China Construction Machinery Market Witness Muted Growth in Coming Years
Published | 06 May 2022
China construction machinery market is growing on account of the rising building activities for infrastructure development along with strict government rules requiring high levels of safety and security throughout building activities…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the China construction machinery market is projected to grow at a CAGR of around 4% during the forecast period of 2022-2028. As a growing country, China's rising building activities for infrastructure development are a primary driving force for the Chinese construction machinery market. Furthermore, China's demand for new construction machinery is being fueled by strict government rules requiring high levels of safety and security in building activities. However, the high cost of construction machinery acts as a huge restraint for market growth.
Increasing Maintenance and Refurbishing Activities is Driving China Construction Machinery Market
With a high number of commercial and residential buildings in China, the need for their regular maintenance also rises to make them safe for working. Therefore, the building owners, as well as the contractors, spend significant amounts on the maintenance of buildings as well as refurbishing old and unused spaces to make a profit out of them. Due to this, the demand for construction machinery is rising, propelling the overall market growth.
Rising Infrastructure Application is Propelling China Construction Machinery Market
Based on application, China construction machinery market is segmented into infrastructure, commercial, and residential. The infrastructure application segment accounts for the largest market share owing to the extensive government and private investment towards infrastructural development across the country. However, the commercial segment is also gaining significant traction due to the rising construction of commercial facilities such as hotels, restaurants, offices, etc.
Request for Sample Report @ https://www.blueweaveconsulting.com/report/china-construction-machinery-market/report-sample
China Construction Machinery Market - By Propulsion Type
Based on propulsion type, the China construction machinery market is segmented into diesel and CNG/LNG/RNG. The diesel category accounts for the majority of the market share. This is because diesel has a greater compression ratio, which means it is more efficient. Additionally, it may be used as both a light and heavy oil. Diesel fuel is also less volatile and has a larger thermal energy content. During the projected period, however, the CNG/LNG/RNG propulsion type is expected to expand at the fastest pace.
Impact of COVID-19 on China Construction Machinery Market
Following the coronavirus outbreak in China, the whole construction industry was among the hardest hit. As the epicenter of the virus epidemic, China had to cease all economic activity and devote its full attention to the virus's spread and the healthcare industry. Construction machinery manufacture and distribution were immediately suspended as a result of this. Moreover, during the lockdown, infrastructure development operations were curtailed, resulting in a drop in demand for construction machines in China.
The leading market players of the China construction machinery market are Kobelco, Tadano, XCMG, Liebherr Corp, Sany Group, China Communications Construction Company, Zoomlion, Volvo CE, Caterpillar Inc, and other prominent players.
The market is consolidated with the presence of established players that cover a significant share in the market. However, several small companies are also entering the market and giving tough competition by offering a wide range of high-quality construction machinery. The companies constantly launch new products to grab a larger share in the market. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the China construction machinery market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the China construction machinery market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662
- China Construction Machinery Market, By Equipment Type (Articulated Dump Truck, Asphalt Finisher, Backhoe Loader, Crawler Dozer, Crawler Excavator, Crawler Loader, Mini Excavator, Motor Grader, Motor Scraper, 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) Trend Analysis, Competitive Market Share & Forecast, 2018-2028
Publish Date: May 2022
China construction machinery market is growing owing to the emerging economy activities across the country, which is boosting the construction activities for infrastructure development...
Relevant Press Releases
- Global Autonomous Emergency Braking System Market Size Booming More Than 4X to Reach USD 22.5 Billion by 2029
- India Tire Market Size Set to Grow at Steady CAGR of 5.54% to Reach Volume of 256.24 Million Units by 2029
- Global Automotive Blind Spot Detection Market Size More Than Doubles to Touch USD 10.4 Billion by 2029
- Automotive Turbocharger Market to Witness Double Digit Growth during 2022 – 2028
- India Electric Vehicle Battery Market Gaining Traction: Projected to Grow at a CAGR of 28.5% during 2022-2028