China’s construction machinery electrification

In 2023, China’s 12 major categories of construction machinery products achieved sales of over 1.7 million units. Among these, forklift sales reached 1.1 million units, aerial work platforms and excavators each saw around 200,000 units sold, and loaders recorded sales of 100,000 units.

In terms of electrification, aside from aerial work platforms and forklifts, the domestic electrification rate of other construction machinery products remains below 10%.

Renowned domestic and international companies such as Caterpillar, Komatsu, XCMG, and Sany have been actively exploring and investing in electrification, releasing over a hundred new energy construction machinery products across various sectors. The share of revenue from electrified products is steadily increasing.

According to estimates by GGII (Gaogong Industry Institute), the battery demand for five key categories of electric construction machinery in 2023—electric forklifts, aerial work platforms, loaders, excavators, and mining trucks—was approximately 8.7 GWh.

If these five categories fully transition to electrification, the corresponding battery demand could reach 63.1 GWh. Including other construction machinery products, GGII expects the potential battery demand for construction machinery to exceed 70 GWh.

21 Aug 2024 reported by Machinery News