The global epidemic is gradually improving, the construction machinery market has begun to pick up, and sales are hot on the outside and cold on the inside, becoming the key word in 2021. Excavator sales data for 2021 is out. Despite the year-on-year decline for many consecutive months, the total sales volume of 340,000 units still achieved a slight increase compared to the previous year. Among them, the export volume doubled year-on-year.

According to data released by the China Construction Machinery Industry Association on January 11, according to the statistics of 25 excavator manufacturing enterprises, in December 2021, 24,000 excavators of various types were sold, a year-on-year decrease of 23.8%. ". Among them, the domestic sales volume was 15,400 units, a year-on-year decrease of 43.5%, which was the "nine consecutive declines" during the year, but the decline rate narrowed; the export volume was 8,615 units, an increase of 105% year-on-year, and a month-on-month increase of 34%, setting a peak for the year.

Based on the annual data, a total of 342,800 excavators were sold from January to December 2021, an increase of 15,200 units or 4.63% year-on-year. Among them, domestic sales were 274,400 units, a year-on-year decrease of 6.32%; exports were 68,400 units, a year-on-year increase of 97%.

According to statistics from the Huajing Industry Research Institute for 2020, Chinese excavators have been exported to 188 countries or regions, mainly including Belgium, the United States, Thailand, Indonesia, and the Philippines. This is the fourth consecutive year that excavator sales have hit a new high.

In 2018 and 2019, the sales volume of excavators was 203,000 and 235,700 units respectively, and will increase to 327,600 units in 2020. In 2021, the sales of excavators peaked in March. The excavator manufacturing enterprises according to the statistics of the association sold 79,000 excavators of various types, a year-on-year increase of 60%; the sales in April were about 46,600 units, a year-on-year increase of 2.52%, a sharp drop in the growth rate; 5 The month began to show a continuous year-on-year decline.

At the beginning of 2021, Sany Heavy Industry, the leading construction machinery industry, predicted that the annual sales of excavators would reach a new high after 2020. As of December 31, 2021, the annual sales volume of Sany excavator products exceeded 100,000. Sany Heavy Industry stated that its domestic sales of excavators reached nearly 78,000 units, and its market share exceeded 30% for the first time; international sales exceeded 22,000 units, achieving double growth. According to the data of China Construction Machinery Industry Association, Sany Heavy Industry's domestic sales accounted for about 28.4% of its annual sales, and its export volume accounted for about 32.2%.

Construction machinery is one of the important industries in China's machinery industry. The market demand for its products is greatly affected by the national infrastructure construction. Downstream customers are mainly concentrated in investment-intensive industries such as infrastructure and real estate, which are closely related to the macroeconomic cycle.

Excavators are widely used in infrastructure construction such as water conservancy, electric power and roads, as well as real estate development, mining and other fields. Its sales volume is regarded as the wind vane and economic barometer of the construction machinery industry.

In 2021, the overall excavator market will be affected by the industry down cycle, and the sales performance will be poor. CDB Securities pointed out that since 2021, the growth rate of infrastructure investment has been lower than market expectations, and multiple factors such as the year-on-year decline in the area of new housing starts have had a greater negative impact on domestic demand for construction machinery. It is expected that the growth rate of infrastructure investment will pick up in 2022, which will be conducive to stimulating the demand for construction machinery. In the short term, the profitability of the construction machinery industry has declined due to weak domestic demand and rising costs.

According to an analysis by CDB Securities, there will still be some downward pressure on China’s economy in 2022, and the important task of underpinning the economy may once again fall on investment. Considering that some major projects in the current “14th Five-Year Plan” plan are gradually being implemented, special bonds will be issued in advance in 2022. And to speed up the issuance, infrastructure investment will gradually increase.

According to the judgment of the macro team of CDB Securities, it is expected that infrastructure investment will increase by about 6% in 2022, and the rebound in infrastructure investment growth will be conducive to stimulating domestic demand for construction machinery; with the continuous improvement of the market competitiveness of domestic brands and the improvement of overseas channel layout, export The market is expected to continue high growth.

CICC expects that the sales volume of China's construction machinery industry will decline slightly year-on-year in 2022, mainly reflecting the impact of the decline in real estate fixed asset investment.

In the medium term, under the support of factors such as overseas market expansion, it is expected that the annual sales of excavators in China will stabilize at around 300,000 units in the next three years, and there will not be a sharp decline; among them, leading companies are still expected to increase their domestic share and expand overseas markets. Get long-term growth. Editor / Xu Shengpeng