China’s construction equipment makers are ramping up the competition against global leaders such as Caterpillar, Komatsu and Deere and appear set to discount products to build market share, a new study has found.
The Chinese companies — which include Sany, Zoomlion and XCMG — are likely to boost their market share outside China to around 15 per cent by 2025, up from an estimated 7 per cent currently (see chart), according to research by UBS Evidence Lab, which surveyed about 15,000 construction equipment dealerships around the world.
“We think the Chinese are making moves to expand further into the west and we think they have a very good chance to take market share, if they are fully committed to doing so,” said Steven Fisher, UBS analyst.
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