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Dublin, May 02, 2022 (GLOBE NEWSWIRE) -- The "China Construction Equipment Market - Strategic Assessment & Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.

The construction equipment market in China is estimated to grow at a CAGR of 4.17% by 2028

In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this China Construction Equipment Strategic Assessment and forecast Market Report

This report considers the present scenario of the construction equipment market and market dynamics for the forecast period 2022-2028. It covers a detailed overview of several growth enablers, restraints, and trends in the market. The study includes the volume and value sales with a segment analysis of the UAE construction equipment market.

CHINA CONSTRUCTION EQUIPMENT MARKET SEGMENTATION

By 2028, the material handling equipment segment in China is estimated to grow at a CAGR of 3.15%. Shift to prefabricated construction is driving demand for cranes. It is estimated that 30% of newly constructed buildings in China will be prefabricated by 2030 as Chinese infrastructure developers are majorly adopting the prefab construction techniques.

VENDOR LANDSCAPE

The key players in the China construction machinery market are XCMG Group, SANY Group, Zoomlion Heavy Industry Science & Technology Co. Ltd., Caterpillar, Komatsu Group, Volvo Construction Equipment, Hitachi, Ltd., Liebherr Group, KUBOTA Corporation, JCB, Lingong Group Jinan Heavy Machinery Co., Ltd. (LGMG), Hyundai Doosan Infracore, Kobelco Construction Machinery, Sumitomo Heavy Industries Ltd., and Fayat Group.

XCMG Group, Caterpillar, Volvo, Komatsu Group, SANY Group, and Zoomlion Heavy Industry Science & Technology Co. Ltd. are market leaders that accounted for nearly ~85% of the overall construction equipment market share in 2021.

KEY HIGHLIGHTS

• In 2020, due to the COVID-19 outbreak, the construction of healthcare facilities increased. This primarily led to a growth of 13.6% in demand for new construction equipment in China for the same year.

• Long-term industrial development will also be fueled by the government's intention to invest $573 billion in infrastructure projects. In December 2021, the government issued ~$555.81 billion and announced various projects including the expansion of the railway 19,000 kilometers, 12,000 kilometers high-speed rail, the expansion of public roads by 302,000 kilometers, with 29,000 kilometers expressways, building 29 new passenger airports, and the expansion of urban transit rail operating mileage by 3,400 kilometers.

• Additionally, China Government plans to build 300,000 affordable rental homes by 2025, with around 60,000 to be completed by the end of 2022. The government allocated $23.6 billion for housing development in the 2021 budget plan. The new housing development projects will provide new opportunities for construction equipment in infrastructure development.

• Climate change is a major concern for all countries worldwide, and therefore, many construction equipment manufacturers have incorporated new technologies in their products to reduce carbon emissions. For instance, in China Volvo's advanced I-Save intelligent fuel-saving system has stronger power, lower fuel consumption, and can improve fuel efficiency by 3%. Volvo also introduced China's first ECR25 electric mini crawler excavator. Construction equipment powered by green hydrogen fuel and electric construction equipment are likely to replace the fossil fuel-based construction equipment. In 2021, the China government approved the renewable mega-project for green hydrogen and also accelerated the electrification of construction machinery in the same year.

• The construction equipment market is consolidated with XCMG emerging as the leader, followed by Caterpillar, Volvo, Komatsu, SANY and Zoomlion Heavy Industry Science & Technology Co. Ltd. These companies have nearly 85% share of the total China construction equipment market.