Sales are down across the board for Caterpillar with $US20 billion in profit lost over four years, and $US8 billion in the past year, indicating the severity of the global mining slump.
Considered the world’s number one mobile plant manufacturer, Caterpillar’s latest sales figures show decline for the past 39 months.
Worst hit were resource industry sales in the Asia Pacific region, down 56 per cent in the February quarter 2016.
Construction has not fared as badly, with worldwide figures down 12 per cent in the same period.
Wordwide, resources sales are down 42 per cent, compared with a 38 per cent loss in the December 2015 quarter.
Retail sales of longwall and highwall miners were not included in the report.
In January the Ernst and Young Yellowgoods report showed the resale value of mining fleet equipment in Australia had plunged 46 per cent in the past 12 months.
Sustained low commodity prices combined with the increasing production from the low-cost major miners has put unwanted pressure on higher cost producers, leading to reduced need for load and haul fleets.
There have been many contracts cancelled with mining service contractors, and Ernst and Young estimates there is anywhere between $600 million and $1 billion worth of machinery parked up.