Transformation and Recovery Go Hand in Hand: The Recent Glory of China's Construction Machinery Industry

Transformation and Recovery Go Hand in Hand: The Recent Glory of China's Construction Machinery Industry

As a core industry in infrastructure construction, China's construction machinery industry has been revitalized in recent years through a dual-track approach of "recovery and upgrading."

1. Market Recovery: Driving Domestic Demand and External Expansion

Industry growth is expected to accelerate in 2025. Domestic excavator sales reached 174,000 units from January to September (an 18.1% year-on-year increase), with a 25.4% increase in September alone. On the domestic demand side, the previous round of equipment (2016-2021) entered a replacement cycle. Coupled with the transition to the National IV standard, projects such as the Yaxia Hydropower Project are driving demand for high-end equipment. On the external demand side, 84,000 excavator exports were made in the first nine months (a 14.6% year-on-year increase), bringing the industry's total exports to US$38.597 billion, maintaining a sustained surplus.

2. Core Transformation: "Three Transformations" Leading Change

In 2024, industry revenue is projected to reach 816.5 billion yuan, with a transformation toward "high-end, intelligent, and green" development. In terms of intelligence, Liugong's smart mining system and XCMG's Level 3 unmanned loaders have been deployed in ports and mines. Green initiatives are focused on electrification, with electric lift platforms projected to have a penetration rate of 92.5% by 2024. Sany's electric mining excavators offer annual cost savings of 900,000 yuan, with comprehensive supporting technologies.

3. Future Outlook

Industry competition is shifting towards full lifecycle services. Component companies like Hefei Qiangyi Machinery are increasing R&D (annual investment of 8% of revenue) to support this transformation. Major domestic projects and the Federal Reserve's interest rate cuts will continue to fuel this growth. With breakthroughs in battery and electronic control technologies, Chinese construction machinery is expected to further capture the global high-end market, achieving a leap from scale to quality.

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