With factors like inventory reduction by domestic brands, a low comparative base from the previous year, and a moderate uptick in demand from some overseas markets, the construction machinery industry is entering a fresh growth phase. The excavator market, in particular, is showing clear signs of recovery, with expectations of positive sales growth.

Construction Machinery Industry Overview:

In 2023, Russia emerged as the top exporter of construction machinery, with exports surpassing $6 billion and representing around 22% of global exports, followed by the United States and Indonesia with exports reaching $4.28 billion and $2.31 billion, respectively.

In the first quarter of 2024, China's exports of construction machinery to "Belt and Road" countries surged, reaching $7.246 billion—a 9% year-over-year increase and accounting for 60.31% of total export volume. This uptick underscores the huge export potential for China's construction machinery in these rapidly developing regions with strengthening trade ties.

China's exports to RCEP nations (ASEAN countries, Japan, South Korea, Australia, and New Zealand) amounted to $2.827 billion in Q1 2024, representing 23.53% of the total export volume. Although there was a slight 5.97% decline from the same period last year, the RCEP market remains vital for China’s construction machinery exports.

Excavator Market Trends:

Domestically, the rise in excavator sales has been driven mainly by increased demand for small excavators. Market share for small excavators grew from 67% in 2023 to 75% in 2024, largely due to demand in rural construction, urban projects, and certain real estate areas. Rising labor costs have further encouraged mechanization over manual labor.

Recent data indicates that September 2024 saw positive momentum in the excavator market, with domestic sales projected to hit 7,300 units—a 17% increase compared to last year, adding vibrancy to the traditional "Golden September" peak season. Internationally, demand for construction machinery is also improving, with projects like Indonesia's capital relocation plan driving infrastructure growth. During the Jakarta International Construction and Mining Machinery Exhibition in September, Chinese products were warmly received, with many major brands establishing close ties with local distributors.

In China's export market, while overall sales volumes have dipped, the demand for medium and large excavators remains strong. The export share for these larger models has grown from below 30% to around 45%, driven by improved competitiveness and product upgrades among domestic brands.

LTMG Excavators: Driving Industry Growth and Meeting Global Demand

Amid this positive market environment, LTMG’s excavator production is also seeing robust growth. Our product line, which ranges from small to large excavators, meets diverse operational needs. In the first three quarters of this year, LTMG’s excavator shipments rose by 20% year-over-year, with our factory utilization rate exceeding 90%, highlighting our strong production capacity and the rising market demand.

LTMG’s excavators are highly efficient, durable, and environmentally friendly, earning widespread recognition. Whether for infrastructure or mining projects, they remain a top choice for customers. Advanced production technology and rigorous quality control ensure that every excavator leaving our factory meets high customer standards.

As the market continues to recover and grow, we are confident that LTMG excavators will play an even larger role in the future. We warmly invite you to join us in witnessing and contributing to the evolution of the excavator industry.

If you are interested in our products or would like to visit our factory for more information, please reach out to us:

WhatsApp: +86 18259493402
Email: market@ltmg.cn
Website: www.ltmgloader.com