China Construction Machinery Market Technological Innovation Focus on Business Planning Growth up to 2032

Muted Growth Expected in China's Construction Machinery Market

The China construction machinery market is witnessing moderate growth due to increased building activities for infrastructure development and stringent government regulations mandating high levels of safety and security in construction projects.

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According to a recent study by strategic consulting and market research firm Report Ocean, the China construction machinery market is projected to grow at a CAGR of approximately 4% during the forecast period from 2022 to 2028. The country's growing economy and infrastructure development initiatives are driving the demand for construction machinery in China. Moreover, government regulations emphasizing safety and security in construction activities are further fueling the need for new construction machinery. However, the high cost of construction machinery remains a significant hindrance to market growth.

Rising Maintenance and Refurbishing Activities Drive the China Construction Machinery Market

With a substantial number of commercial and residential buildings in China, the demand for regular maintenance and refurbishment has increased to ensure safety and functionality. Building owners and contractors are investing significantly in the maintenance and renovation of buildings to optimize their utilization and profitability. This trend has contributed to the rising demand for construction machinery, thereby propelling the overall market growth.

Infrastructure Applications Propel the China Construction Machinery Market

The China construction machinery market is segmented based on application into infrastructure, commercial, and residential sectors. Infrastructure applications hold the largest market share due to extensive government and private investments in infrastructure development across the country. However, the commercial segment is also gaining traction with the construction of various commercial facilities like hotels, restaurants, and offices.

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China Construction Machinery Market - Propulsion Types

The China construction machinery market is categorized based on propulsion types into diesel and CNG/LNG/RNG. Diesel-powered machinery currently dominates the market due to its higher efficiency and versatility, as it can be used for both light and heavy applications. Diesel fuel is less volatile and offers higher thermal energy content. However, the CNG/LNG/RNG propulsion type is expected to witness the fastest growth during the forecast period.

Impact of COVID-19 on the China Construction Machinery Market

The outbreak of COVID-19 had a significant impact on the construction industry in China. As the epicenter of the virus, the country had to prioritize healthcare and halt economic activities, including construction machinery manufacturing and distribution. Lockdown measures also curtailed infrastructure development operations, leading to reduced demand for construction machinery in China.

Competitive Landscape

Leading 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 other prominent companies.

The market is consolidated, with established players holding a significant market share. However, several small companies are entering the market and offering a wide range of high-quality construction machinery, posing tough competition. These companies continually launch new products to capture a larger market share. Strategic initiatives such as partnerships, mergers, acquisitions, and collaborations are also prevalent in this market.

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Segment-
By Equipment Type (Articulated Dump Truck, Asphalt Finisher, Backhoe Loader, Crawler Dozer, Crawler Excavator, Crawler Loader, Mini Excavator, Motor Grader, Motor, Road Roller, Rigid Dump Truck, Rtlt Masted, Pick And Carry Cranes, Compactors, Others)
By Equipment Category (Earthmoving Equipment, Material Handling Equipment, Heavy Construction Vehicles, Other Categories)
By Propulsion Type (Diesel, Cng/Lng/Rng)
By Application (Infrastructure, Commercial, Residential)

Seize the Business Opportunity in the China Construction Machinery Market

Consulting industry analysts and accessing detailed reports can provide crucial insights to facilitate business growth in the China construction machinery market. The comprehensive analysis offers information on growth potential, emerging trends, and market statistics. Decision-makers can leverage recent technology trends and industry insights to make informed strategic decisions. The report also assesses growth drivers, challenges, and competitive dynamics within the market.

Table of Content:
1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Research Methodology
2.1. Qualitative Research
2.1.1. Primary & Secondary Research
2.2. Quantitative Research
2.3. Market Breakdown & Data Triangulation
2.3.1. Secondary Research
2.3.2. Primary Research
2.4. Breakdown of Primary Research Respondents, By Region
2.5. Assumption & Limitation
3. Executive Summary

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This release was published on openPR.