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Home - News - Construction Machinery Industry Experiences Strong Growth Amidst Resumption of Work and Infrastructure Development

Construction Machinery Industry Experiences Strong Growth Amidst Resumption of Work and Infrastructure Development

May 18, 2023

The construction machinery industry is currently experiencing strong growth due to the resumption of domestic work and production, infrastructure development, and real estate activities. Demand is expected to remain high as major projects are implemented in the coming months. Excavator sales have been particularly strong, with year-on-year growth rates exceeding 50% for five consecutive months. The industry's performance in the first half of the year has been impressive, with leading companies reporting significant increases in net profits. Factors driving the growth include loose monetary policy, infrastructure investment, environmental protection measures, machinery replacement, and natural renewal.

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The industry is also embracing digital and intelligent equipment to meet the diverse needs of users. Chinese companies are actively developing technologies such as 5G remote control and autonomous operation using artificial intelligence. Intelligent construction machinery with features like unmanned driving and remote control has been practically applied, solving challenging construction problems. China has also produced high-end engineering machinery and major technical equipment, enhancing the country's construction capabilities.

 

Industry experts and institutions anticipate that the construction machinery industry will continue to experience a high boom. Positive expectations are based on steady market demand, supportive policies, and improved financing environments for infrastructure projects. The China Construction Machinery Industry Association predicts a steady growth in the domestic market, with an estimated average annual growth rate of 5% from 2021 to 2025. Analysts and executives from leading companies express optimism for the second half of the year, citing abundant project reserves, improved financing environments, and ongoing implementation of major projects. The president of Sany Heavy Industry believes that China's construction machinery industry will lead the world in the long term.