According to Arizton’s latest research report, the China construction equipment market is growing at a CAGR of 2.05% during 2023-2029.
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Report Summary
Market Size (Volume): 835,431 Units (2029)
Market Size (Volume): 739,713 Units (2023)
CAGR (2023-2029): 2.05%
Market Size (Revenue): $74.85 Billion
Historic Year: 2020-2022
Base Year: 2023
Forecast Year: 2024-2029
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The Chinese construction equipment market is witnessing significant growth, fueled by extensive infrastructure development. The Chinese government is heavily investing in redeveloping infrastructure projects, including the expansion of ports, railway lines, roadways, and highways nationwide. Ongoing investments under the ‘14th Five-Year Plan’ will continue driving the market throughout the forecast period.
China’s Green Hydrogen Investment Surges to $42 Billion, Leading Global Development
In 2024, China significantly increased its investment in the green hydrogen sector, reaching $42.04 billion, driven by supportive government policies. The country is spearheading green hydrogen advancements with extensive infrastructure plans, including hydrogen refilling stations and pipelines.
China is actively pursuing a low-carbon future with 57 ongoing green hydrogen projects and trials of hydrogen-powered transportation, such as trucks and ships. By 2030, green hydrogen is expected to account for 15% of China’s hydrogen output, with production costs projected to decrease. The nation’s progress in hydrogen technology includes successful pipeline experiments and national construction guidelines, aiming to establish a robust hydrogen energy industry by 2025.
China’s State Power Investment Corp. is investing $5.85 billion in a major project in Qiqihar, Heilongjiang province. This initiative will feature a 3.5-gigawatt wind power plant, a hydrogen production facility, and the generation of sustainable aviation fuel (SAF) and methanol from wind-powered hydrogen.
Recent Product Launches
As of April 2024, Dieci will show its first all-electric telehandler at Intermat, alongside the revised Pegasus range, featuring three unique lines. Notable offerings include the Essential 40.18, designed for the rental sector, boasting a 400° non-continuous rotation; and the high-performance Classic 75.25, equipped with Dual Energy, a detachable kit allowing operation without the internal combustion engine.
In Jan 2024, Kobelco announced the launch of a new telescopic boom crane, the TKE750G, with a maximum lifting capacity of 75 metric tons. It is also integrated with the EU Stage V-compliant engine.
In May 2023, Komatsu manufactured a concept vehicle, a medium-sized hydraulic excavator machine that uses a hydrogen fuel cell. In Feb 2024, Komatsu also launched a concept machine, a hydraulic excavator equipped with a hydrogen fuel cell.
In June 2023, Volvo CE launched a compact wheel loader L25 and compact excavator ECR25 under its electric vehicle equipment range in line with Singapore’s Green Plan strategy. Moreover, as per recent news from Volvo CE, it has announced that it will bring three compact excavators (EC35D, ECR35D and ECR40D) to North America.
China Construction Equipment Market Dynamics
Drivers
The 14th Five-Year Plan of China will boost the Transport Infrastructure
China’s Investment in Renewable Energy Sector
Booming Copper Mining
Trends
Investment in Green Hydrogen
Development of Waste-to-Energy Projects
High demand for Excavators
Challenges
China’s Real Estate Crises
Skilled Labor Shortage
High debt issue in the Chinese Economy
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Key Vendors
Caterpillar
Komatsu
Xuzhou Construction Machinery Group (XCMG)
SANY
Zoomlion Heavy Industry Science & Technology Co., Ltd.
Volvo Construction Equipment
Hyundai Construction Equipment
Liebherr
John Deere
DEVELON
LiuGong
SUNWARD
Kobelco
Takeuchi Manufacturing Co., Ltd.
Hyundai Construction Equipment
JCB
Kubota
Yanmar
Terex Corporation
Manitou
Tadano
KATO WORKS CO., LTD.
Bobcat
Haulotte
Toyota Material Handling
Ammann
AUSA
Wacker Neuson
The Manitowoc Company, Inc.
Bomag
Aichi Corporation
SUMITOMO CONSTRUCTION MACHINERY CO., LTD.
Shantui Construction Machinery Co., Ltd.
Hangcha Group
HELI
SAKAI HEAVY INDUSTRIES, LTD.
Shandong Lingong Construction Machinery (SDLG),
Lonking
Xiamen XGMA Machinery Co., Ltd.
Yongmao
JLG
Skyjack
Dingli
Distributor Profiles
Mantrac Group
China Engineers Limited
Anhui Dachen Engineering Machinery Co., Ltd.
Beijing Komatsu Engineering Machinery Co., Ltd
Henan Wotong Construction Equipment Co Ltd
Shin Le Te Co., Ltd.
Anhui Qiaoyuan Construction Machinery Co., LTD.
Segmentation by Type
Earthmoving Equipment
Excavator
Backhoe Loaders
Wheeled Loaders
Other Earthmoving Equipment (Other loaders, Bulldozers, Trenchers)
Road Construction Equipment
Road Rollers
Asphalt Pavers
Material Handling Equipment
Crane
Forklift & Telescopic Handlers
Aerial Platforms (Articulated Boom Lifts, Telescopic Boom lifts, Scissor lifts)
Other Construction Equipment
Dumper
Tipper
Concrete Mixer
Concrete Pump Truck
Segmentation by End Users
Construction
Mining
Manufacturing
Others (Power Generation, Utilities Municipal Corporations, Oil & Gas, Cargo Handling, Power Generation Plants, Waste Management)
Key Questions Answered in the Report:
How big is the China construction equipment market?
What are the trends in the China construction equipment market?
What is the growth rate of the China construction equipment market?
Who are the key players in the China construction equipment market?
Which are the major distributor companies in the China construction equipment market?
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