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Construction Machinery Industry Rebounds, Excavator Market Sees New Growth Opportunities

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Author:

LTMG

Release Time:

2024.09.30

Benefiting from domestic brand destocking, a low base of the same period last year, and a moderate recovery in demand in some overseas regions, the construction machinery industry is on the verge of a new growth cycle. In particular, the excavator product shows a clear sign of market recovery, with sales expected to achieve positive growth.

 

 

Overall Trend of the Construction Machinery Industry

Russia has now become the largest exporter of construction machinery, with exports exceeding $6 billion in 2023, accounting for about 22%; followed by the United States and Indonesia, with export amounts of approximately $4.28 billion and $2.31 billion, respectively.

 

In the first quarter of 2024, China's construction machinery exports to countries along the "Belt and Road" initiative significantly increased, reaching $7.246 billion, a year-on-year increase of 9%, accounting for 60.31% of the total export volume. This growth highlights that with the rapid economic development and continuous strengthening of trade cooperation in these regions, the export potential of China's construction machinery in the "Belt and Road" market remains huge.

 

At the same time, China's construction machinery exports to RCEP member countries (including ASEAN 10 countries, Japan, South Korea, Australia, and New Zealand) were $2.827 billion in the first quarter of 2024, accounting for 23.53% of the total export volume. Although it decreased by 5.97% compared to the same period last year, the RCEP region remains an important export market for China's construction machinery industry.

 

 

Excavator Market Trends

In the domestic market, the increase in excavator sales is mainly due to the increased demand for small excavators. Data shows that the market share of small excavators increased from 67% in 2023 to 75% in 2024. This demand growth mainly stems from the needs of new rural construction, urban construction, and some real estate fields. In addition, the rise in labor costs has also promoted the trend of mechanization replacing manual labor.

 

According to the latest market research, in September 2024, the excavator market showed a positive signal, with domestic sales expected to reach 7,300 units, a nearly 17% increase compared to the same period last year. This achievement not only adds color to the traditional "Golden September" peak season but also indicates that the domestic market has shown a good trend of bottoming and rebounding. Globally, the demand for the construction machinery market is also gradually improving. For example, Indonesia's capital relocation plan has driven an increase in infrastructure projects, and the construction situation is quite active, providing new growth points for the construction machinery industry. At the Indonesia Jakarta International Construction Machinery and Mining Machinery Exhibition from September 11th to 14th, products made in China were warmly welcomed and received feedback, and many well-known brands have close cooperation with local dealers.

 

 

In terms of the export market in China, although the overall sales volume has decreased, the demand for medium and large excavators has performed well. The export share of medium and large excavators has risen from less than 30% in the past to the current 45%. This growth is mainly due to the increasing competitiveness and product upgrades of domestic brands in the international market.

 

LTMG Excavators: Leading Industry Growth and Meeting Global Demand

 

Against this backdrop, LTMG's excavator manufacturing and production situation also show a strong growth momentum. LTMG's existing excavator product line covers a full range from small to large, meeting the needs of different working conditions. In the first three quarters of this year, LTMG's excavator shipments increased by 20% year-on-year, and the factory's production capacity utilization rate reached more than 90%, showing our strong production capacity and market demand.

 

* If you want to watch more customer feedback video content, you can click here to jump to our YouTube channel!

 

LTMG's excavator products, with their high efficiency, durability, and environmental protection, have won widespread market recognition. Whether it's infrastructure construction or mining, they are the first choice for customers. Our factory uses advanced production technology and a strict quality control system to ensure that every excavator that leaves the factory can meet the high standards of customers.

 

With the continuous recovery and growth of the market, we believe that LTMG's excavator products will play a greater role in the future. We sincerely invite you to join our ranks to witness and promote the development of the excavator industry together.

 

 

If you are interested in our products or want to visit our factory to learn more, please contact us in the following ways:

Phone: +86-170-5001-5962

Email: info@ltmg.com

Website: https://www.ltmg.com

 

* The complete data information is sourced from: https://cm.hczyw.com

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