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
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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.
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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.
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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.
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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
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The 14th Five-Year Plan of China will boost the Transport Infrastructure
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China’s Investment in Renewable Energy Sector
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Booming Copper Mining
Trends
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Investment in Green Hydrogen
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Development of Waste-to-Energy Projects
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High demand for Excavators
Challenges
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China’s Real Estate Crises
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Skilled Labor Shortage
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High debt issue in the Chinese Economy
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Key Vendors
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Caterpillar
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Komatsu
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Xuzhou Construction Machinery Group (XCMG)
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SANY
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Zoomlion Heavy Industry Science & Technology Co., Ltd.
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Volvo Construction Equipment
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Hyundai Construction Equipment
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Liebherr
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John Deere
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DEVELON
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LiuGong
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SUNWARD
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Kobelco
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Takeuchi Manufacturing Co., Ltd.
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Hyundai Construction Equipment
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JCB
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Kubota
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Yanmar
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Terex Corporation
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Manitou
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Tadano
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KATO WORKS CO., LTD.
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Bobcat
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Haulotte
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Toyota Material Handling
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Ammann
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AUSA
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Wacker Neuson
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The Manitowoc Company, Inc.
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Bomag
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Aichi Corporation
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SUMITOMO CONSTRUCTION MACHINERY CO., LTD.
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Shantui Construction Machinery Co., Ltd.
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Hangcha Group
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HELI
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SAKAI HEAVY INDUSTRIES, LTD.
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Shandong Lingong Construction Machinery (SDLG),
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Lonking
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Xiamen XGMA Machinery Co., Ltd.
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Yongmao
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JLG
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Skyjack
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Dingli
Distributor Profiles
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Mantrac Group
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China Engineers Limited
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Anhui Dachen Engineering Machinery Co., Ltd.
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Beijing Komatsu Engineering Machinery Co., Ltd
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Henan Wotong Construction Equipment Co Ltd
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Shin Le Te Co., Ltd.
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Anhui Qiaoyuan Construction Machinery Co., LTD.
Segmentation by Type
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Earthmoving Equipment
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Excavator
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Backhoe Loaders
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Wheeled Loaders
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Other Earthmoving Equipment (Other loaders, Bulldozers, Trenchers)
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Road Construction Equipment
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Road Rollers
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Asphalt Pavers
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Material Handling Equipment
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Crane
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Forklift & Telescopic Handlers
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Aerial Platforms (Articulated Boom Lifts, Telescopic Boom lifts, Scissor lifts)
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Other Construction Equipment
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Dumper
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Tipper
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Concrete Mixer
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Concrete Pump Truck
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Segmentation by End Users
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Construction
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Mining
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Manufacturing
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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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