China Construction Equipment Market - Strategic Assessment & Forecast 2022-2028

The China Construction Equipment market was valued at USD 57.66 billion in 2021 and is forecasted to grow at a CAGR of 4.70% to reach 78.70 billion by 2028.

Increasing Focus on Infrastructure to Drive China Construction Market Growth

The construction industry in China is expected to generate high demand primarily due to the "build, reconstruct, renovate, and revitalize" program, which is anticipated to further dominate the construction equipment market over the forecast period.

Robust Business Ecosystem in China to Attract Investments

China has an incredibly experienced and trained workforce in almost all sectors (Literacy rate: 96.8%). This skilled employee base has helped China open to foreign investments.

China's government allocated USD 573 billion in 2021 for improving infrastructure in the nation's 14th Five-Year Plan, which covers economic and social development from 2021 to 2025. The infrastructure plan focused on developing roadways, highways, and airports.

In December 2021, the government issued 97% of the amount (~USD 555.81 billion). It announced various projects, including the expansion of the railway by 19,000 kilometres, of which 12,000 kilometres will be high-speed rail, the development of public roads by 302,000 kilometres, of which 29,000 kilometres will be expressways, building at least 29 new passenger airports, and expansion of urban transit rail operating mileage by 3,400 kilometres.

XCMG Group, Caterpillar, Volvo, Komatsu Group, SANY Group, and Zoomlion Heavy Industry Science & Technology Co. Ltd. have a significant share in China's construction machinery market. The companies have a strong distribution network and high experience in China.

LGMG has served the customers of the China region from the past more than 50 years. However, it lags behind SANY Group in innovations though SANY has less than 35 years of experience. In early 2022, SANY introduced its first 300-ton electric-drive front shovel.

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