The Chinese construction equipment market by volume is anticipated to surpass 835 thousand units by 2029 and is growing at a CAGR of 2.05% during the forecast period.

The Chinese construction equipment market was estimated at more than **** billion U.S. dollars in 2021. The market is expected to grow by a compound annual growth rate of about *** percent between 2022 and 2027, reaching the size of some ** billion U.S. dollars in 2027.

The China Construction Equipment Market Report is Segmented by Machinery Type (Earth-Moving Machinery, Material-Handling Machinery, and More), Drive Type (Internal-Combustion, Hybrid, and More), Sales Channel (OEM Direct Sales, and Authorized Dealer Sales), and Application (Building Construction, Infrastructure Construction, and More). The Market Forecasts are Provided in Terms of Value (USD).

The China construction machinery market, valued at approximately $XX million in 2025 (assuming a logical extrapolation based on the provided CAGR of 5.10% and a known 2019-2024 historical period), is experiencing robust growth, projected to maintain a steady CAGR of 5.10% through 2033. This expansion is fueled by several key drivers: China's continued substantial investment in infrastructure development, including its Belt and Road Initiative; urbanization and the ongoing need for modernized housing and commercial buildings; and a growing emphasis on renewable energy projects and related infrastructure. Technological advancements, such as the integration of hybrid and electric drive systems in construction machinery, are shaping market trends, promoting greater efficiency and reducing environmental impact. However, challenges remain, including potential fluctuations in government spending, global economic uncertainty, and the need to address ongoing supply chain complexities. Market segmentation reveals strong demand across various machinery types, with cranes, excavators, and loaders consistently performing well. The OEM sales channel dominates, but the aftermarket segment is also growing steadily as the installed base of machinery expands. Competition is fierce, with both domestic giants like XCMG and Sany Group, as well as international players such as Caterpillar and Liebherr, vying for market share. The competitive landscape necessitates strategic innovation and efficient supply chain management. Companies are focusing on developing advanced technologies, optimizing product offerings for specific applications (building, infrastructure, energy), and strengthening their after-sales service networks to maintain a competitive edge. While the Chinese market holds significant promise, companies must carefully navigate the regulatory environment and address potential economic headwinds to achieve sustainable growth. Further growth is expected in the hybrid and electric drive segments driven by both environmental concerns and potential government incentives. Regional variations within China will likely influence market dynamics, with faster growth anticipated in rapidly developing urban centers. Future projections suggest a continuously expanding market, driven by long-term infrastructure development plans and ongoing economic growth. Recent developments include: November 2022: XCMG confirmed signed purchasing contracts worth USD 60 million with four major global suppliers, Kawasaki Heavy Industries, Linde Hydraulics AG, Danfoss A/S, and Daimler SE, to build a high-end global supply chain network and maintain resilience in the global construction equipment manufacturing industry. The contracts were signed at the ongoing China International Import Expo (CIIE) in Shanghai., November 2022: XCMG chose Allison transmissions as their exclusive transmission supplier for all-terrain cranes. Allison's new 4970 Specialty Series (SP) transmission will debut in the XCMG XCA400L8 all-terrain crane model., October 2022: Shantui delivered its first DL300G bulldozer to a customer in Hong Kong. The machine would be deployed in prestigious construction projects like the construction of the third runway of Hong Kong International Airport, the SUEZ landfill, and Discovery Bay Golf Course in Hong Kong., August 2022: XCMG announced the building of its second XE7000 hydraulic excavator. The new XE7000 features a backhoe design with a larger bucket capacity and higher operating efficiency, which is claimed to fully meet the needs of mining customers.. Key drivers for this market are: Electrification of Construction Equipment May Propel the Market Growth. Potential restraints include: Construction Rental Business May Hamper Market Growth. Notable trends are: Growing Demand for Excavators to Drive the Market..

China is expected to account for more than ** percent of the global construction equipment market in 2027. That year, about ******* units are expected to be sold in China. Globally, some *** million units of construction equipment are forecast to be sold in 2027. Global construction equipment market size forecast China, North America, and Europe were the largest markets for construction equipment in 2022. While these markets will likely have to face challenges, India is expected to emerge as a growth driver in the coming years. In emerging markets such as India, increasingly affluent consumers are predicted to drive demand for larger residential structures and developments in infrastructure, while some experts also see bullish trends in industrial countries, where construction activity is expected to increase to fix aging infrastructure. Construction equipment definition The term construction equipment refers to machinery designed for executing construction tasks. Crawler dozers, crawler excavators, aerial work platforms and wheel loaders rank among the most important product categories in this industry. The leading manufacturers of construction equipment include Caterpillar of the United States, Sweden’s Volvo, Komatsu and Hitachi of Japan, as well as Switzerland’s Liebherr. XCMG and SANY are among China’s leading manufacturers of heavy machinery.

China is one of the largest manufacturing countries and consumers of building construction equipment in the world. Revenue for the Construction Equipment Manufacturing industry is expected to increase at an annualized 9.3% over the five years through 2024, to $119.7 billion. The industry has developed rapidly in the past few years.The market size of the industry is large, but the competition is also fierce. The market concentration of the industry has gradually decreased in recent years. The Government encourages the development of small and medium-sized enterprises, helps them introduce new production technology and financial support, thus reducing industry concentration. The number of enterprises increases by 2.4% on average over the five years through 2024. To increase market share and improve competitiveness, large enterprises actively expand overseas markets.Industry profit is expected to total 7.2% of revenue in 2024. In the past few years, due to the continuous development of technology, the added value of the industry's products has increased, thus boosting the profit margin. The proportion of wage costs in the industry has dropped over the past few years as many enterprises have introduced automated production lines. However, the industry needs to hire more high-tech personnel to operate production machinery in the future. Total wages are expected to rise by an annualized 2.8% over the five years through 2024 to $2,744.3 million. Due to the continuous innovation of manufacturing technology of domestic enterprises, the industry's dependence on competing imports has decreased. Over the past five years, the annualized rate of imports has declined by 9.3%. The exports have grown rapidly in the past few years, mainly due to technological advances and the increase in construction projects with foreign cooperation. Exports are expected to grow at an average rate of 3.2% in the next five years. Industry revenue is expected to increase an annualized 5.5% over the five years through 2029 to total $156.1 billion. This growth will be driven by the Chinese Government's continued investment in construction, water conservation and infrastructure projects.

The China construction machinery market, valued at approximately $XX million in 2025, is projected to experience robust growth, driven by significant government investments in infrastructure development, particularly within the Belt and Road Initiative. This initiative, coupled with ongoing urbanization and modernization efforts across the country, fuels demand for excavators, loaders, cranes, and other heavy machinery. The market's expansion is further fueled by technological advancements, including the increasing adoption of hybrid and electric drive systems, aiming for improved fuel efficiency and reduced emissions. While challenges remain, such as potential economic fluctuations and raw material price volatility, the long-term outlook remains positive, supported by a consistently high CAGR of 5.10% projected through 2033. Key players like Sany Group, XCMG, and Zoomlion, alongside international giants like Caterpillar and Volvo, are strategically positioning themselves to capitalize on this growth, focusing on innovation and expanding their distribution networks to cater to the diverse needs of the construction sector. The segmentation of the market reveals significant opportunities across various machinery types. Cranes and excavators currently dominate, but the increasing popularity of telescopic handlers and backhoe loaders indicates a shifting demand towards versatile and efficient machinery. The sales channels are relatively balanced between OEMs and the aftermarket, presenting avenues for both manufacturers and suppliers of parts and services. The application type segment showcases the infrastructure sector as a primary driver, followed by the building and energy sectors. Regional data, while not explicitly provided, indicates that China itself forms the largest portion of this market, reflecting the immense scope of its construction activities. The consistent growth projections highlight the enduring strength of the Chinese construction machinery market throughout the forecast period (2025-2033). Continuous monitoring of government policies, technological disruptions, and economic trends will be crucial for businesses aiming to navigate this dynamic market successfully. Recent developments include: November 2022: XCMG confirmed signed purchasing contracts worth USD 60 million with four major global suppliers, Kawasaki Heavy Industries, Linde Hydraulics AG, Danfoss A/S, and Daimler SE, to build a high-end global supply chain network and maintain resilience in the global construction equipment manufacturing industry. The contracts were signed at the ongoing China International Import Expo (CIIE) in Shanghai., November 2022: XCMG chose Allison transmissions as their exclusive transmission supplier for all-terrain cranes. Allison's new 4970 Specialty Series (SP) transmission will debut in the XCMG XCA400L8 all-terrain crane model., October 2022: Shantui delivered its first DL300G bulldozer to a customer in Hong Kong. The machine would be deployed in prestigious construction projects like the construction of the third runway of Hong Kong International Airport, the SUEZ landfill, and Discovery Bay Golf Course in Hong Kong., August 2022: XCMG announced the building of its second XE7000 hydraulic excavator. The new XE7000 features a backhoe design with a larger bucket capacity and higher operating efficiency, which is claimed to fully meet the needs of mining customers.. Notable trends are: Growing Demand for Excavators to Drive the Market..

Employment statistics on the Construction Equipment Manufacturing industry in China

China Construction Equipment Market, China Construction Equipment Market Size, China Construction Equipment Market Trends, China Construction Equipment Market Forecast, China Construction Equipment Market Risks, China Construction Equipment Market Report, China Construction Equipment Market Share

China Construction Equipment Market size was valued at USD 24.74 Billion in 2024 and is projected to reach USD 36.49 Billion by 2032, growing at a CAGR of 5.40% from 2026 to 2032. Key Market Drivers:Demand for Infrastructure Development: The demand for infrastructure development in China is expected to drive the construction equipment market. With significant investments from both the government and private sectors, large-scale projects in transportation, energy, and urbanization are projected to increase the need for construction machinery. according to verified market research, the country plans to invest approximately 1.2 Trillion Yuan ($173 Billion) in transport infrastructure projects in 2024. Urbanization: Urbanization in China is anticipated to continue at a rapid pace, creating a growing demand for residential and commercial construction projects. As more people migrate to cities, the demand for construction equipment is expected to rise to meet the needs of expanding urban areas. China's National Bureau of Statistics reported that the urbanization rate reached 66.12% in 2023, with plans to achieve 70% by 2025.

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Construction Equipment Market Size 2025-2029

The construction equipment market size is forecast to increase by USD 34 million at a CAGR of 4.3% between 2024 and 2029.

The market is experiencing significant growth, driven by the increasing number of new equipment launches. Manufacturers continue to innovate, introducing advanced technologies and improved designs to meet the evolving needs of the construction industry. A notable trend shaping the market is the rising adoption of electric construction equipment. Emission laws are pushing the industry towards cleaner solutions, such as hybrid dump trucks and autonomous machinery. Sustainability concerns and the need for reduced emissions are pushing contractors towards greener alternatives. However, challenges persist, including the high initial cost and maintenance requirements of construction equipment.
To capitalize on market opportunities, companies must focus on cost-effective solutions and financing options. Additionally, investing in research and development to improve equipment efficiency and reduce maintenance costs will be crucial for long-term success. Navigating these challenges requires a strategic approach, with a focus on innovation, cost optimization, and customer satisfaction. The market is poised for growth, with technological advancements and the integration of renewable energy sources shaping the future of the industry.

What will be the Size of the Construction Equipment Market during the forecast period?

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The market is experiencing significant shifts as sustainable projects gain traction, prioritizing equipment efficiency and reduced emissions. Diesel engines continue to dominate the sector, powering construction machinery for national highway projects and material handling. However, technological integration is driving innovation, with automated equipment, battery technology, and electric construction equipment gaining ground.

Infrastructure projects, including municipal services and road infrastructure, are also adopting sustainable practices, leading to increased demand for advanced construction equipment. Industrial applications of these technologies can increase efficiency, reduce labor costs, and enhance safety. Mining equipment technologies, like fuel-efficient equipment and smart mining solutions, can also contribute to cost savings and environmental sustainability.

How is this Construction Equipment Industry segmented?

The construction equipment industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Product

  Owned equipment
  Rented equipment
  Leased equipment


Application

  Residential
  Infrastructure
  Commercial


Type

  Earthmoving equipment
  Material handling equipment
  Road construction equipment
  Concrete equipment
  Others


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    UK


  APAC

    China
    India
    Japan
    South Korea


  South America

    Brazil


  Rest of World (ROW)

By Product Insights

The owned equipment segment is estimated to witness significant growth during the forecast period. The market encompasses a vast array of machinery and vehicles, with the owned equipment segment holding a substantial value. This segment includes excavators, loaders, skid steers, and other construction-specific small machinery, as well as trucks, trailers, and heavy-duty vehicles. Ownership of this equipment is typically achieved through outright purchase or other means, resulting in the equipment being primarily operated, maintained, and integrated into the workflow of the construction company or contractor. Long-term contracts for sustainable construction projects are driving the demand for advanced, energy-efficient machinery, such as electric excavators and backhoes, hydraulic excavators, and hybrid dump trucks.

The loader market is experiencing growth due to the increasing focus on material handling and automation in construction activities. Heavy machinery, including bulldozers and graders, is essential for infrastructure projects, while forklifts are integral to commercial infrastructure and housing projects. Automated equipment, such as autonomous construction machinery and trenchers, is gaining traction in the industry, contributing to increased productivity and efficiency. Ozone emissions and greenhouse gas concerns are leading to the adoption of sustainable projects and the integration of technological advancements, like smart construction equipment and modular construction methods. Construction machinery leasing and rental services ar

China Construction Equipment Market Size, Share, Trend & Market Analysis By Type, By Distribution Channel, By End User, Competition, Forecast & Opportunities.

Global sales of construction equipment reached approximately *** million units in 2022. The global construction equipment market is projected to contract slightly between 2022 and 2027 with construction equipment sales predicted to hover around *** million unit mark. Construction equipment sales worldwide Until 2021, China was the largest construction equipment market worldwide. In 2022, however, North America overtook China with some ******* unit sales compared to ******* units sold in China that year. While it is projected that sales in North America will decrease in the following years and amount to some ******* unit sales in 2027, North America should remain the leading market. China will see its domestic construction equipment market growing but unit sales are expected to only reach ******* in 2027. Largest construction equipment manufacturer Caterpillar is the largest construction machinery manufacturer globally. In 2022, the company generated over ** billion U.S. dollars in revenue from construction equipment sales, followed by Japan’s Komatsu at about ** billion U.S. dollars.

In China Heavy Construction Equipment Market, is projected to grow from USD 21.6 billion in 2025 to USD 3.1 billion by 2031, reflecting a CAGR of 8.1%

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Heavy Construction Equipment Market Size 2025-2029

The heavy construction equipment market size is forecast to increase by USD 49.7 billion at a CAGR of 4.6% between 2024 and 2029.

The market is experiencing significant growth, driven by increased investment in infrastructure projects worldwide. This trend is expected to continue, creating lucrative opportunities for market participants. Fuel alternatives, including diesel engines and hydraulic systems, are essential components of heavy construction machinery. The secondhand machine market is also expanding, providing an affordable alternative for companies seeking to acquire equipment without the high upfront costs of new machinery.
Strategic partnerships, innovation, and operational efficiency are essential for success in the market. However, challenges persist in the form of intense competition, increasing raw material prices, and regulatory compliance, which may impact profitability. Companies must navigate these challenges effectively to capitalize on the market's potential and maintain a competitive edge. Manufacturing processes incorporate advanced engineering and quality control measures, while supply chain efficiency is enhanced through fleet management and raw materials sourcing strategies. Technological advances, including the adoption of battery technology, telematics, and automation, are driving innovation and improving efficiency, safety, and sustainability in the industry.

What will be the Size of the Heavy Construction Equipment Market during the forecast period?

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In the market, product lifecycle management plays a crucial role in ensuring optimal performance and longevity of machinery. Dealers maintain a robust network to provide site preparation services, monitoring systems, parts distribution, and project management solutions. Equipment financing options facilitate the acquisition of new machinery, while used equipment market participation offers cost-effective alternatives. Control valves, hydraulic pumps, and braking system components are essential components undergoing rigorous compliance testing to meet industry standards. Safety systems and operator interface design are increasingly prioritized for worksite logistics and demolition techniques.
Customer service, spare parts supply, and technical support are integral to maintaining a competitive edge. Certification bodies and training programs ensure adherence to safety and standards compliance, while field testing and compliance testing are critical aspects of the product development cycle. The integration of monitoring systems and technical support enhances overall equipment performance and reliability. Another key driver is the growing trend of construction equipment rentals, which offers flexibility and cost savings for businesses.

How is this Heavy Construction Equipment Industry segmented?

The heavy construction equipment industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Earthmoving equipment
  Material handling equipment
  Heavy construction vehicles
  Others


Application

  Excavation and demolition
  Heavy lifting
  Material handling
  Tunneling
  Others


Propulsion

  ICE
  Electric


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    UK


  APAC

    China
    India
    Japan
    South Korea


  South America

    Brazil


  Rest of World (ROW)

By Type Insights

The earthmoving equipment segment is estimated to witness significant growth during the forecast period. The market encompasses machinery utilized for carrying, digging, spreading, or moving earth and materials. Key equipment in this sector includes excavators, loaders, dozers, and motor graders. Operating costs are a significant consideration for businesses in this industry, making aftermarket parts essential for maintaining equipment and maximizing return on investment. Software solutions and IoT sensors enhance machine performance and efficiency, while electric motors and remote control capabilities offer environmental benefits and increased safety. Infrastructure projects, driven by both public and private investment, provide opportunities for growth. Rapid urbanization, particularly in developing countries like China and India, is increasing the demand for heavy construction equipment due to the emergence of megacities.

Safety regulations and rental services ensure accessibility to various businesses. Transmission systems, lifting capacity, GPS guidance, and emission standards are crucial performance metrics. Specialized t

This statistic represents construction equipment manufacturers’ share of the Chinese construction equipment market in 2011. That year, Illinois-based Caterpillar reached a market share of around *** percent.

The Construction Equipment Services industry has developed steadily over the five years, due to increasing demand from industries such as the Building Construction industry (IBISWorld industry report 4710) and the various infrastructure construction industries (4721, 4725 and 4726). Industry revenue is expected to grow at an annualized 2.3% over the five years through 2024, to total $16.7 billion. This trend includes expected growth of 2.6% in the current year. National infrastructure projects like the Belt and Road Initiative, the Yangtze River Economic Belt and the Beijing-Tianjin-Hebei infrastructure project supported by the government have increased demand for industry services. However, market demand growth has been slowing in line with decelerating downstream industry growth. In addition, profitability is expected to decrease from 12.2% in 2011 to 10.1% in 2024. Industry enterprise numbers are expected to increase at an annualized 1.9% over the five years through 2024. Small-scale private enterprises account for a large proportion of enterprises. Industry revenue is forecast to increase at an annualized 2.5% over the five years through 2029, to total $18.9 billion. Growing demand is anticipated to come from more infrastructure construction and social security housing construction. Further trends forecast to affect the industry include increased merger and acquisition activity, more foreign companies entering the industry, and a shift toward more high-end construction equipment services. Overall, the construction equipment industry is developing towards a more intelligent, digital, and green direction to adapt to constantly changing market demands and technological advancements.

The used construction machinery market, valued at $92.76 billion in 2025, is projected to experience robust growth, driven by several key factors. Increasing infrastructure development globally, particularly in rapidly developing economies like India and China, fuels significant demand for cost-effective equipment. The rising adoption of sustainable construction practices also contributes to market expansion, as businesses seek to reduce their environmental footprint and operational costs by utilizing pre-owned machinery. Furthermore, fluctuations in new equipment prices and the need for quick project turnaround times are pushing businesses to explore the used machinery market as a viable alternative. This segment provides a balanced blend of affordability and functionality, making it attractive to contractors of all sizes. The market is segmented by product type (cranes, excavators, material handling equipment, and others), application (commercial, residential, infrastructure), and region, with APAC, North America, and Europe being dominant regions. Competition is intense, with both large multinational corporations and regional players vying for market share through competitive pricing, enhanced services, and strategic partnerships. However, challenges remain, including the inconsistent quality of used machinery, the need for reliable maintenance and repair services, and the potential environmental concerns associated with disposing of end-of-life equipment. The market's Compound Annual Growth Rate (CAGR) of 5.3% from 2025 to 2033 indicates a steady expansion. While the APAC region, particularly China and India, currently holds the largest market share due to massive infrastructure projects, North America and Europe are also significant contributors. The market's growth trajectory is expected to be influenced by government policies promoting infrastructure development, technological advancements in used equipment refurbishment and maintenance, and the increasing adoption of digital platforms facilitating equipment trading and rental. Companies are adopting diverse strategies to enhance their competitive edge, including expanding their service networks, investing in technology to improve equipment quality assurance, and focusing on sustainable practices. Successful players will need to navigate the challenges of maintaining consistent equipment quality and addressing environmental sustainability concerns to capitalize on this growing market opportunity.

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APAC Construction Equipment Market Size 2024-2028

The construction equipment market in APAC size is forecast to increase by USD 21.41 billion billion at a CAGR of 5.4% between 2023 and 2028.

The market is experiencing robust growth, driven by increased investment in infrastructure development and the growing trend of construction equipment rentals. This market is witnessing significant advancements, with a focus on integrating smart technologies such as the Internet of Things (IoT) into construction machinery and material handling equipment. Smart cities are a key driver, with a demand for efficient waste management solutions and the integration of industrial lighting and renewable energy in construction projects. Furthermore, the adoption of autonomous vehicles, such as construction dumpers and forklift trucks, is transforming the industry's productivity and safety. The Construction Equipment Market is expected to continue its upward trajectory, with the emergence of data centers and the need for heavy-duty trucks in various sectors fueling demand.
Amidst these opportunities, challenges persist, including the impact of infectious diseases on construction sites and the need for stringent safety regulations. Explore deeper insights into the Construction Equipment Market's dynamics to stay ahead of the competition.

What will be the Size of the market During the Forecast Period?

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In the APAC construction equipment market, several key trends are shaping the industry's future. Standards organizations are driving the adoption of sustainable practices, such as the use of green materials and alternative fuels, in soil compaction equipment and hydraulic excavators. Virtual reality technology is revolutionizing operator training and project planning, while innovation hubs foster research and development in areas like hydrogen fuel cells and building information modeling. Sustainability continues to be a priority, with emission reduction initiatives and the use of recycled materials gaining traction. Construction management software and logistics management solutions are optimizing labor productivity and supply chain efficiency.

Heavy lift projects require mobile cranes and telescopic handlers, while concrete pumps and crawler dozers are essential for large-scale construction sites. Risk management is crucial in construction, with predictive maintenance and remote monitoring technologies helping to mitigate potential issues. Regional development projects are driving demand for drilling rigs and asphalt plants. Industry associations are promoting smart construction practices, such as the integration of augmented reality and predictive analytics, to enhance productivity and quality control. Venture capital investments in startups are fueling innovation in areas like autonomous machinery and modular construction. Public-private partnerships are also playing a significant role in financing infrastructure projects and promoting regional development.

Underground mining operations are adopting advanced technologies like remote monitoring and emission reduction systems to improve safety and efficiency.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Application

  Commercial
  Residential
  Infrastructure


Product

  Earthmoving equipment
  Material handling equipment
  Concrete and road construction equipment
  Other equipment


Industry

  Public Works & Rail Road
  Mining
  Military
  Oil & Gas
  Forestry & Agriculture
  Manufacturing


End-use

  Residential
  Commercial
  Industrial


Geography

  APAC

    China
    India
    Japan
    South Korea

By Application Insights

The commercial segment is estimated to witness significant growth during the forecast period.

The market is experiencing significant activity and evolving trends in various sectors. Infrastructure development is a key driver, with governments and private entities investing heavily in construction projects. For instance, in emerging economies like China, India, and Indonesia, commercial construction is seeing substantial investment, with projects such as the Pomalaa plant and Tanjung Enim coal gasification plant underway, valued at USD 4.5 billion and over USD 2 billion, respectively. Moreover, the construction industry is embracing technology to address challenges such as labor shortages, skills gap, and maintenance costs. Automation and remote control are becoming increasingly popular, with the adoption of artificial intelligence, Internet of Things, and autonomous operation in material handling and heavy equipment.

Market consolidation is also occurring, with private

In 2023, Bonafide Research reported the China Material Handling Construction Equipment market valued above USD 3 Billion. Rapid growth is attributed to expansive infrastructure ini