The construction machinery industry, as a crucial pillar of the national economy, widely applies its products in urban and rural road construction, urban infrastructure development, national defense projects, and water conservancy projects. It is characterized by its broad application range and diverse product categories, and is a capital-, labor-, and technology-intensive industry. Classified by primary application, construction machinery can be divided into nine major categories: excavators, earthmoving machinery, hoisting machinery, compaction machinery, piling machinery, reinforced concrete machinery, road machinery, rock drilling machinery, and other specialized machinery.
The industry as a whole is experiencing steady growth, with the market size continuing to expand. Data shows that in 2024, the Chinese construction machinery market size was approximately US$23.4 billion, accounting for 11% of the global market. It is projected to grow to US$57 billion by 2030, with a compound annual growth rate of approximately 16%. In terms of market structure, excavators, hoisting machinery, and loaders are the main sales drivers in China, accounting for 35.9%, 14.1%, and 13.2% of sales revenue in 2024, respectively.
Among them, the future market prospects for excavators, hoisting machinery, and loaders are promising. After experiencing cyclical fluctuations, the excavator market gradually recovered starting in 2024, with sales reaching $8.4 billion, and is projected to reach $21.4 billion by 2030. The crane market, driven by demand from wind power, port logistics, and other sectors, had a market size of approximately $3.3 billion in 2024. The loader market, propelled by port and infrastructure construction, is projected to grow from $3.1 billion in 2024 to $4.2 billion in 2030, with an average annual growth rate of approximately 5%, showing a stable trend. According to statistics from the China Construction Machinery Association, from January to September 2025, key enterprises sold a total of 174,039 excavators, a year-on-year increase of 18.1%; of which domestic sales were 89,877 units, a year-on-year increase of 21.5%, and exports were 84,162 units, a year-on-year increase of 14.6%.
The global construction machinery market maintained steady growth. Global sales reached $213.5 billion in 2024, a slight decrease from previous years, and are projected to reach $296.1 billion by 2030. Among various product categories, the global market share of excavators, loaders, cranes, road machinery, concrete machinery, and piling machinery were 29.6%, 18.3%, 14.1%, 3.9%, 3.0%, and 1.6%, respectively. Chinese companies hold an important position in the global market; in the 2024 list of the world's top 50 construction machinery manufacturers, 13 Chinese companies were included, with a combined market share exceeding 10%.
