London, 22 September 2015 – Technavio has published a new report on the crane market in China, which is expected to grow at a CAGR of almost 16% from 2015-2019.
About the Report
According to the new market research report by Technavio, as of 2014, China’s urban population accounted for 54% of the total population. Rapid urbanization has been driving a change in lifestyle, leading to a rise in demand for new houses and infrastructure development such as roads, sewage facilities, and transit systems.
“To cater to the needs of the growing urban population, the Chinese government is focusing on urban development projects such as New Urbanization Plan 2014-2020 in major cities like Shanghai and Beijing. It is predicted that the surge in infrastructure development activities in urban areas will drive the growth market,” says Faisal Ghaus, Vice President of Technavio.
The latest report by Technavio also emphasizes the significant growth of the rental business for crane equipment in China.
“Vendors such as XCMG, Zoomlion, Guangxi LiuGong Machinery, and Sany have started providing equipment on rent. This allows construction companies and SMEs to utilize the equipment without the need for major investments,” adds Ghaus.
Market Scope and Calculation of Market Size
The new Technavio report covers the present scenario and growth prospects of the crane market in China from 2015-2019. To calculate market size, we have considered revenue generated from sales of truck cranes, crawler cranes, all-terrain cranes, and tire cranes.
Key Information Covered in the Report:
Key Vendors:
- Jinan Dongyue Tower Crane Manufacture
- Liugong
- Sany
- XCMG
- Zoomlion
Market Growth Drivers:
- Rapid urbanization
- For a full detailed list, view our report.
Market Challenges:
- High maintenance costs
- For a full detailed list, view our report.
Market Trends:
- Growth of equipment rental business
- For a full detailed list, view our report.
https://www.technavio.com/%3Cp%3E%3Cstrong%3E%3Ca%20href%3D%22http%3A//ww…
