China’s construction machinery sales of key enterprises rose by 34.5pc in the Jan-Oct period, from the prior year period with sales of 263,839 units of excavation machinery products, according to China Construction Machinery Industry Association (CCMA). Sales grew amid a bloom in the domestic construction sector and increasing export prowess. Export sales grew by 25.9pc to 27,127 units from a year ago.
As China manages the pandemic effective in the second half (H2), the construction machinery industry has reported good production and sales figures. The growth of the China’s construction machinery is driven by the gradual rise of domestic brands, who have increased their market not only in the local market but have also risen strongly in the emerging markets.
Twenty-five mainframe excavator manufacturers constitute the key enterprises surveyed by CCMA. The business income of these enterprises have increased by 21.8pc in the first three quarters of 2020. Sales of mining machinery industry is also gradually increasing following the growth seen in units used by the construction industry. Rapid urbanization of China is fueling the growth of construction sector in China.
In the domestic market, Chinese brands’ market share reached more than 60pc. The share of CR4 for excavators increased to 60pc, while share of CR3 for truck cranes is more than 90pc.
In the overseas market, MCC Baosteel’s subsidiary China Metallurgical Heavy Machinery’s newly developed BGC-80C new tank truck entered the Serbian market with orders for Zijin Boer Mining Company.