Seventy years of arduous struggle, two cycles leading the way in the world

Release date 2026-03-07 14:58:31 Reading 14

　　used excavator In depth report on the construction machinery industry: Seventy years of arduous struggle, two cycles leading the way in the world

　　A research report on the construction machinery industry points out that after 70 years of hard work and struggle, the world is at the forefront of two cycles.

　　The specific content of the report is as follows:

　　used excavator Key investment point: What is the operational business logic of construction machinery? Construction machinery is an important supporting industry for national economic construction. By 2024, the global construction machinery industry will reach a scale of 213.5 billion US dollars, of which the Chinese market size will be 23.4 billion US dollars, accounting for 11%. Excavators, loaders, and cranes rank among the top three in terms of product value, accounting for over 60% of the industry's overall share.used excavator The proportion of upstream costs is highest for materials, and hydraulic systems are the core value. The fundamental demand logic of the industry may come from domestic downstream additions, updates and replacements of storage equipment, and overseas market expansion. What is the development history of China's construction machinery industry? The Chinese construction machinery industry has gone through six stages of entrepreneurship, initial development, comprehensive development, rapid development, leapfrog development, and stable development over the past 70 years, starting from the early days of the founding of the People's Republic of China, and gradually maturing through development directions such as large-scale organization, overseas technology introduction, independent research and development production, and overseas market expansion. In the new century, China's construction machinery industry has gone through two cycles of ups and downs, following the three main lines of "downstream demand", "stock renewal", and "overseas expansion". It has developed and matured in the domestic market in 20 years, and has made a breakthrough in the world market.

　　used excavator What are the edge changes in the construction machinery industry at the current time point? Internal demand side: Based on the demand for updating equipment inventory, it is expected that the internal demand for excavator updates will rapidly increase from 55000 units to 277000 units in 25-30 years, with an ideal CAGR of 38%. At the current time point when downstream demand for increased quantity is relatively stagnant, the stock update of engineering machinery equipment led by excavators may drive the demand in this round of recovery cycle. Domestic andused excavator foreign sales: The total sales scale of construction machinery in various regions at home and abroad is expected to continue to increase. At the same time, the overseas business of Chinese construction machinery enterprises has gradually matured after years of development, and the market share of various overseas regions is expected to continue to increase. Under the dual forces of internal and external demand cycle recovery and external demand enhancement, it is estimated that the operating income scale of China's construction machinery industry is expected to rapidly recover with an increase of about 15% from 2024 to 2030.

　　Investment analysis opinions. The internal cycle of the construction machinery industry needs to recover or gradually become clear, and there is hope for significant improvement in domestic and foreign sales growth. At the same time, the technical strength and domestic and foreign marketing service network of Chinese construction machinery enterprises are gradually maturing. It is recommended to pay attention to domestic construction machinery host manufacturing enterprises: Xuzhou Construction Machinery (000425), Sany Heavy Industry (600031), Liugong (000528), Zoomlion Heavy Industry (000157), Shantui Co., Ltd. (000680), etc.

　　Risk statement Domestic downstream industries continue to face pressure risks; The risk of worsening overseas tariff barriers; The risk of overseas market share expansion not meeting expectations; The risk of measurement and calculation bias in market space.

　　used excavator The demand for construction machinery industry is expected to continue to improve

　　In January 2026, the ratio of excavators to gas sales will increase, and the industry will gradually enter a new stage of growth. In terms of the domestic market, in the future, driven by policies such as equipment updates and local government debt, domestic demand is expected to increase rapidly and recover. As an exporter, China's construction machinery host factories have been expanding overseas for many years. Domestic construction machinery products have competitive advantages in terms of price, and the competitiveness of domestic host factories in overseas markets continues to increase. Under the resonance of domestic and international demand, the demand in the construction machinery industry is expected to continue to improve. Currently, the construction machinery industry is characterized by a combination of internal and external needs and technological upgrades.

　　used excavator Dongguan Securities believes that in January 2026, the domestic sales of excavators will increase at a relatively high rate, and the month on month decline will narrow compared to the same period last year, indicating a trend of demand recovery. The accelerated issuance of new special bonds, global interest rate cuts, and major construction projects will boost demand for construction machinery. In 2025, the industry's exports will steadily increase, and the rapid growth of excavator exports will be eye-catching. The demand for Africa and jointly establishing the "Belt and Road" countries will greatly increase. Policy support for the remanufacturing of construction machinery activates segmented markets, and the post holiday peak season, coupled with many driving factors, presents structural opportunities for the construction machinery industry.

Previous: Future Construction Machinery Industry, Dual Wheel Drive, "Start Well"

Next: used excavator leading to a rapid recovery and overseas layout

High quality and low price

We guarantee the quality of each machine and promise
to offer you the most favorable price.

Seventy years of arduous struggle, two cycles leading the way in the world

High quality and low price

We guarantee the quality of each machine and promise to offer you the most favorable price.

Seventy years of arduous struggle, two cycles leading the way in the world

We guarantee the quality of each machine and promise
to offer you the most favorable price.