Investor Presentaiton
Source: NBS, Macquarie Research, May 2023
Monthly sales volume of excavators in China
Units
Upward cycle
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
Jan-07
May-07
Sep-07
Jan-08
May-08
Sep-08
Jan-09
Construction engineering: downcycle set to continue in 2023
With the current replacement cycle approaching an end, engineering equipment demand in China has entered a down cycle
that won't end anytime soon.
The downward cycle will impact manufacturers and hydraulic parts suppliers.
May-09
Sep-09
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
Jan-15
Excavator sales volume
Downward cycle
Upward cycle
Downward cycle
350%
300%
250%
200%
150%
100%
50%
0%
-50%
May-15
Sep-15
Jan-16
May-16
Sep-16
Jan-17
May-17
Sep-17
Jan-18
May-18
Sep-18
YoY % (RHS)
Jan-19
May-19
Sep-19
Jan-20
May-20
Sep-20
Jan-21
May-21
Sep-21
Jan-22
May-22
Sep-22
29
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