Market thoughts

摘要

"If you only go back to 2008 just prior to the crisis and looked at the composition of the construction equipment market, only 25%, maybe 28% of the construction equipment market was in China. Today that number is much closer to half. There has been a shift, although it will change slightly from time to time, which is going to be sustained for the next couple of decades." "We think the market in China is far from having reached the saturation point and once it does, it will be a very nice replacement market as it has in the US, Korea, Japan and so on."