建設用重機の世界市場

Global demand to rise 4.9% annually through 2009

Worldwide demand for heavy construction equipment is projected to rise 4.9 percent annually through 2009 to $110 billion. Growth will be supported by the expected continued expansion of the global economy, with high points including Eastern Europe, India, South America and a resurgent China. Within the Triad (i.e., North America, Japan and Europe), North America is expected to maintain its lead in terms of both the overall size of demand and growth potential, as the growth prospects for Japan and Western Europe will be hampered by a combination of negative demographic and structural trends, including aging populations and high levels of regulation and taxation.

China, Eastern Europe to pace non-Triad growth

In the non-Triad regions, future prospects are favorable in China, despite the recent weakening of the construction equipment market due to tightening credit policies. Construction equipment demand will

continue to benefit from that nations aggressive industrialization efforts. Eastern Europe should also provide a strong base for construction equipment demand in the coming years. Eight East European countries -the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia -entered the European Union (EU) in May 2004, and in April 2005 Romania and Bulgaria signed accession treaties to join the EU in 2007. Based on the economic turnarounds experienced by other countries joining the EU, expected infrastructure and economic improvements should help to strongly increase construction equipment demand going forward. Construction

machinery markets in Africa/Mideast are projected to climb at about the same pace as during the 1990s, with that regions continuing political turmoil preventing demand from rising as quickly as in other developing areas.

North America to lead gains in Triad

Within the Triad, 2004 was a year of recovery and growth for North America, where market expansion was driven by the explosive US real estate market. Most competitors saw sales and operating profits improve from years of stagnant sales and difficult profitability. Future growth will moderate somewhat but remain healthy in the region. In addition to

improving fundamentals in most developing areas, the pace of growth in Western Europe is expected to increase somewhat, though remain below the global average. Demand for construction equipment in Japan will benefit from an improvement in fixed investment activity, but is expected to continue to be undercut by soft public sector investment. Most West European markets are expected to experience only moderate construction equipment growth going forward, with even strongperforming Spain experience a tapering-off of demand. The strong euro, combined with an aging population and other constraints all foreshadow moderate growth at best for the region.

Study coverage

This new Freedonia industry study, World Heavy Construction Equipment, presents details on these and other key findings. This study provides historical demand data (1994, 1999, 2004) plus forecasts to 2009 and 2014 by product, region and for 29 countries. The study also considers market environment indicators, presents company market share and profiles 34 global industry players.

TABLE OF CONTENTS

INTRODUCTION

I. EXECUTIVE SUMMARY

II. ECONOMIC & MARKET ENVIRONMENT

General

World Economic Outlook

World Fixed Investment Outlook

World Demographic Outlook

Population Outlook

Urban Population Outlook

Pricing Patterns

Technology

III. SUPPLY & DEMAND

General

World Heavy Construction Equipment Markets

Regional Markets

Rental/Leasing Markets & Beyond

World Heavy Construction Equipment Production

Producing Countries

Products

Loaders

Off-Highway Trucks & Tractors

Cranes & Draglines

Graders, Rollers & Related Products

Mixers, Pavers & Related Products

Parts & Attachments

International Trade Flows

IV. NORTH AMERICA

General

United States

Canada

Mexico

V. WESTERN EUROPE

General

Germany

France

Italy

United Kingdom

Spain

Other Western Europe Countries

The Netherlands

Austria

Belgium

Sweden

Finland

All Other West European Countries

VI. ASIA/PACIFIC

General

Japan

China

Other Asia/Pacific Countries

India

South Korea

Australia

Taiwan

Indonesia

Thailand

Malaysia

All Other Asia/Pacific Countries

VII. OTHER REGIONS

General

Latin America

Brazil

Chile

Argentina

Other Latin America

Eastern Europe

Russia

Poland

Other Eastern Europe

Africa/Mideast

Turkey

Other Africa/Mideast

VIII. INDUSTRY STRUCTURE

General

Industry Composition

Market Share

Product Development & Manufacturing

Marketing & Distribution

Cooperative Agreements

Financial Requirements

Mergers, Acquisitions & Industry Restructuring

Company Profiles

Allgemeine Baumaschinene-Gesellschaft mbH, see Ingersoll-Rand Company Limited

American Augers Incorporated, see Astec Industries Incorporated

Astec Industries Incorporated

ASV Incorporated, see Caterpillar Incorporated

Atlas Copco AB

Bell Equipment Limited, see Deere & Company

Berco SpA, see ThyssenKrupp AG

Bharat Earth Movers Limited

Blaw-Knox Construction Equipment Corporation, see Ingersoll-Rand Company Limited

Bobcat Company, see Ingersoll-Rand Company Limited

Carlson Paving Products Incorporated, see Astec Industries

Incorporated

Caterpillar Incorporated

Chelyabinsk Tractor Plant-Uraltrac Limited

Chicago Pneumatic Tool Company, see Atlas Copco AB

CNH Global NV, see Fiat SpA

Consolidated Diesel Company, see Cummins Incorporated and Fiat SpA

Cummins Incorporated

Cummins Komatsu Engine Company, see

Cummins Incorporated and Komatsu Limited

Daewoo Heavy Industries & Machinery Limited, see

Doosan Infracore Company Limited

Deere-Hitachi Construction Machinery Corporation, see Deere & Company and Hitachi Limited

Deere & Company

Doosan Infracore Company Limited

Dynapac AB

European Engine Alliance, see Cummins Incorporated and Fiat SpA

Fiat SpA

Gehl Company

Hensley Industries Incorporated, see Komatsu Limited

Herrenknecht AG

Hitachi Limited

Hitachi Sumitomo Heavy Industries Construction Crane Company Limited, see Hitachi Limited and Sumitomo Heavy Industries Limited

Hyundai Heavy Industries Company Limited

Industrial Power Alliance Limited, see Cummins

Incorporated and Komatsu Limited

Ingersoll-Rand Company Limited

Intensus Engineering Incorporated LLC, see Xuzhou Construction Machinery Group Company Limited

Ishikawajima-Harima Heavy Industries Company Limited

JCB Limited

JLG Industries Incorporated

Kobe Steel Limited

Kobelco Construction Machinery America LLC, see Fiat SpA and Kobe Steel Limited

Komatsu Cummins Engine Company Limited, see Cummins Incorporated and Komatsu Limited

Komatsu Limited

Kubota Corporation

L&T-Case Equipment Private Limited, see Fiat SpA

LBX Company LLC, see Fiat SpA and Sumitomo Heavy Industries Limited

Liebherr-International AG

Link-Belt Construction Equipment Company, see Sumitomo Heavy Industries Limited

Manitowoc Company Incorporated

Metso Corporation

Mitsubishi Heavy Industries Limited

OmniQuip, see JLG Industries Incorporated

Rental Service Corporation, see Atlas Copco AB

Roadtec Incorporated, see Astec Industries Incorporated

Sakai Heavy Industries Limited

Shin Caterpillar Mitsubishi Limited, see Caterpillar Incorporated and Mitsubishi Heavy Industries Limited

Sumitomo Heavy Industries Limited

Tadano Limited

Tata Cummins Limited, see Cummins Incorporated and Tata Group

Tata Group

Telco Construction Equipment Company Limited, see Hitachi Limited and Tata Group

10G LLC, see Caterpillar Incorporated

Terex Corporation

ThyssenKrupp AG

Trencor Incorporated, see Astec Industries Incorporated

Volvo AB

Xiamen Engineering Machinery Company Limited

Xuzhou Construction Machinery Group Company Limited

Other Companies Mentioned in Study

LIST OF TABLES

SECTION I -- EXECUTIVE SUMMARY

Summary Table

SECTION II -- ECONOMIC & MARKET ENVIRONMENT

1 World Gross Domestic Product by Region

2 Fixed Investment by Region

3 World Population by Region

4 World Urban Population by Region

5 Heavy Construction Equipment Pricing Patterns

SECTION III -- SUPPLY & DEMAND

1 World Heavy Construction Equipment Demand by Region

2 World Heavy Construction Equipment Shipments by Region

3 World Heavy Construction Equipment Production by Type

4 World Heavy Construction Equipment Net Exports by Region

SECTION IV -- NORTH AMERICA

1 North America Heavy Construction Equipment Supply & Demand

2 United States Heavy Construction Equipment Supply & Demand

3 Canada Heavy Construction Equipment Supply & Demand

4 Mexico Heavy Construction Equipment Supply & Demand

SECTION V -- WESTERN EUROPE

1 Western Europe Heavy Construction Equipment Supply & Demand

2 Germany Heavy Construction Equipment Supply & Demand

3 France Heavy Construction Equipment Supply & Demand

4 Italy Heavy Construction Equipment Supply & Demand

5 United Kingdom Heavy Construction Equipment Supply & Demand

6 Spain Heavy Construction Equipment Supply & Demand

7 Other Western Europe Heavy Construction Equipment Supply & Demand

8 The Netherlands Heavy Construction Equipment Supply & Demand

9 Austria Heavy Construction Equipment Supply & Demand

10 Belgium Heavy Construction Equipment Supply & Demand

11 Sweden Heavy Construction Equipment Supply & Demand

12 Finland Heavy Construction Equipment Supply & Demand

13 All Other West European Countries Heavy Construction Equipment Supply & Demand

SECTION VI -- ASIA/PACIFIC

1 Asia/Pacific Heavy Construction Equipment Supply & Demand

2 Japan Heavy Construction Equipment Supply & Demand

3 China Heavy Construction Equipment Supply & Demand

4 Other Asia/Pacific Heavy Construction Equipment Supply & Demand

5 India Heavy Construction Equipment Supply & Demand

6 South Korea Heavy Construction Equipment Supply & Demand

7 Australia Heavy Construction Equipment Supply & Demand

8 Taiwan Heavy Construction Equipment Supply & Demand

9 Indonesia Heavy Construction Equipment Supply & Demand

10 Thailand Heavy Construction Equipment Supply & Demand

11 Malaysia Heavy Construction Equipment Supply & Demand

12 All Other Asia/Pacific Heavy Construction Equipment Supply & Demand

SECTION VII -- OTHER REGIONS

1 Other Regions Heavy Construction Equipment Supply & Demand

2 Latin America Heavy Construction Equipment Supply & Demand

3 Brazil Heavy Construction Equipment Supply & Demand

4 Chile Heavy Construction Equipment Supply & Demand

5 Argentina Heavy Construction Equipment Supply & Demand

6 Other Latin America Heavy Construction Equipment Supply & Demand

7 Eastern Europe Heavy Construction Equipment Supply & Demand

8 Russia Heavy Construction Equipment Supply & Demand

9 Poland Heavy Construction Equipment Supply & Demand

10 Other Eastern Europe Heavy Construction Equipment Supply & Demand

11 Africa/Mideast Heavy Construction Equipment Supply & Demand

12 Turkey Heavy Construction Equipment Supply & Demand

13 Other Africa/Mideast Heavy Construction Equipment Supply & Demand

SECTION VIII -- INDUSTRY STRUCTURE

1 Revenue Data: Selected Construction Equipment Manufacturers, 2004

2 Selected Cooperative Agreements

3 Selected Acquisitions & Divestitures

LIST OF CHARTS

SECTION II -- ECONOMIC & MARKET ENVIRONMENT

1 Per Capita Heavy Construction Equipment Demand/ per Capita Fixed Investment Relationship, 2004

SECTION III -- SUPPLY & DEMAND

1 Global Construction Equipment Demand Drivers & Inhibitors

2 Selected Global Age Distribution Trends, 2004

3 World Heavy Construction Equipment Demand by Region, 2004

4 Possible "Asset Light" Plays Related to Construction Equipment

5 World Heavy Construction Equipment Shipments by Region, 2004

SECTION VIII -- INDUSTRY STRUCTURE

1 World Heavy Construction Equipment Market Share by Company, 2004