China’s Construction Machinery Market in 2024: Growth and Transformation

Overview of China’s Excavator and Loader Markets in 2024

1.Performance of the Excavator Market

December sales: 19,369 units, a year-on-year (YoY) increase of 16%.

Domestic sales: 9,312 units, up 22.1% YoY.

Export sales: 10,057 units, up 10.8% YoY.

Annual sales in 2024: 201,131 units, a YoY growth of 3.13%.

Domestic sales: 100,543 units, up 11.7% YoY.

Export sales: 100,588 units, down 4.24% YoY.

The growth in the excavator market is mainly driven by increased domestic infrastructure investments and the promotion of electric equipment. Although export growth has slowed, overseas markets still show potential.

2.Performance of the Loader Market

December Sales: 9,420 units, a slight YoY decline of 0.08%.

Domestic sales: 4,501 units, down 19.6% YoY.

Export sales: 4,909 units, up 28.5% YoY.

Annual sales in 2024: 108,209 units, a YoY growth of 4.14%.

Domestic sales: 54,326 units, down 3.94% YoY.

Export sales: 53,883 units, up 13.8% YoY.

Strong export performance for loaders highlights stable international demand, supported by improvements in product quality and competitiveness.

3.Industry Trends and Challenges

Technological Innovation: Electrification and smart equipment are key development directions. Environmental policies and energy-saving needs are accelerating growth in these markets.

Potential Challenges: Rising raw material costs, stricter environmental regulations, and a complex global trade environment present challenges for companies.

Jan 9 2025 reported by Machinery News