Statista forecasts steady growth in the global construction machinery market from 2024 to 2026, with expectations to exceed $200 billion by 2028. Despite significant growth potential in overseas markets, performance varies by product and region. In the latter half of 2023, factors like supply chain recovery, weak Southeast Asian demand, and inventory destocking slowed the export growth of excavators and loaders. In the first half of 2024, excavator exports dropped 13.80% year-on-year, impacting overall sales, but a recovery in export growth is expected later in the year. Loader exports increased 5.32% year-on-year, though slower than the previous year; the rise in electric loaders may support export growth in the latter half.
Regionally, strong infrastructure demand along the Belt and Road Initiative and in Africa and the Middle East, along with location and tariff advantages, drove China’s construction machinery exports to these areas up by 4.22% year-on-year to $12.4 billion in the first half of 2024, accounting for 48% of total exports. Exports to BRICS countries rose about 10% to $7.1 billion, making up 28% of total exports. Increased operating hours for Komatsu excavators in Europe, North America, Japan, and Indonesia reflect strong market activity, and future demand shifts in these key markets will significantly influence China’s construction machinery exports.
