
Q4 2024 Construction Machinery Industry Briefing
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- Time of issue:2025-01-10 17:46
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(Summary description)From January to November, the sales of major construction machinery products were booming, and the cumulative sales growth rate of forklifts and loaders was 9% and 5% respectively. The import and export trade volume of construction machinery was 50.186 billion US dollars, a year-on-year increase of 6.94%. Among them, the export value was 47.817 billion US dollars, a year-on-year increase of 7.16%. With the support of stock policy and incremental policy, the importance of construction machinery in construction, infrastructure and other fields is becoming more and more prominent, and the leading enterprises in the construction machinery industry still maintain a steady growth trend in the complex and changeable market environment, and the industry is expected to accelerate the recovery.
Q4 2024 Construction Machinery Industry Briefing
(Summary description)From January to November, the sales of major construction machinery products were booming, and the cumulative sales growth rate of forklifts and loaders was 9% and 5% respectively. The import and export trade volume of construction machinery was 50.186 billion US dollars, a year-on-year increase of 6.94%. Among them, the export value was 47.817 billion US dollars, a year-on-year increase of 7.16%. With the support of stock policy and incremental policy, the importance of construction machinery in construction, infrastructure and other fields is becoming more and more prominent, and the leading enterprises in the construction machinery industry still maintain a steady growth trend in the complex and changeable market environment, and the industry is expected to accelerate the recovery.
- Categories:Association dynamics
- Author:
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- Time of issue:2025-01-10 17:46
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Highlights of this issue
From January to November, the sales of major construction machinery products were booming, and the cumulative sales growth rate of forklifts and loaders was 9% and 5% respectively. The import and export trade volume of construction machinery was 50.186 billion US dollars, a year-on-year increase of 6.94%. Among them, the export value was 47.817 billion US dollars, a year-on-year increase of 7.16%. With the support of stock policy and incremental policy, the importance of construction machinery in construction, infrastructure and other fields is becoming more and more prominent, and the leading enterprises in the construction machinery industry still maintain a steady growth trend in the complex and changeable market environment, and the industry is expected to accelerate the recovery.
From 1 to 11 months, Hunan Province exported 28.72 billion yuan of construction machinery, an increase of 20.7% over the same period last year, and has maintained positive growth for 10 consecutive months. Private enterprises act as the main force of export trade, accounting for more than 60%; Russia, Saudi Arabia and India are the top three exporters, and exports to Latin American and African countries have increased significantly; The export of construction machinery products is mainly special-purpose motor vehicles, such as emergency repair vehicles, crane trucks, fire trucks, concrete mixer trucks, etc.
The meeting of the Hunan Provincial Party Committee Comprehensively Deepening Reform Committee deliberated and adopted the "Reform Plan for Promoting the Remanufacturing System of Construction Machinery", which will build a construction machinery remanufacturing system with standards, platforms, industries, services and policies in Hunan. The Standing Committee of the Changsha Municipal People's Congress officially announced the "Regulations on Promoting the Development of Construction Machinery Industry in Changsha City" to provide legal guarantee for the high-quality development of Changsha's construction machinery industry.
Hunan is speeding up the establishment of a national construction machinery manufacturing innovation center. In October, Wen Shuxun, then Secretary of the Party Group and Director of the Standing Committee of the Changsha Municipal People's Congress, and the head of the Municipal Construction Machinery Industry Chain organized a special meeting on accelerating the creation of the National Construction Machinery Manufacturing Innovation Center; In November, Shan Zhongde, academician of the Chinese Academy of Engineering and vice minister of the Ministry of Industry and Information Technology, and his party investigated the Hunan Manufacturing Innovation Center (Construction Machinery).
The industry has successfully held a series of exhibitions, forums and conferences. bauma CHINA 2024 Construction Machinery Exhibition was successfully held in Shanghai; The 2024 Equipment Manufacturing Industry Development Conference was held in Chongqing; The 2024 Construction Machinery Innovation Ecological Development Conference and Changsha-Zhuzhou-Zhuzhou-Tan Construction Machinery Main Distribution Collaborative Matchmaking Conference was successfully held in Changsha; Experts from the Chinese Academy of Engineering carried out a research symposium on national advanced manufacturing clusters, and the first stop was selected in Hunan; The seventh phase of the Xingsha Industry Salon in 2024 was held.
1. Macro environment and industrial operation
01 International: The EU finally ruled on the anti-dumping duties of domestic high-speed machines
On November 5, the European Commission announced the final ruling on the imposition of tariffs on aerial work platforms made in China and imported into the EU, imposing anti-dumping duties of 49.3%, 23.6%, 22.9% and 22.5% on Hunan Xingbang, Zhejiang Dingli, Changzhou Jini and Tianjin JLG, respectively, and 30.2% and 49.3% tariffs on other companies that cooperate and do not cooperate with anti-dumping investigations, respectively, this tariff is designed to protect EU countries from dumping imports of mobile aerial work platforms from China. In recent years, the rapid rise of China's high-speed machine brands has squeezed out the market of second-tier high-speed machine brand manufacturers in Europe and the United States. At the same time, with mature electrification technology and cost-effective product competitiveness, it is gradually eating away at the market share of leading brands in Europe and the United States. With the final ruling of the EU's anti-dumping tariffs and the uncertainty of the Trump administration's foreign trade policy, China's high-speed machine manufacturers, which have just taken root in mature markets such as Europe and the United States, are facing huge challenges.
02 Domestic: The four departments jointly issued the "Guidance List of Low-noise Construction Equipment (2024 Edition)"
On December 12, the Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, the Ministry of Housing and Urban-Rural Development, and the State Administration for Market Regulation jointly issued the "Guiding List of Low-noise Construction Equipment (2024 Edition)", including 8 types and 63 models of low-noise excavators, road rollers, concrete pump trucks and other construction equipment and production enterprises were selected. In May 2023, the four departments jointly released the "Guidance List of Low-noise Construction Equipment (First Batch)". The 2024 edition of the directory has been updated and improved on the basis of the first batch of lists, and the types of selected low-noise construction equipment have been expanded from 6 to 8 categories, and the number of models has been expanded from 46 to 63, further improving the noise control level of the selected equipment. In the new version of the guidance directory in 2024, for three types of equipment such as crawler bulldozers, tire loaders, and excavators, 9 equipment models with electric motors as power sources are listed separately. The equipment manufacturers selected for the 2024 edition of the guidance list include 17 domestic large-scale construction machinery manufacturers such as Sany Heavy Machinery, Zoomlion, Shantui Engineering, XCMG Group, Liugong Machinery, Sunward Intelligence, etc., by giving full play to the leading effect of backbone enterprises, effectively guiding manufacturers in the industry to pay attention to noise reduction and noise reduction of construction equipment, continuously strengthen scientific and technological innovation, and enhance the competitiveness of products in noise control.
03 Downstream: Incremental policies help expand domestic demand, and the industry is expected to improve and recover
From December 24th to 25th, the National Housing and Urban-Rural Construction Work Conference was held in Beijing, and the meeting pointed out that in 2025, it will continue to vigorously promote the real estate market to stop falling and stabilize, promote the construction of a new model of real estate development, and vigorously implement a number of work goals such as urban renewal. At the same time, the National Development and Reform Commission (NDRC) said that it will increase the issuance of ultra-long-term special treasury bonds in 2025 and make greater efforts to support the construction of security capacity in major national strategies and key areas. In 2024, the projects supported by 700 billion yuan of ultra-long-term special treasury bonds have basically started, with an investment of more than 1.2 trillion yuan, and the list of projects of about 100 billion yuan in 2025 has also been issued in advance. In the current economic environment, the activity of the construction machinery market is crucial for the development of construction, infrastructure and other fields. Since 2024, although the industry is still in the cycle, but there have been more and more signs of improvement, in December 2024, China's construction machinery market index, that is, CMI, was 108.16, an increase of 5.46% year-on-year, and a month-on-month increase of 2.63%. In December, the year-on-year growth rate of the CMI index increased by 1.83 percentage points, and the month-on-month growth rate increased slightly by 0.13 percentage points, indicating that after December, most domestic markets continued to recover in November and continued to show varying degrees of year-on-year improvement. According to the statistics of the China Construction Machinery Industry Association, the operating rate of construction machinery will generally show a steady upward trend in 2024, and the average monthly operating rate of major products in the fourth quarter will be 65.5%.

04 The sales volume of the main products is booming, and the overseas market share has increased
From the perspective of product sales, from January to November 2024, the main categories of construction machinery are prosperous, and the cumulative sales growth rates of forklifts and loaders are 9% and 5% respectively. According to the data of China Construction Machinery Industry Association, from January to November, the main construction machinery products sold a total of 1,694,900 units, of which 1,003,500 units were sold domestically and 691,400 units were exported. Among them, the export sales volume of lifting work platforms, road rollers and graders is greater than the domestic sales volume, accounting for 51.37%, 59.39% and 79% of the total sales volume respectively; Excavators and loaders also account for a large proportion of export sales, reaching about 49%.
From the perspective of import and export trade volume, according to customs data, the import and export trade volume of China's construction machinery in November 2024 will be 4.678 billion US dollars, a year-on-year increase of 15.3%, of which: the import value will be 193 million US dollars, a year-on-year decrease of 5%; The export value was 4.485 billion US dollars, a year-on-year increase of 16.3%. From January to November 2024, China's construction machinery import and export trade volume was 50.186 billion US dollars, a year-on-year increase of 6.94%. Among them, the import value was 2.369 billion US dollars, a year-on-year increase of 2.69%; The export value was 47.817 billion US dollars, a year-on-year increase of 7.16%.


05 The revenue and profit of the leading foreign-funded enterprises in the third quarter changed differently
In the third quarter of 2024, Caterpillar, Komatsu, Volvo Construction Equipment and Hitachi Construction Machinery, the four leading foreign-funded companies, showed different trends in revenue and profit. Caterpillar's revenue fell 4% and net income fell 11.8% in the third quarter of 2024, compared to a 27.9% decline in revenue and a 4.5% increase in net income in the first three quarters. Komatsu's July-September 2024 financial report reported a 9.2% year-on-year increase in net sales, but operating profit and net profit attributable to the parent company decreased by 2.3% and 8.1%, respectively. Komatsu forecasts operating income to decline by 5.6% for the full fiscal year ending March 31, 2025. Volvo CE net sales fell 23% in the third quarter of 2024, equipment net sales fell 24% year-on-year, and services sales increased 2% year-on-year. Hitachi Construction Machinery's revenue for the half-year fiscal year 2024 was basically the same as the same period in 2023, but net profit fell by 42.3%, revenue fell by 3.5% in the third quarter, and net profit fell by 67.4%.
06 Domestic leading enterprises maintained a steady growth trend in the third quarter
In the first three quarters of 2024, the leading enterprises in the construction machinery industry still maintained a steady growth trend in the complex and changeable market environment. Among the three leading construction machinery listed companies, Sany Heavy Industry's net profit in the third quarter and the first three quarters increased by the highest year-on-year. Among them, the revenue in the first three quarters was 57.891 billion yuan, a year-on-year increase of 4.22%, and the net profit was 4.868 billion yuan, a year-on-year increase of 19.66%. In the third quarter, the revenue was 19.152 billion yuan, a year-on-year increase of 19.4%, and the net profit was 1.295 billion yuan, a year-on-year increase of 96.49%. XCMG Machinery is the most profitable construction machinery company in a single quarter and the first three quarters. In the first three quarters, the company achieved revenue of 68.726 billion yuan, a year-on-year decrease of 4.11%, and a net profit of 5.309 billion yuan, an increase of 9.71% year-on-year. In terms of single-quarter data, the company's net profit in the third quarter was 1.603 billion yuan, a year-on-year increase of 28.28%. In the first three quarters, Zoomlion achieved revenue of 34.386 billion yuan, a year-on-year decrease of 3.18%, and a net profit of 3.139 billion yuan, a year-on-year increase of 9.95%. The net profit in the third quarter was 851 million yuan, a year-on-year increase of only 4.42%.

2. Industrial development in Hunan
01 Hunan vigorously promotes the reform of the construction machinery remanufacturing system
On December 27, the meeting of the Provincial Party Committee for Comprehensively Deepening Reform deliberated and approved the "Reform Plan for Promoting the Remanufacturing System of Construction Machinery", which will build a construction machinery remanufacturing system with standards, platforms, industries, services and policies in Hunan, so as to drive the standardization, systematization and internationalization of Hunan's construction machinery industry and provide strong support for the high-quality development of Hunan's economy and the construction of "three highlands". The "Reform Plan" lists 16 specific tasks in five aspects: strengthening standard support, accelerating platform construction, promoting industrial development, improving the service system, and striving for policy support.

02 "Changsha City Regulations on Promoting the Development of Construction Machinery Industry" was officially announced
On October 25, the Standing Committee of the Changsha Municipal People's Congress officially announced the "Regulations on Promoting the Development of Construction Machinery Industry in Changsha City", which will come into force on January 1, 2025. The Regulations were adopted by the 24th meeting of the Standing Committee of the 16th Changsha Municipal People's Congress on August 29, 2024, and approved by the 12th meeting of the Standing Committee of the 14th Hunan Provincial People's Congress on September 26, 2024. The regulations follow the principles of market-led, government-guided, innovation-driven, open and integrated, and aim to promote Changsha construction machinery enterprises to strengthen key research and breakthroughs in new technological transformation, equipment trade-in, new product research and development and application, promote the high-end, intelligent and green development of the industry, accelerate the formation of new quality productivity, and provide legal guarantee for the high-quality development of Changsha's construction machinery industry.
03 Hunan construction machinery exports have maintained positive growth for 10 consecutive months
According to the statistics of Changsha Customs, in the first 11 months, Hunan Province exported 28.72 billion yuan of construction machinery, an increase of 20.7% over the same period last year, and has maintained positive growth for 10 consecutive months. In November, Hunan Province's construction machinery exports were 2.49 billion yuan, an increase of 25.3%, accounting for 8.7% of Hunan Province's total exports in the same period. From the perspective of export enterprises, private enterprises act as the main force of trade, accounting for more than sixty percent. In the first 11 months, the export of private enterprises in Hunan Province was 18.55 billion yuan, an increase of 32.6%, accounting for 64.6% of the total export of construction machinery in Hunan Province in the same period; The export of foreign-invested enterprises was 10.02 billion yuan, an increase of 3.6 percent. From the perspective of export destinations, Russia, Saudi Arabia and India are the top three exporters, and exports to Latin American and African countries have increased significantly. In the first 11 months, exports to Russia, Saudi Arabia and India were 4.19 billion yuan, 3.14 billion yuan and 2.01 billion yuan respectively, an increase of 4.6%, 52.5% and 15.5% respectively, accounting for 32.5% in total. In the same period, exports to Africa and Latin American countries increased significantly, with exports of 2.19 billion yuan and 3.55 billion yuan respectively, an increase of 51.4% and 62.1% respectively, accounting for 20% in total. From the perspective of export product types, in the first 11 months, Hunan Province exported construction machinery mainly for special-purpose motor vehicles, such as repair vehicles, crane trucks, fire trucks, concrete mixer trucks, etc., with a total export of 9.4 billion yuan, an increase of 32.9%. The export of forklifts or other work vehicles equipped with lifting or handling devices was 5.73 billion yuan, an increase of 87.9%. 5.6 billion yuan of bulldozers, excavators, road rollers, etc., and 4.22 billion yuan of cranes.
04 Wen Shuxun organized a special meeting on accelerating the establishment of a national construction machinery manufacturing innovation center
In order to implement the instructions of the Ministry of Industry and Information Technology to create a national construction machinery manufacturing innovation center in Changsha, on October 9, Wen Shuxun, then secretary and director of the party group of the Standing Committee of the Changsha Municipal People's Congress and head of the municipal construction machinery industry chain, organized a special meeting on accelerating the creation of the national construction machinery manufacturing innovation center. Construction machinery is Changsha's "golden signboard", the construction of a world-class construction machinery advanced manufacturing cluster is the glorious mission and major responsibility of the state to Changsha, and the creation of a national construction machinery manufacturing innovation center is one of the key links. Wen Shuxun stressed that the whole city should firmly establish the idea of "a game of chess", take their own responsibilities, cooperate with each other, and promote the creation of the national construction machinery manufacturing innovation center with high standards and high quality.
05 Shan Zhongde, academician of the Chinese Academy of Engineering and vice minister of the Ministry of Industry and Information Technology, and his delegation investigated Hunan Manufacturing Innovation Center (Construction Machinery)
On November 11, Shan Zhongde, academician of the Chinese Academy of Engineering and vice minister of the Ministry of Industry and Information Technology, and his party investigated Hunan Guozhong Zhilian Construction Machinery Research Institute, visited the hydraulic pump/motor laboratory, oil testing laboratory, non-destructive testing laboratory, high-end parts and basic process pilot base of the institute, and focused on the creation of the construction machinery manufacturing innovation center. During the investigation, Shan Zhongde made important guidance on the creation of a national construction machinery manufacturing innovation center, emphasizing the need for characteristic development, focusing on advantageous businesses, and encouraging the team to be pragmatic and stronger, so as to ensure that the innovation center can develop steadily and play an effective role.
06 A team of experts from the Chinese Academy of Engineering investigated national advanced manufacturing clusters
In order to cultivate a number of world-class advanced manufacturing clusters across the country, the expert team of the Chinese Academy of Engineering chose Hunan as the first stop to carry out industrial research. From November 5th to 6th, the expert group of the Chinese Academy of Engineering investigated two national advanced manufacturing clusters in Changsha and held a symposium on the research. Up to now, there are 45 national-level advanced manufacturing clusters in the country, including Changsha Construction Machinery Cluster and Changsha New Generation Autonomous Safety Computing System Cluster. Among them, Changsha construction machinery cluster is the first batch of acceptance, officially entered the Ministry of Industry and Information Technology world-class advanced manufacturing cluster cultivation pool of the cluster, with 5 global top 50 construction machinery manufacturers, should continue to strengthen the leading enterprises at the same time, enhance the comprehensive strength of supporting enterprises, to achieve the overall strength of the cluster jump. At the same time, it is necessary to plant high-end, intelligent and green in the product system and service concept, and lead the development of the global construction machinery industry with the input of products and concepts.
07 The 2024 Construction Machinery Innovation Ecological Development Conference and the Changzhutan Construction Machinery Main Distribution Collaborative Matchmaking Conference were successfully held
On December 18, the 2024 Construction Machinery Innovation Ecological Development Conference and Changzhutan Construction Machinery Main Distribution Collaborative Matchmaking Conference with the theme of "Gathering Group Chains for New Quality, Integrating the Three Cities and Painting a New Chapter" was held, aiming to promote the high-quality development of the construction machinery industry in the Changsha-Zhuzhou-Zhuzhou-Tan region and help build a world-class construction machinery industry cluster through innovative ecological cooperation. At the matchmaking meeting, the Changsha-Zhuzhou-Zhuzhou-Tan Construction Machinery Consortium signed a contract to promote the close coordination of the upstream and downstream of the industrial chain of Changsha-Zhuzhou-Zhuzhou-Zhuzhou In addition, the representative of the chain chief, the head of the alliance, the president, the president, and the chairman of the fund jointly signed the "Five Long Linkage, Five Chain Integration, and Collaborative Initiative to Promote the Development of the Construction Machinery Industry Chain", and the cooperation of the construction machinery industry chain in Changsha-Zhuzhou-Zhuzhou-Tan has entered a new stage. At the meeting, the heads of relevant departments gave a detailed interpretation of the "Regulations on Promoting the Development of Construction Machinery Industry in Changsha City", aiming to promote the transformation, upgrading and high-quality development of the construction machinery industry through policy guidance and support.
08 The 7th Xingsha Industry Salon will be held in 2024
On December 4, the seventh Xingsha Industry Salon in 2024 was held, focusing on the construction machinery industry to carry out in-depth exchanges and discussions. Wen Shuxun, then director of the Standing Committee of the Changsha Municipal People's Congress and head of the Changsha construction machinery industry chain, Zhou Xianbiao, secretary general of the China Construction Machinery Society, Fu Xuming, secretary of the Party Working Committee of Changsha Economic and Technological Development Zone and secretary of the Changsha County Party Committee, and Jiang Hongbo, director of the Management Committee of Changsha Economic and Technological Development Zone, attended. At the event site, Yang Jiawen and Zeng Kelin, cadres of the district and county, looked at the development of construction machinery around the "three markets" such as domestic and international markets, new product markets and aftermarket, and analyzed the development status and future trend of the construction machinery industry; The theme of diversified development of construction machinery is shared from the trend of diversified development, the causes of diversified development to the road of diversified development, presenting a comprehensive and systematic thinking framework for everyone. Zhou Xianbiao, Secretary General of China Construction Machinery Society, Liu Feixiang, Chief Scientist of China Railway Construction Heavy Industry Group Co., Ltd., Yi Xiaogang, Director, Executive President and Chief Engineer of Sany Group Co., Ltd., and Xia Zhihong, General Manager of Sunward Intelligent Equipment Co., Ltd., held a roundtable forum on "How to Build a World-class Construction Machinery Industry Cluster". In addition, Yang Jianhui, chairman of the Legislative Committee of the Municipal People's Congress, also introduced in detail the background, significance, process and main content of the "Regulations on Promoting the Development of Construction Machinery Industry in Changsha City", and interpreted the key provisions.
09 The list of the top 50 professional manufacturers of construction machinery in China in 2024 will be released in Changchang
On October 15, the list of the top 50 professional manufacturers of construction machinery in China in 2024 was released in Changsha. Construction machinery specialized manufacturers are different from comprehensive manufacturers, refers to the main 1 or 2 types of product manufacturers, in recent years gradually become an important force in the competitiveness of the construction machinery industry. Data show that more than 80% of the manufacturers in the global construction machinery industry come from various specialized fields. 11 companies in this list are among the top 100 global construction machinery manufacturers, which means that "specialized, special and new" enterprises are becoming hidden champions in China and even in various subdivisions around the world. A total of 6 companies in Hunan were on the list, namely China Railway Construction Heavy Industry Group Co., Ltd., Hunan Xingbang Intelligent Equipment Co., Ltd., Hunan Feiyi Co., Ltd., Xiangdian Heavy Equipment Co., Ltd., Hunan Yunxiang Heavy Industry Co., Ltd., and Infore Environmental Technology Group Co., Ltd. Among them, China Railway Construction Heavy Industry ranks first on the list, and China Railway Construction Heavy Industry Co., Ltd. is deeply engaged in the field of tunnel engineering equipment, and has been selected as a national single champion product for many years.
10 Dynamic information of major construction machinery enterprises
3. Industry development and local dynamics
01 bauma CHINA 2024 Construction Machinery Exhibition was successfully held
From November 26th to 29th, bauma CHINA 2024 (Shanghai International Construction Machinery, Building Materials Machinery, Mining Machinery, Construction Vehicles and Equipment Expo) was successfully held at the Shanghai New International Expo Center. The four-day exhibition was unprecedented. With a total exhibition area of more than 330,000 square meters, bauma CHINA 2024 brought together 3,542 exhibitors from 32 countries and regions, an increase of 24% over the previous edition, including 700 international brands. The event attracted 281488 professional visitors from 188 countries and regions to negotiate procurement, and overseas visitors accounted for more than 20%. The top 10 countries for overseas viewers are Russia, India, Malaysia, South Korea, Thailand, Indonesia, Singapore, Kazakhstan, Brazil and Japan. Domestic leading enterprises such as XCMG, Sany Group, Zoomlion, SDLG, Longgong, Shantui, Dingli, Lovol, Nanfang Road Machinery, Taiyuan Heavy Industry, Hongchang Tianma, China Railway Construction Heavy Industry, etc., all participated in the exhibition, and displayed their customized products and solutions for major overseas markets. From "product export" to "industrial going to sea", China's construction machinery enterprises are exploring an international path suitable for their own development, and better meet the needs of global customers through global resource allocation.
02 The 2024 Equipment Manufacturing Industry Development Conference was held in Chongqing
The 2024 Equipment Manufacturing Development Conference will be held from December 2 to 5, 2024 at the Chongqing Yuelai International Conference Center. This is the first large-scale, systematic, comprehensive industrial event covering the whole industrial chain held by China's equipment manufacturing industry so far. The structure of the conference is "1+1+3+N+ Exhibition", including more than 40 activities such as the main forum of the opening ceremony, special activities in Chongqing, three theme forums, strategic planning, roundtable dialogue, supply and demand docking of industrial chain and supply chain, achievement release and exhibition. With the theme of "Better Equipment, More Beautiful World - Intelligence, Green and Integration", the conference was hosted by the China Machinery Industry Federation and co-sponsored by Chongqing Hub Port Industrial Park and Machinery Industry Information Research Institute. Chongqing Municipal Commission of Economy and Information Technology, Chongqing Jiangjin District People's Government, and China Machinery Lianhua (Beijing) Science and Technology Development Co., Ltd. undertake.
03 The second batch of 6 national standards for electric construction machinery was released
The State Administration for Market Regulation (National Standards Committee) officially approved and issued the second batch of 6 national standards for electric construction machinery, namely "Earthmoving Machinery Hybrid Tire Loader", "Earthmoving Machinery Hybrid Hydraulic Excavator", "Earthmoving Machinery Pure Electric Hydraulic Excavator Technical Requirements", "Earthmoving Machinery Pure Electric Tire Loader Technical Requirements", "Earthmoving Machinery Pure Electric Off-Highway Wide-body Dump Truck Technical Requirements" and "Earthmoving Machinery Pure Electric Non-highway Mining Dump Truck Technical Requirements", the standard covers the terminology, All aspects of the industrial chain, such as technical requirements, electrical safety requirements, and test methods, will be implemented from June 1, 2025, and the release of the standard will further fill the gap in the national standard system and support the industry to achieve green transformation and upgrading.
04 Xiangqiong Advanced Manufacturing Co-construction Industrial Park Project Signing and Centralized Commencement Activities were held in Hainan
On December 3, the signing and centralized commencement of the Xiangqiong Advanced Manufacturing Co-construction Industrial Park project was held in Dongfang City, Hainan Province. The event focused on signing 10 projects and starting construction of 4 projects, with a total investment of 6.84 billion yuan. Wu Guiying, Member of the Standing Committee of the Hunan Provincial Party Committee and Secretary of the Changsha Municipal Party Committee, Ni Qiang, Member of the Standing Committee and Secretary-General of the Hainan Provincial Party Committee, and Director of the Office of the Hainan Provincial Party Committee Free Trade Port Working Committee attended and witnessed. This time, 10 projects (with a total investment of 5.26 billion yuan) were signed, and 4 projects (with a total investment of 2.78 billion yuan) were started, of which two projects were signed and started. Including this round, the park has settled in 27 projects, with a total investment of 11.95 billion yuan, and 4 of the world's top 50 construction machinery OEMs have entered the park for remanufacturing, and jointly issued the country's first local standard for remanufacturing and maintenance.
4. Expert views
According to the "Looking Back on Ten Trends Worthy of Attention to Construction Machinery in 2024" released by the construction machinery brand network, the trend of the development of the construction machinery industry in 2024 is summarized from the following ten aspects:
Electrification
The annual sales of electric loaders exceeded 10,000 units for the first time, the market penetration rate of electric mixer trucks exceeded 50%, the wave of electric mining truck substitution was surging, and the market penetration rate of aerial work machinery electrification was more than 90%, far ahead of other models. In 2024, the trend of new energy in construction machinery will accelerate more and more. In scenarios such as engineering construction, construction and installation, sanitation and transportation, sand and gravel yards, warehousing and logistics, mining, road construction and maintenance, in-plant shipment, wind power hoisting, port transportation, and short barge transportation, the electrification of construction machinery is in the ascendant. Technological advances, especially breakthroughs in battery technology, motor efficiency and intelligent control systems, provide a solid foundation for the electrification of construction machinery. The continuous growth of market demand and the continuous innovation of products indicate that the electrification of construction machinery will usher in a broader development prospect. The industry believes that after the technological breakthrough and the full cost reduction, the electrification penetration rate is expected to reach more than 30%, thereby opening up a new round of growth space for construction machinery.
Intelligent
Construction machinery construction solutions have gradually changed from "manual + mechanical" control operations to digital and intelligent centralized management and control of equipment, which has become an important trend in industry transformation in 2024. The core of the transformation lies in the centralized management and control of equipment in the operation scenario, as well as the remote operation of equipment and the application of drones. Through digital means, the construction machinery industry can reduce energy consumption and emissions, achieve green production, and expand innovative application scenarios such as intelligent production, personalized customization, service-oriented extension, digital management, and networked collaboration.
Positive and negative conversions
In 2024, the excavator market ushered in a turnaround, with sales turning from negative to positive, with the cumulative sales of excavators reaching 181762 units from January to November, a year-on-year increase of 1.93%, and domestic sales of 91,231 units, a year-on-year increase of 10.8%. Thanks to the continuous investment in infrastructure construction and the renewal momentum of existing equipment, the sales of excavators in water conservancy, farmland, mining and other fields have been promoted. However, the aerial work machinery industry is facing negative growth for the first time. Mainly due to the high number of high-speed machine market holdings, the capacity supply is far greater than the slowdown market demand, and the phenomenon of overcapacity is becoming increasingly prominent. However, overseas markets provide new growth space for high-tech enterprises, and export volumes maintain strong growth. Judging from the market trends of the two, excavators are expected to enter a new round of cycle, and the market will maintain stable development in the future; The high-speed machine market has also ended the period of "savage growth", and the future growth will return to rationality.
Overseas competition intensifies
In the face of sluggish domestic market demand and vicious competition in the industry, more and more domestic manufacturers have begun to lay out overseas markets, and the vicious competition of involution has gradually spread from the domestic market to overseas markets. Domestic construction machinery out of the country, to avoid the emergence of blind involution of vicious competition, to cost-effective products and technological innovation as the core competitiveness. If you still rely on the low-price strategy, still maintain the development model of "quantity not quality", blindly seize the overseas market, it is difficult to ensure product performance and after-sales service quality, and even do "one-shot trading", not only will you lose the hard-won overseas market share, but also greatly affect the influence of domestic brands in overseas markets.
Super engineering equipment
In 2024, super engineering and super equipment will achieve each other, witnessing a technological breakthrough in the construction machinery industry. The super-large tonnage tower crane of more than 20,000 tons of meters has been rolled off the assembly line and delivered, reaching a new height in technology. The 4000-ton all-terrain crane, with its excellent performance and technological innovation, leads the global all-terrain crane into a new era. Not only that, the breakthrough in the development of key components such as slewing bearings and super-large cylinders of super-large diameter shield machines supporting super-large engineering equipment has also become an important symbol of the independent, controllable and safe supply chain and industrial chain in 2024. Today, with quality as the core and technological innovation as the core drive, it not only breaks the monopoly of foreign high-end brands, reshapes the competition pattern of the world's construction machinery industry, but also once again builds industry barriers and interprets the meaning of high-end quality made in China.
Unmanned intelligent lift
From January to November 2024, the cumulative sales of tower cranes were 6,841 units, a year-on-year decrease of 60%. Truck cranes, crawler cranes, and truck-mounted cranes have also declined to varying degrees. The crane market is sluggish, mainly due to the shrinking market demand, and the tower crane is deeply bound to the real estate industry encountered the market "winter", infrastructure projects are less, the industry has changed from the incremental market to the stock market, a large number of old equipment can not be cleared, crane sales are difficult to stabilize and rebound. However, the intelligent construction lift, which is mainly used for various construction sites and construction sites, has shown a leap. The reason is mainly in the general trend of high-end, intelligent and green development, and the intelligent elevator is more in line with the development of the times, compared with the traditional manual operation of the elevator, there is no need to be equipped with special labor, which saves costs. And based on the intelligent operating system, it is safer to use and more efficient. At present, the unmanned intelligent elevator has been put into Shanghai, Hangzhou, Chengdu, Wuhan and other places to participate in the construction, and its excellent performance of intelligence and safety has been highly recognized by users.
Complete sets of mining machinery
With the increase of global mining investment, as well as the influence of policy factors and the continuous improvement of mining machinery products, mining machinery has become the new favorite of the construction machinery industry, and it is expected that the mining machinery market will continue to grow in the future. In this context, the major host manufacturers are also constantly developing and manufacturing large-scale complete sets of mining machinery, intending to get a share of the mining machinery market in the future. At the same time, the mining machinery industry has changed from a complete set of machines to a complete set, and the industry business model has changed from pure manufacturing to a comprehensive model of "equipment manufacturing + service" in order to obtain better operating benefits. With the national digital development strategy and the wave of intelligent development, the application of cutting-edge technologies such as AI and big data in mine construction is accelerating, and the industry leader 2025 will be more active in the research and development of intelligent equipment, explore the application of clean energy, adhere to the transformation from low-carbon to zero-carbon technology route, and empower green mine construction with new quality productivity.
Large-scale device updates
In 2024, large-scale equipment renewal policies will be introduced one after another, and the release of relevant policies should be like a boulder thrown into the lake, setting off huge waves in the construction machinery industry. However, judging by the current market performance, it seems that the expected boost has not been achieved. After years of development, the equipment ownership of the construction machinery industry has reached a certain scale, and the market saturation is high. Many businesses and engineering projects may not be in dire need of a large-scale equipment refresh in the short term. The price of construction machinery and equipment is high, and updating equipment requires enterprises to invest a lot of money. For some enterprises, especially small and medium-sized enterprises, they may face financial pressure and need to weigh the benefits and costs of updating equipment. If the company expects that the market demand will be unstable or insufficient to support the production capacity of new equipment in the future, it may delay the equipment renewal plan, which will affect the effect of the policy on the industry. From the perspective of the update cycle of the equipment itself, many construction machinery and equipment have reached the node of a new round of cycle update. The update cycle of the machinery and equipment itself is about eight years, from the last round of the update cycle in the second half of 2016, the second half of 2024 has reached the node of a new round of update cycle, with the gradual elimination and update of old equipment, 2025 is expected to usher in a significant replacement demand.
New attitudes towards foreign investment
Many foreign brands have changed their attitudes towards the Chinese market. CNH ceased sales of construction machinery and equipment in the Chinese market, John Deere ceased sales of construction machinery in China, and Kato announced the dissolution and liquidation of Kato's Chinese subsidiary. Construction machinery parts suppliers are seeking a "new cooperation attitude" to enhance the understanding of China's market demand and provide more abundant products and solutions to meet more multi-dimensional market demand. With the increasingly fierce market competition, OEMs are going to implement a cost-leading strategy, and in order to pursue cost advantages, seek qualified suppliers for local manufacturing, so as to maintain the stability of the supply chain, it is inevitable that OEMs will deepen their layout. In the future, foreign brands will inevitably put down their positions, have an equal mentality, form a fair alliance, have technology to contribute technology, and have funds to jointly respond to the strong challenges of other competitors.
Accelerated elimination of production capacity
Nowadays, the construction machinery industry has entered the stock market, the market characteristics are oversupply of equipment, overcapacity, in 2025 the construction machinery industry will most likely enter the accelerated elimination period, some overcapacity and backward technology enterprises in the market will be eliminated. Among the eliminated enterprises, the first ones are those who stick to experience and are not good at innovation, have no strategic determination, no healthy body, and no customer stickiness. In the face of the dilemma of downward industry cycle, overcapacity and sharp involution, construction machinery enterprises want to survive in the fierce market competition, then they must continue to adapt to market changes, continue to innovate and develop, adhere to strategic positioning, pay attention to brand building, cultivate customer stickiness and talents.
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