A Turning Point Year -The construction machinery industry is about to experience a new momentum

As of the last month of 2023, let's review the trends in the construction machinery industry throughout the year. Overall, the construction machinery industry has continued to struggle within a downturn cycle in 2023. However, according to industry professionals, there is optimism that the sector is poised to enter a stable recovery phase in 2024. The three main variables influencing the recovery in 2024 include progress in domestic demand stabilization, overseas market share, and equipment replacement cycles.

The industry has experienced significant declines for two consecutive years. Taking earthmoving machinery as an example, current demand is already lower than that of 2015. However, experts believe that there is no basis for further decline, especially with the gradual manifestation of policy advantages in 2024 and the gradual recovery of infrastructure and real estate projects. It is anticipated that domestic demand and exports will experience a relatively stable growth next year. Therefore, expanding overseas market share remains the primary initiative for leading construction machinery enterprises in the coming year. These companies are strategically establishing various business points and service centers to significantly enhance their international business.

Analyzing the strategic layout of leading construction machinery enterprises that currently dominate market shares, three main thrust directions are evident: product internationalization, electrification, and diversification.