Construction machinery industry review report: excavator sales in June were better than market expectations

According to the industry statistics of China Construction Machinery Industry Association, the 26 main engine manufacturing enterprises included in the statistics in June 2021 sold a total of 23100 excavators. Among them, 16965 units are sold in the domestic market and 6135 units are exported.

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In June, the sales volume of excavators was 23000 units, a year-on-year decrease of 6%, narrower than that in May, better than the market expectation. In June, the sales volume of excavators was 23000 units, a year-on-year decrease of 6%, including 17000 units in China, a year-on-year decrease of 22; 6135 sets were exported, with a year-on-year increase of 112%, better than market expectations. CME previously predicted that the sales volume of excavators in June fell by 17% year-on-year, including a year-on-year decline of 29% in domestic sales and a 72% growth rate in export sales. The actual domestic growth rate and export growth rate in June were better than expected. If compared with 2019, the sales volume in June 2021 is 53% higher than that in June 2019, and the two-year compound growth is 24%.

The year-on-year growth rate of excavator sales from January to June 2021 is 97%, 205%, 60%, 3%, - 14% and - 6% respectively.

The monthly decline in June was 6%, which was narrowed compared with - 14% in May.

In mid June, the proportion of sales volume of excavation increased by 3.1pct, and the proportion of sales volume of large excavation and small excavation decreased by 2.4pct and 0.7pct respectively. In June, the sales volume of excavation in the domestic market was 4908 units, a year-on-year decrease of 13%, accounting for about 29%, a year-on-year increase of 3.1pct; The sales volume of small excavation was 9564 units, a year-on-year decrease of 25%, accounting for 56%, a decrease of 2.4pct; The sales volume of 2493 units was greatly excavated, with a year-on-year decrease of 25%, accounting for 15% and a decrease of 0.7pct.

From January to June, the sales volume in the domestic market was 57000 units, with a year-on-year increase of 45%, accounting for 29%, with a year-on-year increase of 4.2pct; The sales volume of small excavation was 115000 units, with a year-on-year increase of 39%, accounting for 59%, down 2.8pct; The sales volume of large-scale excavation was 22000 units, with a year-on-year increase of 10%, accounting for 11% and a decrease of 1.5pct.

It is estimated that the sales volume of excavator industry is expected to exceed 380000 units in 2021, with a growth rate of 15%. A total of 224000 excavators will be sold from January to June 2021, with a year-on-year increase of 31%; Among them, there were 194000 domestic units, with a year-on-year increase of 24%; 30000 units were exported, a year-on-year increase of 107%. Assuming that the monthly sales volume of excavators from July to December maintains zero growth respectively, the annual sales volume of the excavator industry is still expected to exceed 380000 units, an increase of about 16%. We expect that the annual excavator sales growth in 2021 is expected to be about 15%.

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