The construction equipment manufacturing industry is anticipated to close out 2002 with business declines in most markets, followed by sluggish growth in 2003, according to an annual forecast of construction machinery makers conducted by the Association of Equipment Manufacturers (AEM).
In the annual Outlook survey of the United States-based AEM international trade group, construction machinery manufacturers predict overall business in the United States to close out 2002 with declines of 5.6% compared with the previous year, and that business volume to Canada will drop 2.8% by year-end. Sales to other worldwide markets for 2002 are expected to grow 0.8%.
Looking to 2003, participants in the survey forecast increases of 2% for the US market and expect business volume to Canada to increase by 3.2%. They anticipate growth of 3.3% in the volume of international business next year.
For this annual survey, AEM polls construction equipment manufacturers in the third quarter of the year for their predictions of year-end and next-year business volume. The AEM 2002-03 forecast covers 60 whole machine product types and 16 types of attachments and components, grouped into six product categories: earthmoving, lifting, bituminous, concrete and aggregate, light equipment, and attachments and components.