The China construction machinery market is expected to witness muted growth in the coming years. According to a recent study conducted by strategic consulting and market research firm Report Ocean, the market is projected to grow at a CAGR of around 4% during the forecast period of 2022-2028. The growth of the market is driven by rising building activities for infrastructure development and strict government regulations mandating high levels of safety and security in construction activities.
China’s rapid economic growth has led to increased building activities for infrastructure development, which is a primary driving force for the construction machinery market. The demand for new construction machinery in China is also fueled by government rules that prioritize safety and security in construction activities. However, the high cost of construction machinery poses a significant restraint for market growth.
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Increasing maintenance and refurbishing activities are driving the China construction machinery market. With a large number of commercial and residential buildings in China, regular maintenance is necessary to ensure their safety and functionality. Building owners and contractors invest significant amounts in building maintenance and refurbishment, driving the demand for construction machinery and contributing to market growth.
The infrastructure application segment accounts for the largest market share in the China construction machinery market. The government and private sector investments in infrastructure development across the country are driving the demand for construction machinery. The commercial segment is also gaining traction due to the construction of commercial facilities such as hotels, restaurants, and offices.
In terms of propulsion type, diesel-powered construction machinery holds the majority of the market share in China. Diesel engines are more efficient and offer greater compression ratios, making them suitable for various applications. However, the CNG/LNG/RNG propulsion type is expected to grow at the fastest pace during the forecast period.
The COVID-19 pandemic had a significant impact on the China construction machinery market. The outbreak resulted in the suspension of construction activities and manufacturing operations, leading to a decline in demand for construction machinery in China.
Key players in the China construction machinery market include Kobelco, Tadano, XCMG, Liebherr Corp, Sany Group, China Communications Construction Company, Zoomlion, Volvo CE, Caterpillar Inc, and others. The market is consolidated with established players holding a significant share. However, smaller companies are also entering the market and offering high-quality construction machinery, intensifying competition. Competitive strategies such as partnerships, mergers, acquisitions, and collaborations are common in this market.
Consulting analysts can provide crucial insights to facilitate business growth in the China construction machinery market. The in-depth analysis offered by the report covers growth potential, upcoming trends, market statistics, and recent technology trends. Decision-makers can use these insights to make informed strategic decisions. The report also analyzes growth drivers, challenges, and competitive dynamics in the market.
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Market Size & Forecast by Value, 2018-2028
By Value (USD Million)
Market Share & Forecast
By Equipment Type
Articulated Dump Truck
Rigid Dump Truck
Pick And Carry Cranes
By Equipment Category
Material Handling Equipment
Heavy Construction Vehicles
By Propulsion Type
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