The Chinese lift market grew from roughly 8,600 machines in 2014 to 138,900 machines in 2024 according to a report from a specialist consultant, Off-Highway Research. However, the report says a slowing economy saw sales decline by 21 percent in 2024. The report added that the market is expected to bottom-out in 2026 and 2027 at about 75,000 units sold per year, just 55% of the volume seen in 2024.
A review of the report in International Rental News identified a number of factors that contributed to the decline and promise to continue to depress the market. Among these are continuing weakness in the Chinese construction sector, a very young rental fleet, and a strong emphasis on scissor lifts which impacts sales of telescopic and articulating boom lifts.
The report did identify bright spots, including a continuing trend toward electrification and export opportunities for the Chinese industry.
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