While exports are booming, the industry’s green and intelligent transformation has also entered the fast lane. At the 2024 Bauma China (Shanghai Construction Machinery Exhibition), leading enterprises collectively showcased their new energy achievements: XCMG displayed 48 “Green Mountain” series products, accounting for 42% of the total exhibits, among which the world’s largest pure electric loader XC9108EV attracted wide attention; Sany Heavy Industry set up a special new energy exhibition area, focusing on 31 models covering pure electric, battery swapping and hydrogen energy technologies, and its hydrogen fuel cell heavy-duty truck became the highlight of the exhibition.
Dual drives from policy and technology have accelerated the popularization of new energy equipment. In August 2024, the State Administration for Market Regulation released the first batch of 7 national standards for electric construction machinery, covering key areas such as terminology, energy consumption and battery safety, filling the gap in the industry standard system. Cost advantages have become a “catalyst” for market penetration. Actual operation data shows that the daily electricity cost of pure electric excavators is only about RMB 100, which is 90% lower than the daily fuel cost of nearly RMB 1,000 for fuel-powered models. The annual maintenance cost of electric bulldozers and other equipment has also decreased by 80%.
The significant cost-effectiveness has enabled new energy equipment to quickly seize the market. In 2024, the market penetration rate of electric lifting platforms reached 92.5%, and the penetration rate of electric loaders exceeded 10.5%, marking that the industry’s electrification transformation has entered a standardized and systematic new stage.
Enterprise Collaboration: Breakthroughs in Innovation and Global Expansion
Facing industry transformation opportunities, leading construction machinery enterprises have seized the initiative through technological innovation and global layout. XCMG Machinery has taken internationalization as its core strategy, with products covering more than 190 countries and regions. In the first three quarters of 2024, its international revenue accounted for 46.6%, a year-on-year increase of 9%; Zoomlion’s overseas revenue increased by 35.42% year-on-year, and its pure electric mixer trucks successfully entered the German market with EU CE certification.
Collaborative innovation in the industrial chain has become the key to technological breakthroughs. Lonking Group signed a strategic cooperation agreement with CATL to jointly develop customized battery products and promote global promotion; Zoomlion’s intelligent industrial park has achieved efficient production of “one wheeled crane off the assembly line every 18 minutes”, completing the digital transformation of the entire industrial chain. Relying on the ASEAN standard mutual recognition mechanism, LiuGong has achieved a market share of over 24% for its electric loaders in Indonesia, setting an example for Chinese standards to “go global”.
Industry experts predict that in 2025, with the continuous release of global infrastructure demand and the deepening of green transformation, China’s construction machinery industry will maintain a steady growth trend. Exports of high value-added products such as new energy and intelligent equipment are expected to achieve higher growth rates, driving Chinese enterprises to move towards the high end of the global industrial chain.
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