1. Market size of construction machinery industry

Since 2017, China's construction machinery industry has shown a growth trend, benefiting from the steady growth of domestic infrastructure and real estate investment, the recovery of global demand and the increase of demand in the stock renewal cycle. In 2020, China's construction machinery industry achieved a revenue of 775.1 billion yuan, an increase of 16.02% compared with 2019. In 2021, China's construction machinery industry achieved a revenue of 800 billion yuan, and it is expected that the revenue of construction machinery industry will exceed 900 billion yuan in 2022.

2. Industry development trend

1) The construction machinery industry is expected to stabilize and recover in the second half of the year.

At the 19th China Construction Machinery Development High-level Forum held in August, Su Zimeng, president of China Construction Machinery Industry Association, said: It is expected that the construction machinery industry is expected to stabilize and recover in the later months of this year, the economic operation situation of the industry will gradually improve, and the main indicators of the whole industry will present a "low before high" situation. Since this year, the industry is facing cyclical adjustment, construction machinery enterprises look overseas, increase the digital, electric internationalization of products and technology research and development efforts. In the first half of the year, the competitive advantage of Chinese construction machinery industry in the international market was highlighted, foreign construction machinery was popular by orders, and the process of electrification of construction machinery accelerated. In the second half, guided by the policy orientation of stabilizing expectations and employment, China's investment in infrastructure and manufacturing will grow steadily. Coupled with the continuous implementation of stabilizing growth measures in various regions and sectors and the sustained resilience of China's construction machinery export, it is expected that the industry will continue to show a stable operation in 2023.

2) Intelligent replacement of artificial, intelligent manufacturing technology has been gradually formed

With the advancement of mechanization, there is an obvious trend to replace manpower with machines, and the permeability of construction machinery will gradually increase. At present, the fields of intelligent manufacturing technology in our country include robot technology, perception technology, complex manufacturing system and intelligent information processing technology. Among them, the industry system of intelligent manufacturing equipment, represented by new sensor, intelligent control system, industrial robot and complete set of automation production line, has been initially formed. For example, the intelligent production line transformation of Beijing Hundred Industrial Federation, the one-button leg leveling of Hangzhou Tuchuan, and the robot operation of Jiangsu Lingtuo have integrated advanced intelligent technology.

Due to labor shortage and aging population, rural labor costs continue to rise, combined with the continuous improvement of product layout of domestic construction machinery giants, small digging and micro digging have been widely used in large domestic cities and rural areas, creating greater economic benefits in old city reconstruction, pipeline excavation, rural agricultural production, rural housing and road construction and other aspects.

3) Maintain a high quantity of construction machinery to promote the development of demand

By the end of 2021, the number of major products of construction machinery in China is about 5.61 million-6.08 million, among which hydraulic excavator and bulldozer loader occupy the top three. Then the industry chain of related products gradually mature, construction machinery after-sales market booming. The expansion of after-sales market demand has gradually cultivated more mature and standardized application habits of mechanical product maintenance, and further promoted the rapid development of major parts industry.

Forwarding source, "China Pipe Belt"