 32,418 -1
Crawler loaders 110 108 108 95 105 114 +6
Masted rough terrain 1,454 1,367 1,270 1,285 1,345 1,400 +2
lift trucks
Mini excavators 90,681 89,583 86,853 84,946 84,905 86,216 -4
Motor graders 275 240 239 227 250 269 +12
Rigid dump trucks 231 221 212 221 248 251 +14
Skid-steer loaders 3,762 3,837 3,678 3,629 3,750 3,755 -2
Telescopic handlers 35,877 35,137 34,163 32,365 32,700 33,746 -4
Wheeled excavators 9,670 9,399 9,379 9,331 9,780 9,896 +5
Wheeled loaders < 80 18,511 18,055 17,937 17,982 17,845 18,042 -
HP
Wheeled loaders > 80 12,340 12,024 11,700 11,355 11,598 11,996 -
HP
Total 216,861 212,494 207,584 202,207 204,232 207,897 -2
% Annual Change +4 -2 -2 -3 +1 +2
ARTICULATED DUMP TRUCKS

After a stellar year in 2021, sales of ADTs fell 9 per cent in 2022. It has been a
particularly volatile equipment segment over the last three years, with supply very
badly constrained in the depths of the pandemic in 2020, leading to pent-up demand
and a large spike in sales in 2021. Last year’s drop back to 1,849 units still kept
demand at historically high levels and a further correction is needed in the market.
Off-Highway Research’s forecast is for a further decline in sales to take the market
back to 1,650-1,750 units per year over the next five years. At this level, demand will
be higher in general than was seen in the run-up to the pandemic. This is due to the
positive outlook for infrastructure construction in Europe.
As a result of this, the medium term growth trend for ADTs is slightly better than
that of the equipment market in general. From 2023 to 2027 sales are expected to rise
4 per cent, compared to a 2 per cent downturn in the market as a whole.
Page 31
ASPHALT PAVERS
Sales of asphalt pavers fell 3 per cent in 2022. Like many other equipment types, this
was not so much a fall in demand, but more of a return to a more natural sales level
after the abnormal spike of 2021.
Notwithstanding the fluctuations of the pandemic years, the paver market in Europe
tends to be particularly stable. This is the outlook for 2023-2027, with sales forecast
to remain consistently between around 1,100 and 1,150 units throughout the forecast
period.
Although the infrastructure market in Europe is expected to remain buoyant over

the medium term, there is relatively little benefit to the paver market due to the lack
of new road projects. Demand is driven by repair and maintenance activities and
carriageway widening projects.
BACKHOE LOADERS
Once a high volume equipment type, backhoe loaders are now a niche product in
Western Europe, having been replaced by compact excavators, small wheeled
loaders and telescopic handlers. However, the resurgence of the Spanish market in
the late 2010s has helped to bolster demand. Spain is now the largest backhoe loader
market in Western Europe, exceeding former strongholds for this machine type such
as France and the UK.
More significant from the point of view of Off-Highway Research’s figures is the
addition of Poland in its data. An impressive 1,122 backhoe loaders were sold in the
country in the peak year of 2021, 30 per cent of the European total, and over the
coming five years it is expected to remain the largest backhoe loader market in
Europe, with sales ticking along at 800-900 units per year. This will help keep the
overall European market level at around 3,600 backhoe loaders per year.
COMPACT TRACKED LOADERS

The sharp rise in compact tracked loader sales over the last five years has been
almost entirely due to the buoyancy of the Italian market, which accounted for 68
per cent of European demand for this machine type in 2022. France, Germany and
Spain are the only other countries in Europe which see more than 100 compact
tracked loaders sold each year. Elsewhere they are a truly marginal machine type.
The forecast for compact tracked loaders is therefore closely tied to the forecast for
the Italian market in general. This essentially foresees the Italian market falling back
in 2024 and then stabilising at a high level. This same interpretation could be applied
to the compact tracked loader market, which is expected to peak in 2023 at close to
Page 32
2,200 units and then remain around the 2,000 machines per year mark from 2024 to
2027.
CRAWLER DOZERS
After a strong rebound in 2021, the European dozer market was somewhat
disappointing in 2022, falling back to its lowest level for five years. This was largely
due to falls in sales in the three major markets of France, Germany and the UK. It is
not entirely clear whether this was due to a fall in the fundamental drivers of the
market, or whether machine availability and supply chain issues were more to
blame.
In any case, the good outlook for infrastructure work in Europe augers well for dozer
sales over the next five years, in the same way it does for articulated dump trucks
and motor graders.
Crawler dozer sales are expected to rise 10 per cent between 2023 and 2027, with
rises coming particularly towards the end of the forecast period.
CRAWLER EXCAVATORS
There was a modest 2 per cent decline in crawler excavator sales in Europe last year,
falling to 33,819 units sold, from the very high volume of 34,479 units in 2020. The
only time the market has been higher was in 2007.
So, despite the decline, demand for crawler excavators in Europe was at a good level
last year, and the fact that sales have been above 30,000 units for the last five years,
with the exception of 2020, points to more consistent demand than the one-off spike
of 2007. Indeed, the sag in sales last year was reportedly due to difficulties with
machine supply and availability, rather than any real decline in demand.
Looking ahead for the next five years, sales of crawler excavators are expected to
remain above the 30,000 machines per year market, although there will be further
single digit declines in sales for the next three years. By 2026, demand is expected to
start trending upwards again.
CRAWLER LOADERS
Once a mainstay of building sites, crawler loaders have now become a niche
machine. Half of the demand in Europe is attributable to France, while Germany is
the only other market of note. The relatively good outlook for France, particularly
infrastructure construction, will be helpful to crawler loader sales over the next five
years, essentially maintaining demand around 100 units per year.
Page 33
MASTED ROUGH TERRAIN LIFT TRUCKS

The sector has enjoyed something of a resurgence since the late 2010s thanks to the
rebound in Spanish equipment demand, the main market for this type of equipment.
France is also important, as are, to a lesser extent, Italy, the Netherlands and the UK.
However, vertical mast off-highway lift trucks have become somewhat niche thanks
to the vast popularity and greater versatility of telescopic handlers. However,
consistent demand in Spain and other markets over the next five years should
maintain the market slightly below current levels, before a modest uptick starts to
provide a lift from 2026 onwards.
MINI EXCAVATORS
European mini excavator sales exceeded 90,000 units for the first time in 2022, a
remarkable achievement given that the previous year was also a record with more
than 86,000 machines sold. This equipment type is firmly established as the most
popular type of equipment in Europe, accounting for 42 per cent of total demand in
unit terms last year.
Despite reaching unprecedented levels, the demand for mini excavators is largely
expected to be sustained this year, with only a marginal 1 per cent drop in sales. A
more pronounced tail-off is expected in 2024 and 2025 in line with the general
slowing of the European equipment market, but volumes are generally expected to
remain around 85,000 units per year or higher.
MOTOR GRADERS
The increasing emphasis on infrastructure construction should see the European
motor grader market grow some 12 per cent over the next five years. Sales of these
machines were lacklustre throughout most of the 2010s, with demand only
exceeding 200 units per year on a few occasions. The sharp spike in sales in 2021
combined with another good (albeit reduced) volume in 2022 has therefore been
welcome news, as is the outlook that sales are expected to remain comfortably above
200 units per year over the forecast period.
However, the lack of major new-build infrastructure projects in Europe and the very
long life which individual motor graders achieve will always limit sales and consign
this equipment type to niche status. There is no prospect of sales returning to the
400-500 units per year demand levels which were seen in the 2000s.
RIGID DUMP TRUCKS

The decline in mining in Europe, combined with the development of larger
articulated haulers over the last two decades has squeezed demand for rigid dump
trucks in the region. After something of a surge in 2021, sales fell back last year to
Page 34
more normal levels, at 231 trucks sold. This reflects the outlook for the segment over
the next five years, with annual sales expected to sit around the 200-250 units per
year mark.
Sales of this volume represent replacement of the existing fleet, which is consistent,
but historically low demand. There are no foreseeable driver s which would take the
market back up to the levels of 500-600 rigid trucks per year which were seen in the
1990s and 2000s.
SKID-STEER LOADERS
Resurgent general demand in the key markets of Italy and Spain in the late 2010s
returned the European skid-steer market to slightly better volumes. However, 2018
and 2019 have proved the high water mark in the current cycle, with demand failing
to see the same uplift which many other equipment types enjoyed in 2021 and 2022.
In addition, the current and expected future demand of around 3,750 machines per
year is a far cry from the market size in the 2000s, which stood at 10,000-12,000 units
per year. With the exception of Italy and Spain, many markets in Europe have turned
away from skid-steer loaders in favour of other solutions such as compact wheeled
loaders and small telehandlers.
TELESCOPIC HANDLERS
Last year was a record year for the European telescopic handler market, with sales
surpassing 35,000 units for the first time. A similar volume is expected this year
before a more pronounced tail-off in 2024 and particularly 2025. However, volumes
are still expected to remain comfortably above 30,000 units per year, a level which
had only been achieved once before the current cycle.
Telescopic handler sales are driven as much by agriculture as construction in

Europe. The current climate of high food commodity prices is conducive to sales.
This provides a useful offsetting effect against demand from construction, which is
highly dependent on small-scale activities, particularly housebuilding. This will
help to ensure consistently high sales in the coming years, although Off-Highway
Research’s forecast points to something of a dip in 2025 and 2026 when the
agricultural renewal cycle is likely to have passed, but housebuilding will not have
fully recovered to fill the gap.
WHEELED EXCAVATORS
Strong general demand in France and Germany over the last few years has helped
maintain the wheeled excavator segment at a good level, and there has been support
from smaller markets such as Belgium, the Netherlands and Sweden, where these
machines enjoy marked popularity. Modest growth is forecast for the next five years,
Page 35
which is attributable to a gentle improvement in the German market, supported by

stable conditions in France.
WHEELED LOADERS <80 HORSEPOWER

Robust demand in Germany, which accounts for over half of European demand for
compact wheeled loaders, saw demand for this product hit record levels around the
18,500 unit mark in 2019, 2021 and 2022.
Although Germany dominates, there has been broad acceptance of the compact
wheeled loader concept in other markets too, particularly those countries where
local manufacturers have been on hand to popularise the concept. This has seen
Belgium, Denmark, the Netherlands and Sweden start to establish themselves as
sizeable markets for these machines, alongside France, which has a longer history of
compact wheeled loader sales.
Although the outlook is for a modest decline in sales over the next four years,
volumes will remain around 18,000 units, which is historically an extremely high
level.
WHEELED LOADERS >80 HORSEPOWER

European demand for wheeled loaders above 80 horsepower had recovered to just
above 12,000 units per year by 2019. Notwithstanding the dip in 2020 due to the
pandemic, it remained around this level in 2021 and 2022, and is broadly expected
to stay in this area in 2023-2027, particularly in the latter years of the forecast period.
This reflects the expectation of fairly steady and consistent demand in all the major
European markets, namely Germany, Italy, France and Sweden.
Although construction and quarrying are the main drivers of wheeled loader sales,
they are versatile machines with significant applications in industry, waste
management and agriculture, among others. This helps to provide some stability for
the market, although in this case Off-Highway Research’s forecast is underpinned
by generally good outlooks for construction and infrastructure investment in the key
markets.
Page 36
PRODUCTION ANALYSIS
PRODUCTION BY COUNTRY
Table 23. Western Europe: Production of construction equipment by country,
2018-2022 (units)
2018 2019 2020 2021 2022 % Change 2021-2022
Austria 14,017 14,685 12,940 15,052 15,700 +4
Belgium 600 700 625 725 750 +3
Denmark 240 240 190 250 230 -8
Finland 393 528 433 310 349 +13
France 33,640 36,050 28,355 32,554 35,571 +9
Germany 38,565 40,437 32,721 38,770 42,304 +9
Italy 30,476 31,413 25,503 30,592 34,100 +11
Netherlands 9,685 10,675 8,845 7,370 8,720 +18
Norway 150 161 127 160 230 +44
Poland N/A N/A N/A 360 287 -20
Spain 1,289 1,338 954 1,132 1,134 +
Sweden 8,295 7,745 5,860 7,970 8,270 +4
United Kingdom 51,992 50,193 31,540 48,261 56,358 +17
Total 189,342 194,165 148,093 183,506 204,003 +11
% Annual Change +12 +3 -24 +24 +11 +11
Chart 5. Western Europe: Production of construction equipment by country, 2022

(units)
Others
Netherlands
1%
4%
Sweden United Kingdom
4% 28%
Austria
8%
Italy
17%
Germany
France 21%
17%
Construction equipment production in Europe grew 11 per cent last year, a

significantly higher rate than the 4 per cent increase in sales. This represents the
strength of demand for construction equipment in the world in general. Although
the majority of equipment manufactured in Europe is sold in the region, Europe is
an important global source for a number of key products including articulated dump
trucks, backhoe loaders and telescopic handlers.
All three of these are manufactured in significant volumes in the UK, which is the
key reason why the country consistently ranks as Europe’s largest equipment
Page 37
manufacturer. JCB is of course a large part of this, but the country is also home to
Caterpillar and Mecalac’s backhoe loader production, as well as Caterpillar and
Rokbak’ s ADT factories.
Table 24. Western Europe: Production of construction equipment by type, 2018-

2022 (units)
% Change 2021-
2018 2019 2020 2021 2022 2022
Articulated dump 5,113 4,700 3,444 5,181 5,320 +3
trucks
Asphalt pavers 3,625 3,280 2,905 3,350 2,950 -12
Backhoe loaders 16,744 15,993 11,406 16,620 17,413 +5
Compact tracked 87 105 145 165 185 +12
loaders
Crawler dozers 3,444 3,320 3,150 3,454 3,480 +1
Crawler excavators 13,403 14,735 9,461 11,168 12,607 +13
Crawler loaders 463 445 315 442 380 -14
Masted rough 2,625 2,751 1,806 2,282 2,691 +18
terrain lift trucks
Mini excavators 45,467 46,480 37,182 43,559 49,948 +15
Motor graders 215 279 204 276 237 -14
Rigid dump trucks 30 58 16 50 82 +64
Skid-steer loaders 606 577 574 364 430 +18
Telescopic handlers 52,931 53,781 38,883 50,838 59,864 +18
Wheeled excavators 11,740 12,055 9,817 11,145 11,490 +3
Wheeled loaders 17,511 20,005 16,233 18,927 20,368 +8
< 80 HP
Wheeled loaders 15,338 15,601 12,552 15,685 16,558 +6
> 80 HP
Total 189,342 194,165 148,093 183,506 204,003 +11
% Annual Change +12 +3 -24 +24 +11 +11
Chart 6. Western Europe: Production of construction equipment by type, 2022

(units)
Articulated dump Others
trucks 5%
Wheeled 3%
excavators Telescopic
6% handlers
29%
Crawler excavators
6%
Wheeled loaders >

80 HP
8%
Backhoe loaders
9%
Wheeled loaders < Mini excavators

80 HP 24%
10%
Page 38
Germany, the second largest equipment producer in Europe is an important source

for wheeled loaders, wheeled excavators, telescopic handlers and mini excavators.
In terms products which are important in terms of global markets, it is a major
producer of asphalt pavers and (although they are outside the scope of this report),
mobile cranes.
In France, the highest volume products produced are telescopic handlers and mini
excavators, while it is also an important source for more niche machines such as
crawler dozers and loaders, wheeled excavators and masted rough terrain lift trucks.
As with those mini excavators made in Germany, most of France’s output of
compact excavators are for sale in Europe. However, its telehandler and dozer
outputs in particular are driven by global, demand for these machines.
Likewise in Italy, the telehandler and backhoe loader manufacturing sectors are
driven as much by factors outside the region as they are by local demand. The
country is also an important source of mini excavators, although these are
predominantly sold in Europe. In addition to producing these equipment types in
large volumes, there are a number of niche producers in Italy which produce a
variety of machines from asphalt pavers, compact tracked and skid-steer loaders and
masted rough terrain lift trucks. Again, output of these machines is mostly driven
by European demand.
Page 39
INTERNATIONAL PERSPECTIVES
SALES
Table 25. Regional sales of construction equipment, 2022-2023* (units)
China Western Europe North America Japan India
2022 2023* 2022 2023* 2022 2023* 2022 2023* 2022 2023*
Articulated dump trucks 5 6 1,849 1,685 5,500 5,515 70 70 - -
Asphalt pavers 1,430 1,300 1,188 1,156 2,200 2,410 480 480 706 850
Backhoe loaders 65 30 3,763 3,680 9,800 8,550 - - 35,410 38,000
Compact tracked loaders 35 30 2,160 2,180 98,415 96,440 - -
Crawler dozers 2,860 2,500 1,171 1,155 10,950 11,160 535 530 508 500
Crawler excavators 95,000 68,000 33,819 32,667 41,320 43,380 24,200 24,500 23,928 27,500
Crawler loaders 12 15 110 108 380 380 20 20 - -
Masted rough terrain lift - - 1,454 1,367 1,580 1,810 - - - -
trucks
Mini excavators 51,600 46,000 90,681 89,583 65,000 61,740 27,200 28,000 2,736 3,150
Motor graders 1,198 1,100 275 240 2,725 3,120 134 135 823 900
Rigid dump trucks 330 350 231 221 450 500 110 100 351 500
Skid-steer loaders 2,030 2,200 3,762 3,837 29,850 26,860 290 280 1,042 650
Telescopic handlers 57 80 35,877 35,137 20,685 24,690 5 5 467 550
Wheeled excavators 2,060 2,200 9,670 9,399 850 860 50 50 8 -
Wheeled loaders 80,800 70,000 30,851 30,079 29,150 28,740 12,200 12,200 3,432 3,750
Total 237,482 193,811 216,861 212,494 318,855 316,155 65,294 66,370 69,411 76,350
% Annual change -39 -18 +4 -2 +8 -1 -4 +2 +2 +10
* Forecast.
Chart 7. Regional sales of construction equipment, 2022-2023* (units)

350,000
300,000
250,000
200,000
150,000
100,000
50,000
-
中国西欧北美日本印度
2022 2023*
* Forecast.
With the exception of China, most construction equipment markets around the
world grew last year, and are generally forecast to stabilise at a high level in 2023.
Taking all the regions above into account, sales fell 12 per cent last year, and are
forecast to drop another 5 per cent in 2023. However, when China is excluded, the
market grew 5 per cent in 2022 and is expected to remain at that level in 2023.
Page 40
CHINA
After two years of abnormally high sales in 2020 and 2021 thanks to stimulus
spending, the Chinese market collapsed in 2022 with a 39 per cent decline. This was
not only due to the stimulus money running out, but the impact was compounded
by turbulence in the Chinese real estate sector coupled with the country’s difficulties
in getting to grips with Covid last year. The only bright spot in China last year was
the mining segment, which invested in dump trucks and large excavators to take
advantage of high global commodity prices.
The market is forecast to continue to fall in 2023, but at a slower decline of about 18
per cent, to settle at just below 195,000 units. Domestic demand may flatten out
during 2024-2025, and the recovery will be very slow. A real recovery is expected
during the period of the 15th Five Year Plan (2026-2030), primarily as a result of
increased sales of compact equipment and the returning replacement demand; by
then the market may return to 270,000-300,000 units, but even that volume is still
very much lower than what has been seen in the recent past.
A significant challenge to the future market lies in lower demand from the real estate
sector, which, in line with past experience, has been closely allied to overall demand
for equipment. In the light of the saturated population and overheated supply,
demand for new housing projects will now decline, even though construction in the
most developed areas may remain steady. The traditional equipment demand from
this sector will therefore be significantly eroded, and other sectors will be unable to
make up this lost demand.
Further detailed analysis can be found in the Chinese Annual Review which is now available.
INDIA
The most recent high in the Indian construction equipment industry was in 2018.
The market was disrupted in 2019 by the general election, which always causes a
downturn in sales due to the legal requirement to suspend the award of public
works contracts once the election is announced in case this is used as a mechanism
to curry undue favour with voters.
The market sank further in 2020 due to the pandemic and only recovered modestly
in 2021 as furth Covid variants impacted the country. This continued into 2022 to
some extent, but more significant was the impact of inflation, which increased
equipment prices and adversely affected the financial viability of construction
projects. As a result, the market only achieved a modest 2 per cent rise in sales last
year. However, within this disappointing overall picture, crawler excavator sale
grew 10 per cent, largely at the expense of backhoe loaders.
Page 41
Broad-based growth in equipment sales is expected to resume this year, with the
market forecast to rise 10 per cent. This will be driven by a range of infrastructure
investment plans. With a general election due in 2024, this year’s budget has a
particularly strong emphasis on investment as Prime Minister Modi seeks a third
term in office.
Unfortunately, the election next year will temporarily derail growth and there will
be further market-specific disruption due to the introduction of CEV Stage-V
emissions laws in April 2024.
However, Off-Highway Research remains bullish about the medium and long-term
growth prospects in the Indian market, and expects equipment sales to resume their
ascent from 2025 onwards.
Further detailed analysis can be found in the Indian Annual Review which is now available.
JAPAN
Equipment sales in Japan fell 4 per cent last year following a strong post-pandemic
surge in 2021. As such, the decline is seen as more of a return to normal sales
volumes, rather than a cyclical downturn. Indeed, the Japanese market tends to be
relatively flat and stable, and generally only experiences single-digit percentage
changes from year-to-year.
Having said that, sales in Japan were constrained last year due to component
shortages and long lead times for machines. Some of that pent-up demand is
expected to spill over into 2023, helping the market to a 2 per cent rise in sales.
Thereafter, the market is expected to stabilise at more normal levels of around
63,000-65,000 unit sales per year.
The market is dominated by excavators, with 28,000 mini excavators and 24,500
crawler excavators expected to be sold this year, representing almost 80 per cent of
all equipment sales. The other high volume machine type is the wheeled loader,
which accounts for a further 18 per cent of demand.
NORTH AMERICA
North America was the pick of the major markets last year, with an 8 per cent
increase in sales to take demand to a record high of 318,855 machines sold. Compact
tracked loaders are now firmly established as the most popular equipment type in
the region and mini excavator sales have also grown to a significant level. Sales of
these machines have largely been at the expense of skid-steer loaders and backhoe
loader.
Page 42
Although a modest 1 per cent decline in sales is expected this year, the market will
still enjoy the second highest volumes ever seen. The long lead times for equipment
mean that suppliers are confident of sales well into the third quarter of the year, even
though rising interest rates are starting to cool-off the housing market.
While this is expected to lead to a fall in sales of smaller equipment types,

infrastructure investment is on the rise in the region, thanks in part to the stimulus
plans which were put in place during the pandemic years.
By their nature, machines used in infrastructure construction are higher value/lower

volume than the compact equipment sales which are driven by residential building.
This is therefore expected to lead to a shallow dip in sales from 2023-2026. However,
North America suffers from a shortage of housing, and this is expected to stimulate
an upturn in compact equipment sales towards the end of the forecast period.
Further detailed analysis can be found in the North American Annual Review which is now
available.
Page 43
PRODUCTION
Table 26. Production by type and region, of construction equipment, 2021-2022
(units)
China Western Europe North America Japan India
2021 2022 2021 2022 2021 2022 2021 2022 2021 2022
Articulated dump trucks 75 55 5,401 5,201 610 840 1,000 1,050 - -
Asphalt pavers 2,870 1,850 3,350 2,950 1,740 1,890 550 535 943 654
Backhoe loaders 1,850 5,670 16,620 17,413 5,750 5,215 - - 43,215 44,993
Compact tracked loaders 70 280 165 185 71,210 78,300 24,000 25,000 - -
Crawler dozers 8,300 8,800 3,454 3,480 9,530 10,070 2,000 4,500 226 254
Crawler excavators 234,200 168,000 11,168 12,607 15,170 18,790 90,000 95,500 24,334 24,743
Crawler loaders 20 12 442 380 190 195 - - - -
Masted rough terrain lift - - 2,282 2,691 1,500 1,180 - - - -
trucks
Mini excavators 128,700 111,400 43,559 49,948 26,340 19,500 132,000 136,000 1,529 2,063
Motor graders 8,202 8,657 276 237 2,320 2,250 1,200 1,500 585 688
Rigid dump trucks 402 543 95 30 480 560 1,300 1,620 1,308 1,730
Skid-steer loaders 5,860 8,680 364 430 30,990 33,135 200 700 3,108 4,747
Telescopic handlers 1,070 1,015 50,838 59,864 12,500 12,837 - - 547 1,124
Wheeled excavators 4,280 4,100 11,145 11,360 365 345 410 380 - -
Wheeled loaders 152,500 136,400 34,292 36,706 18,300 19,780 11,200 11,700 2,880 2,925
Total 548,399 455,462 183,451 203,482 196,995 204,887 263,860 278,485 78,675 83,921
% Annual Change +7 -17 +24 +11 +18 +4 +24 +6 +18 +7
Chart 8. Regional sales and production of construction equipment, 2022 (units)

500,000
450,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
0
中国西欧北美日本印度
2022年销售量 2022年产量
The downturn in China meant that construction equipment production in the five
key regions listed above fell 4 per cent last year. These account for more than 95 per
cent of global equipment output, so can be taken as a proxy for the world market.
However, if China is excluded from the analysis, production in the four remaining
regions increased 7 per cent in 2022, following a 22 per cent increase in 2021.
CHINA
There are virtually no equipment imports into China and the size of the domestic
market is such that it is the dominant factor in the level of the country’s production.
In that context, it is significant that Chinese equipment production only fell 17 per
Page 44
cent last year against the backdrop of a 39 per cent fall in domestic sales. That points
to an industry which is becoming less dependent on domestic demand and
achieving greater success in export markets.
It also helped that last year most of the prime export markets for Chinese equipment
were extraordinarily buoyant. These are mostly emerging countries with economies
founded on their mineral and hydrocarbon wealth. High global commodity prices
over the last two years have been very helpful in stimulating demand for
construction equipment in these countries.
Long lead times and order backlogs for many of the traditional suppliers also helped
Chinese manufacturers with excess production capacity to make inroads into
Europe and North America in 2021 and 2022. Although the number of machines sold
be Chinese OEMs in these territories remains low, they are becoming more noticed
and building up their market shares.
Further detailed analysis can be found in the Chinese Annual Review which is now available.
INDIA
There are virtually no equipment imports into India, with all the sales in the country
being of locally produced equipment. Around a decade ago the volume of
production and sales in India were more or less equal, but today the country has
grown to be a modest net exporter of equipment. Production output last year was
just shy of 84,000 units, against domestic sales of 69,411 machines. This implies that
19 per cent of production, or around 16,000 units, were exported.
It is also significant to note that while sales in India only grew 2 per cent last year,
production output in unit terms was up 7 percent. This was due to the buoyancy of
export markets, which are generally countries around the rim of the Indian Ocean.
India’s great strength is of course the backhoe loader. It is by far the largest backhoe
loader market in the world and last year India accounted for more than 60 per cent
of global production of this type of machine. Backhoe loader production exceeded
sales by around 9,000 units, and these made up the bulk of Indian exports. Although
more niche, it should also be noted that India has become an important global source
for skid-steer loaders.
Further detailed analysis can be found in the Indian Annual Review which is now available.
JAPAN
Japan is one of the few countries in the world which exports more construction
equipment than is sold domestically. The mainstays of its production are crawler
and mini excavators, which are exported to markets around the world, the most
Page 45
important being North America and Europe. Combined production of these two
machine types totalled 227,500 units last year, only 51,400 of which were sold in
Japan.
Total Japanese production grew 6 per cent last year against the backdrop of a 2 per
cent decline in equipment sales in the country. This underlines the point that
Japanese production is driven by overseas demand, rather than domestic
consumption.
The country also exports good numbers compact tracked loaders and other lower
volume types such as dump trucks, graders and dozers. While those more niche
products are likely to remain in Japan, compact tracked loader production is being
re-located by the two leading OEMs in the field to North America, which accounts
for some 95 per cent of global demand for this type of equipment.
NORTH AMERICA
The 4 per cent rise in equipment production in North America last year lagged
behind the 8 per cent rise which was seen in equipment sales. It should also be noted
that the region is a significant net importer of equipment with domestic production
of some 205,000 units in 2022 against market sales of almost 319,000 machines.
Although North America is a major producer and exporter of a number of

equipment types, these tend to be niche/low volume types such as dozers, graders
and rigid dump trucks. It is also a major producer of compact and skid-steer loaders,
but the vast majority of global demand for these machine types is North America
itself.
On the other hand, North America historically imports large numbers of the popular
high-volume products such as mini excavators, compact tracked loaders and to a
lesser extent, crawler excavators from Asia. Volumes of compact tracked loaders
have grown to such an extent that the two major Japanese importers have now set
up production in the US, which will redress the trade imbalance over time. In
addition, the recent raising of tariffs against certain Chinese goods and intermediate
products has prompted some manufacturers to relocate fabrication from China to
Mexico, in some cases, with final assembly also now being established in Mexico.
Further detailed analysis can be found in the North American Annual Review which is now
available.
Page 46
Page 47
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ANNUAL REVIEW

The construction equipment industry in

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Off-Highway Research reserves all copyright under international copyright laws in

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The construction equipment industry in Europe

2022 versus long-term trends 8

Articulated dump trucks 31

© Off-Highway Research. Contents confidential to the subscriber.

© Off-Highway Research. Contents confidential to the subscriber.

Chart 1. Western Europe: Sales of construction equipment, 2018-2022 (units)

Source: Off-Highway Research

© Off-Highway Research. Contents confidential to the subscriber.

© Off-Highway Research. Contents confidential to the subscriber.

Finally, Poland has been added to Off-Highway Research’s regular European

Table 2. Europe: Sales of construction equipment by country, 2018-2022 (% of

Chart 2. Europe: Sales of construction equipment by country, 2018-2022 (% of

© Off-Highway Research. Contents confidential to the subscriber.

Source: Off-Highway Research

Germany remains the largest construction equipment market in Europe, Accounting

2022 VERSUS LONG-TERM TRENDS

© Off-Highway Research. Contents confidential to the subscriber.

© Off-Highway Research. Contents confidential to the subscriber.

COUNTRY ANALYSIS AND FORECASTS

Chart 3. Western Europe: Forecast sales of construction equipment, 2022-2027

Historic Sales Forecast

Source: Off-Highway Research

© Off-Highway Research. Contents confidential to the subscriber.

© Off-Highway Research. Contents confidential to the subscriber.

© Off-Highway Research. Contents confidential to the subscriber.

This rising population is expected to stimulate house building, despite the

© Off-Highway Research. Contents confidential to the subscriber.

In 2022 the government increased spending on transport, road infrastructure and

© Off-Highway Research. Contents confidential to the subscriber.

© Off-Highway Research. Contents confidential to the subscriber.

© Off-Highway Research. Contents confidential to the subscriber.

As in several other countries in Europe, the French economy is being disrupted by

© Off-Highway Research. Contents confidential to the subscriber.

Table 10. Germany: Sales of construction equipment, 2022-2024* (units)

© Off-Highway Research. Contents confidential to the subscriber.

population of relatively new machines, which is expected to impact to a certain

© Off-Highway Research. Contents confidential to the subscriber.

Table 12. Italy: Sales of construction equipment, 2022-2024* (units)

© Off-Highway Research. Contents confidential to the subscriber.

© Off-Highway Research. Contents confidential to the subscriber.

The current climate in the Netherlands is expected to lead to modest declines in

© Off-Highway Research. Contents confidential to the subscriber.

© Off-Highway Research. Contents confidential to the subscriber.

Inevitably, much will depend on developments in Ukraine and, significantly, on

Despite strong economic growth in 2022, Portuguese contractors are dependent on

© Off-Highway Research. Contents confidential to the subscriber.

There is expected to be something of a decline in sales in 2024 and 2025, following

© Off-Highway Research. Contents confidential to the subscriber.

© Off-Highway Research. Contents confidential to the subscriber.

© Off-Highway Research. Contents confidential to the subscriber.

© Off-Highway Research. Contents confidential to the subscriber.

© Off-Highway Research. Contents confidential to the subscriber.

EQUIPMENT ANALYSIS AND FORECAST TO 2027

Chart 4. Western Europe: Sales of construction equipment by type, 2022 (units)

Wheeled loaders <

© Off-Highway Research. Contents confidential to the subscriber.

ARTICULATED DUMP TRUCKS

© Off-Highway Research. Contents confidential to the subscriber.

Although the infrastructure market in Europe is expected to remain buoyant over