The global mining equipment market cycle is picking up, and 100-ton mining trucks have become the main force of growth
Construction machinery is a strong cyclical industry. Parker Bay’s statistics show that from 1992 to 2020, the global delivery amount of open pit mining equipment showed obvious cyclical fluctuation characteristics, and reached the peak of delivery amount in 2012.
From the research results of GIR (Global Info Research), the global mining truck market rebound trend has a long-term nature.
At the level of sales volume, from 2020 to 2028, the sales volume of mining trucks will maintain a CAGR of 4.13%, i.e., from 15,401 units to 21,281 units.
At the level of sales revenue, the global mining truck sales revenue will maintain a small climb in fundamentals, remaining unchanged, and is expected to exceed $ 6 billion mark by 2028, 2022-2028 compound annual growth rate (CAGR) of 2.37%.
At the level of sales structure, among the 50 to 200 tons medium-volume models, the carrying tonnage of models above the 100-ton class dominates the global sales revenue of mining trucks.
It is expected that in 2028, the proportion of global sales revenue of 50 to 200-ton medium-weight mining trucks in the sales revenue of mining trucks will increase from 58% in 2017 to 64%, with a compound annual growth rate of 2.14%, which is much higher than the global average (1.42%).
In terms of sales geography, the Asia-Pacific region remains an important engine driving revenue growth. China’s mining truck sales market will reach USD 805.87 million in 2021, accounting for about 16% of the global market and growing at a CAGR of 4.37%.
During the same period, the North American and European markets accounted for about 38% and 21% of the global market share, and the corresponding CAGR index was 1.88% and 1.28%.
Double-wheel drive” trend highlights the high level of openness to promote the high-quality development of the industry
As construction machinery is a typical cyclical industry, and subject to the regional political and economic environment, its cycle in the domestic and international markets and not completely synchronized.
Since 2020, the domestic construction machinery industry has entered a downward cycle.
Thanks to the rebound of the world economy and the release of demand in the world market, China’s construction machinery industry in 2021 hit a record high of 800 billion yuan in revenue in the domestic market, but 7 of the 12 major product categories showed negative growth.
In contrast, the international market has entered a new cycle of growth. In 2021, China’s construction machinery industry’s overseas revenue reached 34 billion U.S. dollars, accounting for 4.25% of the industry’s total revenue. In 9 of the 12 categories of products in the international market, revenue growth of more than 50%.
Therefore, fully recognizing the importance of the overseas market and realizing the balanced development of business in both domestic and international markets has become the key to the high-quality development of the construction machinery industry.
In the product dimension, electric-wheeled and mechanical-wheeled mining trucks replace each other to realize two-wheel drive.
Electric-wheeled and mechanical-wheeled dump trucks dominate the heavy-duty dump truck market above 100 tons and the light-duty dump truck market below 100 tons, respectively.
Based on China’s customs data, statistics based on the customs codes of the two types of mining trucks show that these two types of mining trucks have a clear export orientation.
In terms of export quantity, China’s export quantity of electric-wheeled mining dump trucks reached 1,296 units in 2021, exceeding 1,200 units for the first time since 2018; the export quantity of mechanical-wheeled mining dump trucks increased by about 45.6% year-on-year, but the export quantity was much lower than the peak in 2007-2008.
From the perspective of the export cycle, from 2000-2020, the export quantity and export amount of mechanical wheeled mining trucks show a clear trend of cycle change; the cycle division of export quantity and export amount of electric wheeled mining trucks is unclear, but combined with its development situation and data direction, it can be inferred that it is still in the upward cycle of export and has not yet reached the peak of the export cycle.
