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China Construction Equipment Market Data & Forecast to 2014
World Market Intelligence, March 2010, Pages: 18
The construction equipment industry in China was valued at CNY314.4 billion (US$45.3 billion) in 2008, a growth of 23.7% on 2007, however growth slowed marginally. The whole equipment industry declined dramatically in the fourth quarter of 2008 due to reduction and delay in orders, lots of companies were running under their capacity which resulted more stocks and less flow of funds. Decline trend deepened in 2009 and overall Chinese construction equipment growth slowed to 18.3%.
All the categories except material handling equipment experienced double-digit growth during 2004-08. Earthmoving equipment and road construction equipment have been the major growth drivers over the period 2004-2009E with significant growth.
China’s construction machinery market has seen a rapid and consistent growth in recent years. Rapid economic growth, mainly after 1997 initiated by Chinese government’s policies, including more fiscal investments and increased construction activities, further facilitated the consistent expansion of China’s construction machinery market.
China is a developing country, its infrastructure construction has not completed yet and which may drive the demand for construction equipment in future. Growth may be driven by strong gain in Chinese construction activity as efforts for industrialization continues, and personal and business income levels are rising in China. WMI expects that Chinese construction equipment industry to experience slow but continuous growth after 2010, and to witness a CAGR of 13.07% during 2009E-2014F.
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