China Construction Machinery Market Witness Muted Growth in Coming Years
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.
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.
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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.
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