March 30, 2022 14:15 ET | Source: Arizton Advisory and Intelligence Arizton Advisory and Intelligence
Chicago, March 30, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, the China construction equipment market, is projected to reach $79 billion by 2028. The demand for construction equipment boosts due to the rise in transport infrastructure projects and affordable government home schemes.
The material handling equipment market in China is estimated to grow at a CAGR of 3.15%. Therefore, it is estimated that 30% of newly constructed buildings in China will be prefabricated by 2030 as Chinese infrastructure developers are adopting the prefabricated construction techniques.
Material handling equipment is mainly used in construction, manufacturing, cargo handling, logistics, warehousing, and mining industries. In 2021, 102 major projects were announced in the China 2021–2025 development plan, which supports the demand for material handling equipment.
China Construction Equipment Market Report Scope
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Shift to Prefabricated Construction Driving Crane Demand
Surge in the Adoption of Green Hydrogen Fuel
Climate change is a significant 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 improve fuel efficiency by 3%.
Construction equipment powered by green hydrogen fuel and electric construction equipment will likely replace fossil fuel-based construction equipment. In 2021, the China government approved the renewable mega-project for green hydrogen and accelerated the electrification of construction machinery in the same year.
The government's intention to invest $573 billion in infrastructure projects will fuel the growth of long-term industrial development. In December 2021, the government issued ~$556 billion. It announced various projects, including the expansion of the railway by 19 thousand kilometres, high-speed rail by 12 thousand kilometres, the expansion of public roads by 0.3 million kilometres, with 29 thousand kilometres expressways, the building 29 new passenger airports, and the expansion of urban transit rail operating mileage by 3,400 kilometres.
Additionally, China's government plans to build 0.3 million affordable rental homes by 2025, with around 60 thousand to be completed by 2022. The government allocated approx. $24 billion for housing development in the 2021 budget plan. The new housing development projects will provide new opportunities for construction equipment.
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China Construction Equipment Market Segmentation Analysis
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