Overall development and trend analysis of the lifting equipment market in 2024
Lifting equipment refers to mechanical equipment that can lift or transport heavy objects in a vertical or horizontal direction, mainly including truck cranes, truck mounted cranes, all terrain cranes, crawler cranes, tower cranes, gantry cranes, bridge cranes, etc. Lifting equipment is widely used in engineering construction, industrial production, logistics transportation, ports and terminals, energy development and other fields, and is one of the important pillar industries of the national economy.
1. Market size
According to data from Youqi Group, the global lifting equipment market size reached $38 billion in 2022, and it is expected to reach $40.56 billion for the entire year of 2023, with a compound annual growth rate of 6.9%. Among them, China is the world's largest market for lifting equipment, accounting for 31.4% of the global market share in 2022, and is expected to reach 32.2% for the entire year of 2023. The market size of China's lifting equipment was 11.9 billion US dollars in 2022, and it is expected to reach 13.06 billion US dollars for the entire year of 2023, with a compound annual growth rate of 9.7%.
The growth of the Chinese lifting equipment market is mainly due to the following factors:
(1) The continuous promotion of national infrastructure construction. The 14th Five Year Plan and the 2035 Vision Outline have proposed a series of major engineering projects, involving transportation, urbanization construction, ecological environment protection, digital transformation, and other fields, providing huge market demand for lifting equipment. For example, the construction of high-speed rail will continue to expand its coverage, and it is expected that the total length of high-speed rail will reach 40000 kilometers by 2025; The construction of intercity rail transit will accelerate, and it is expected that the total mileage of intercity rail transit will reach 18000 kilometers by 2025; The construction of new energy vehicle charging stations will accelerate its layout, and it is expected that the total number of charging stations will reach 6 million by 2025; The construction of digital infrastructure will accelerate development, and it is expected that the total number of 5G base stations will reach 10 million by 2025.
(2) The continuous deepening of the transformation and upgrading of the manufacturing industry. As China's manufacturing industry moves from low-end to mid to high-end, the demand for intelligent, automated, and efficient production equipment continues to increase, bringing new opportunities for lifting equipment. For example, in the automotive manufacturing industry, with the rapid development of new energy vehicles and intelligent connected vehicles, there is an increasing demand for automated assembly lines such as industrial robots; In the steel and metallurgical industry, with the promotion of green and low-carbon transformation, the demand for high-end equipment such as energy-saving and environmentally friendly steelmaking furnaces is increasing; In the aerospace industry, with the progress of domestic projects such as large aircraft and rockets, the demand for special equipment such as large tonnage crawler cranes has increased.
(3) The continuous improvement of international market competitiveness. Affected by the epidemic, the global demand for lifting equipment has decreased, but China's exports of lifting equipment have grown against the trend, demonstrating strong competitiveness. In 2022, China's export of lifting equipment reached a historic high, reaching 17.89 billion US dollars, a year-on-year increase of 16.6%, occupying 45.2% of the global market share and continuing to maintain its position as the world's number one. The main destinations for China's export of lifting equipment include Southeast Asia, the Middle East, Africa, Europe, and other regions, covering multiple fields such as construction, engineering, energy, and ports. The main advantages of China's export of lifting equipment lie in product quality, technological innovation, price competitiveness, and service level.
2.Competitive landscape
The competition pattern in China's lifting equipment industry is relatively concentrated, mainly composed of several leading enterprises and some small and medium-sized enterprises. According to data from Shangpu Consulting Group, the market concentration of China's lifting equipment industry is relatively high in 2022, with a total market share of 69.5% among the top ten enterprises. Among them, XCMG Group still maintains a leading position, occupying 20.2% of the market share; Zoomlion Heavy Industry and Sany Heavy Industry followed closely behind, accounting for 16.8% and 15.2% of the market share, respectively; Other major enterprises include Zhejiang Yongqiang, Shantui Co., Ltd., China Railway Construction Heavy Industry Co., Ltd., Xiagong Co., Ltd., Shanhe Intelligent, Zhejiang Dingli, and Liebherr.
The main competitive strategies of China's lifting equipment industry include the following aspects:
(1) Strengthen technological innovation and product research and development. With the diversification and personalization of market demand, as well as the continuous improvement of technological level, the lifting equipment industry needs to continuously introduce new, efficient, and intelligent products to meet the different needs of customers. For example, XCMG Group has launched the world's first super crane XGC88000, with a super lifting capacity of 4000 tons; Zoomlion Heavy Industries has launched the world's first intelligent tower crane TCD6520-16, which has functions such as automatic recognition of hook position and automatic adjustment of amplitude angle; Sany Heavy Industry has launched the world's first hydraulic transmission mounted crane STC250H, which is characterized by energy conservation, environmental protection, high efficiency, and reliability.
(2) Expand market channels and regional layout. With the saturation and intensification of competition in the domestic market, as well as the opening up and increasing opportunities in the international market, the lifting equipment industry needs to continuously expand new market channels and regional layout to improve market share and brand influence. For example, Zhejiang Yongqiang has entered high-end markets such as Europe and North America through cooperation with internationally renowned enterprises; Shantui has entered the Middle East, Africa and other emerging markets by establishing strategic cooperation with countries along the "the Belt and Road"; China Railway Construction Heavy Industry has entered special markets such as Antarctica and the South China Sea by signing contracts with large domestic and foreign engineering projects.
(3) Improve service quality and customer satisfaction. With the increasing demands of customers for the service life, maintenance, and troubleshooting of lifting equipment, the lifting equipment industry needs to continuously improve service quality and customer satisfaction to enhance customer loyalty and reputation. For example, Xiagong Group provides 24-hour online services, rapid response services, and regular follow-up services by establishing a global service network; Shanhe Intelligence provides real-time data analysis, fault warning, remote diagnosis and other functions by establishing an intelligent remote monitoring system; Zhejiang Dingli provides personalized customization, professional training, and after-sales recycling services by establishing a customer relationship management system.
3. Technological development trends
The technological development trend of the lifting equipment industry is mainly reflected in the following aspects:
(1) Intelligence. Intelligence refers to the use of artificial intelligence, Internet of Things, cloud computing and other technologies to achieve automatic control, self-learning, adaptive adjustment and other functions of lifting equipment, improving the safety, efficiency, and reliability of lifting equipment. For example, Liebherr has launched the world's first unmanned mobile crane LTM 1650-8.1, which can be operated through a remote control or smartphone; Sany Heavy Industry has launched the world's first intelligent tunnel shield machine SYT8000T, which can be automatically guided and adjusted through artificial intelligence algorithms; XCMG Group has launched the world's first intelligent bridge inspection vehicle, XZJ5250JQZ25K, which can transmit and analyze real-time data through IoT technology.
(2) Environmentally friendly. Environmental protection refers to the use of new energy, new materials, new processes and other technologies to achieve energy-saving, emission reduction, noise reduction, and recycling functions of lifting equipment, improving the environmental friendliness and social responsibility of lifting equipment. For example, Zoomlion Heavy Industries has launched the world's first pure electric vehicle crane ZTC250N-EV, which can achieve zero emissions, low noise, and long endurance; Shantui Co., Ltd. has launched the world's first hydraulic hybrid tracked crane STC500H, which can achieve low fuel consumption, low carbon emissions, and efficient operation; China Railway Construction Heavy Industry has launched the world's first recyclable steel structure tower crane QTZ315, which can achieve resource conservation and recycling.
(3) High end. High end refers to the use of advanced design concepts, manufacturing processes, testing methods, and other technologies to achieve functions such as ultra large lifting capacity, ultra long operating range, and ultra high precision control of lifting equipment, improving the performance advantages and market competitiveness of lifting equipment. For example, Zhejiang Yongqiang has launched the world's first 1000 ton truck crane YQ1000, which can achieve a maximum lifting capacity of 1000 tons and a maximum operating radius of 120 meters; Shanhe Intelligence has launched the world's first 3000 meter deep water pipeline laying ship, SHL3000, which can achieve a maximum depth of 3000 meters and a maximum pipe diameter of 60 inches; Xiagong Group has launched the world's first double arm collaborative bridge inspection vehicle XZJ5160JQZ32D, which can achieve a maximum operating height of 32 meters and synchronous control of both arms.
4. Market Outlook
Shangpu Consulting Group believes that the lifting equipment industry will face new opportunities and challenges in the future, and needs to strengthen innovation and transformation and upgrading, improve market competitiveness and efficiency level. Specifically, the lifting equipment industry needs to do a good job in the following areas:
(1) Seize the historical opportunity of national infrastructure construction, actively participate in major engineering projects, provide high-quality products and services, and increase market share and revenue sources.
(2) Grasp the development trend of manufacturing transformation and upgrading, continuously research and develop new, efficient, and intelligent products, meet the diverse and personalized needs of customers, and improve product added value and profit margins.
(3) The strategic advantage of expanding international market competitiveness, strengthening cooperation and communication with internationally renowned enterprises, improving brand influence and market recognition, increasing export volume and foreign exchange income.
(4) Improve the core competitiveness of service quality and customer satisfaction, establish a sound service system and network, provide timely, professional, and thoughtful services, enhance customer loyalty and word-of-mouth effect.
(5) Strengthen the driving force for technological innovation and product research and development, invest more funds, manpower, material resources, and other resources, promote technological progress in intelligence, environmental protection, and high-end, and improve technological level and innovation capabilities.
In summary, the lifting equipment industry is a dynamic and promising industry with broad development space and prospects. Uqi Group will continue to monitor the dynamics and changes in the lifting equipment industry, provide customers with the latest, most comprehensive, and accurate data and analysis, and assist customers in making better decisions. Thank you for reading this article. If you have any questions or suggestions, please feel free to contact us at any time. Thank you!