Global market growth is limited, and Asia-Pacific leads regional competition
According to GIR’s statistics and forecasts on global mining truck sales, global mining truck sales in 2020 will fall for the first time since 2017 and quickly stop falling and rise in 2021, but with limited incremental growth.
It is expected that global mining vehicle sales will maintain a slow growth trend during 2022-2028.
From the perspective of regional markets, the sales of mining trucks in the Asia-Pacific region accounted for about 36% of global sales in 2017, leading the sales growth of the global mining truck market. North America followed closely, with a global sales share of about 30%.
From 2017 to 2028, Asia-Pacific mining truck sales grew at a CAGR of 4.2%, higher than the global level (about 3.3%).
It is expected that by 2028, the share of global sales volume accounted for by mining truck sales in the Asia-Pacific region will be more than 40%, while the global share of mining truck sales in North America will decline to about 28%, and the global mining truck market will accelerate to concentrate in the Asia-Pacific region.
In addition, the compound annual growth rate of South America is second only to that of the Asia-Pacific region (about 4.1%), which has better prospects for market exploration.
The global market is highly concentrated, and the “two super-strongs” have established the competitive pattern of the industry.
Currently, the global mining truck market has formed a stable “5+7+N” competition pattern.
Among them, “5” refers to the five foreign Caterpillar, Komatsu, Hitachi, Belas, Liebherr international mining truck giants.
The “7” refers to the domestic North shares, XCMG mining machine, Sany Heavy Equipment, Xiangdian Heavy Equipment, CV Tatung, Aerospace Heavy Industry, and CME Jingcheng, and other mining equipment enterprises.
“N” refers to the market share of the smaller mining trucks, but the strength should not be underestimated.
From the point of view of market size, in the global market share of the top three mining truck companies, Caterpillar and Komatsu, two companies with a combined international market share of more than 70%, while the third-ranked North shares of the market share is only retained in single digits.
In terms of revenue share, the top four mining truck companies in terms of global revenue share together control 59.7% of the global sales revenue share.
From the list ranking point of view, 2021 global construction machinery manufacturers in the top 50 list of enterprises on the list are Caterpillar, Komatsu, Hitachi, Liebherr, northern shares of the five, but ranked in the top five companies only Caterpillar and Komatsu.
In other words, in the “5 + 7 + N” competition pattern, the “two super strong” pattern is increasingly prominent.
Leading enterprises successfully break through, but the ceiling effect is obvious.
From the international market, in the already formed “5+7+N” competition pattern, with the entry of Volvo, the global mining truck market competition further deepened.
Caterpillar, Komatsu, Hitachi, Liebherr, Buellas, and Volvo, the six enterprises, occupy more than 90% of the international mining truck market share.
Among them, Komatsu and Caterpillar have achieved global leadership with a combined market share of over 70%, but the incremental growth is expected to be limited.
From the domestic market, the northern shares of the domestic market sales share of more than 70%, sales revenue share is more than 80%, and is the domestic mining truck market’s deservedly leader.
However, it should be emphasized that in 2021, the operating income of the northern shares is less than 60% of the peak in 2012, and the number of sales has declined by about 16% compared with the peak in 2018, and the ceiling effect is becoming more and more obvious.
