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The development trend of the construction machinery industry

The construction machinery industry is undergoing profound changes, mainly presenting the following development trends:

1. The acceleration of electrification and green transformation

The penetration rate of ‌ electric products increases ‌

The sales volume of electric loaders will increase by 212% year-on-year in 2024, and the penetration rate will rise to 10.4%. New energy equipment such as forklifts and mining trucks have grown simultaneously, and hydrogen energy and methanol power technologies have been accelerated to be implemented.

Policy-driven phasing out equipment of National I and below standards, Shanghai, Shandong and other places have introduced subsidies for electric equipment to promote the large-scale application of electrification technology.

Youdaoplaceholder0 green manufacturing system construction ‌

Leading enterprises are laying out full life-cycle carbon footprint management, reducing energy consumption by more than 30% through distributed electric drive and energy recovery technologies.

Second, the deepening of intelligent and digital transformation

Youdaoplaceholder0 intelligent technology integrated application ‌

5G+ industrial Internet enables remote control and unmanned operation, and AI algorithms optimize construction efficiency. The digital twin factory shortens the R&D cycle by 50%.

XCMG and Sany Heavy Industry have launched 26 intelligent models certified by the Ministry of Industry and Information Technology, covering core categories such as excavators and cranes.

Youdaoplaceholder0 Intelligent aftermarket services ‌

Manufacturers have shifted to the "online direct sales + service outsourcing" model, achieving full life cycle management of equipment through digital platforms, and the efficiency of maintenance response has increased by 40%.

Iii. Globalization and localization should be advanced in a coordinated manner

Youdaoplaceholder0 overseas markets become growth engines ‌

In 2024, the export of construction machinery increased by 25.8% year-on-year, with growth rates to South America and Africa reaching 29% and 26% respectively. The overseas revenue share of Sany Heavy Industry and Zoomlion Heavy Industry Science and Technology has exceeded 60% and 49% respectively.

Enterprises have implemented the "globalization equals localization" strategy. For instance, XCMG has established production bases in Southeast Asia, and the localization rate of employees in overseas factories has increased to 75%.

Youdaoplaceholder0 The export of second-hand equipment has exploded ‌

In 2024, the export volume of second-hand excavators reached 120,000 units, surpassing the domestic demand for new machines for the first time. Asean and the Middle East have become core markets, giving rise to a blue ocean with a stock of hundreds of billions of yuan.

Iv. Policy-driven and Market Reconstruction

Youdaoplaceholder0 device update cycle starts ‌

A total of 3.9 trillion yuan of central special bonds and one trillion yuan of special Treasury bonds were invested in infrastructure. By 2025, the demand for the renewal of existing excavators will reach 128,900 units, representing a year-on-year growth of 60%.

The ‌ standard system is complete ‌

The National Standard for Electric Construction Machinery has been released, regulating the remanufacturing and maintenance processes. Hunan and Hainan have jointly formulated standards for the export of second-hand mobile phones across regions, promoting the standardization of the industry. 518

Five, challenges and opportunities coexist

Youdaoplaceholder0 Technical bottleneck ‌ : High-end hydraulic components and chips still rely on imports, and 62% of enterprises are under pressure of insufficient core technological innovation.

Youdaoplaceholder0 International competition ‌ : The EU carbon border adjustment mechanism is forcing low-carbon certification, and the north American market is raising the export threshold due to technical control.

Youdaoplaceholder0 summary ‌ : The industry is undergoing a deep transformation towards "electrification, intelligence, globalization, and service orientation". Policy dividends and technological innovation are driving the expansion of the trillion-yuan market, but it is necessary to break through the barriers of domestic production of core components and low-carbon certification