New report on Greece added to European portfolio

The overall market for construction machinery reached a new peak in 2023, very nearly exceeding the 1,000 unit threshold for the first time since before the onset of the global financial crisis in 2007/2008. This recent record was the result of three years of growth following the most recent low point of 2020.

Despite the improvements in the early 2020s, Greece is still under-performing. Even by Greek standards, a market of around 1,000 units for sales of new machines is not particularly high. Indeed, it remains just under two-thirds of the 2008 market, when a total of 1,485 new machines was sold.

Second, by international comparison the market can be seen to be even lower still. Many Greek machinery suppliers are aware of this situation, citing Portugal as a country of comparable population (around 10.5 million) and GDP ($508 billion for Portugal, $437 billion for Greece). Yet whereas these attributes are indeed similar, the market for new construction machinery in Portugal last year was over 2,500 units – more than 2.5 times greater than that of Greece.

Although there are risks in forecasting a market which is small and has been historically volatile, Off-Highway Research is optimistic that the Greek market will at least remain around current levels for the next five years. This is based on the assumptions that Infrastructure investment is maintained and that contractors and the wider industry will develop the capacity, both financial and in terms of personnel and skills, to put these projects into effect. It has also been assumed that the economy will continue to expand at the rate anticipated by most observers and that the political stability will be maintained.

Off-Highway Research’s report on the construction equipment industry in Greece is now available to download to subscribers to the European Expert service. It is also available to buy for non-subscribers. Click here for details or contact mail@offhighwayresearch.com for more information.