China is one of the largest manufacturing and consuming countries of building construction equipment. Over the five years through 2013, revenue has been increasing at an annualized rate of 17.7% although growth has been volatile year on year.
The China construction equipment manufacturing market developed strongly from 2009 to 2011 with surging domestic demand. Most of the firms in the industry invested heavily in building new plants and in acquisitions to expand product categories and production capacity. In 2012, as the whole economy slowed, market demand decreased and industry revenue declined by 8.5% from 2011. In 2013, capital investment is expected to increase, which will promote market demand for construction equipment. Therefore, industry revenue is forecast to increase 5.8% to $82.2 billion.
Many domestic brands have become more influential in the global market. Exports have increased from $8.84 billion in 2008 to an estimated $8.99 billion in 2013. This represents an annualized increase of 0.3%, which masks impressive fluctuation. Competing imports have decreased from $3.48 billion in 2008 to an estimated $2.69 billion in 2013. This represents an annualized decrease of 5.0%, despite a 54.9% and an estimated 8.2% growth in 2010 and 2013, respectively.
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