China's construction machinery industry features steady growth, global expansion, shift towards high-end intelligence and green Development
Industry Overview: In the first half of 2024, China’s construction machinery industry maintained overall stability and achieved significant progress in high-quality development, particularly in areas of high-end, intelligent, and green advancements, despite facing complex international market conditions and multiple challenges.
Global Expansion: In the first half of the year, sales of construction machinery products increased both domestically and internationally, with a notable rise in exports, reflecting the success of global expansion efforts. Chinese construction machinery companies are shifting from product exports to global industrial expansion to better meet global market demands.
High-end Intelligent Transformation: The industry is accelerating its transformation towards high-end intelligence. Companies like Sany Heavy Industry have made significant advancements in unmanned excavation technology and electric construction machinery, driving the automation, intelligence, and greening of the industry.
New Energy Development: Sales of electric construction machinery have surged, indicating strong potential in the new energy sector. However, challenges such as immature technology, weak infrastructure, and insufficient maintenance services remain.
Corporate Performance and Market Outlook: The performance of construction machinery companies remained stable in the first half of the year. Looking ahead to the second half, with increased policy support and market demand, the industry is expected to continue its steady growth, with a clear trend of market recovery both domestically and internationally.
Industry Recommendations: The industry needs to continue adhering to market mechanisms, focus on strategic leadership and open cooperation, enhance quality and efficiency, and promote high-quality development. Emphasis should be placed on adjusting structures, improving productivity, and contributing to the modernization of the industrial system.
2 Sep 2024 reported by Machinery News