While construction machinery export growth slowed in 2024, volumes remained high. Global market sales reached $100 billion, with 2020 sales at $101.3 billion and 2023 reaching $128.6 billion. China dominates as the largest market (18.7% global share), yet overseas potential persists.
Competitive Landscape (2004-2024)
- European brands: Stable market share
- North American brands: Declined from 43.3% to 28.8% (key events: 2008 crisis, trade conflicts, COVID-19)
- Asian brands: Surged from 30.4% to 43.3%, driven by Chinese manufacturers
- Chinese brands now approach Japanese rivals in Top 50 rankings
2024 Trade Data
- Total trade: $55.45 billion (+8.6% YoY)
- Imports: $2.59 billion (+3.2%)
- Exports: $52.86 billion (+8.9%)
Key Regional Markets
Middle East
01 Strong Infrastructure Demand
- Exports to Saudi Arabia grew from ¥810M (2020) to ¥3.6B (2023), 64.7% CAGR
- Key products: Large excavators, concrete equipment, cranes
02 Market Leaders
- Zoomlion: Leading crane market share through localized R&D
- XCMG: Customized products for desert conditions
- Sany: Comprehensive product portfolio
- Liugong: 40% loader share in UAE
Africa
01 Mining-Driven Demand
- Exports to top 10 African economies grew from ¥2.22B (2020) to ¥5.72B (2024 YTD), 34% CAGR
- Key equipment: Heavy excavators & bulldozers (15-20% price premium)
02 Localization Strategy
- Chinese manufacturers established subsidiaries in Ghana, Nigeria, South Africa
- 24/7 parts supply network implemented
Russia
- 2023 sales up 50% YoY
- Chinese brands doubled market share post-Western exit
- 2024 growth sustained by oil exports
United States
01 Infrastructure Renewal
- 2025 growth potential from interest rate cuts
- Manufacturing reshoring boosts demand
02 Export Surge
- Jan-Sep 2024 excavator exports: 39,000 units (+56.7%)
- Loader exports: 21,000 units (+325.3%)
- US became largest export destination (22.4% share)
Southeast Asia
01 Mining & Urbanization
- Key projects: Indonesia's coal mines, Vietnam's manufacturing hubs
- Thailand's EEC project drives construction growth
02 "Second Home Market"
- Chinese OEMs established 23 production bases in ASEAN
- Zoomlion & Sany participate in China-Laos Railway
- Indonesia accounts for 38% of regional imports
