In recent years, the sales of major domestic construction machinery products have repeatedly hit new highs. With the continuous increase in sales and ownership of construction machinery and equipment, the demand for aftermarket business services has gradually expanded. However, compared with mature markets such as Europe and the United States, the development level of the domestic construction machinery aftermarket is relatively low, and the development potential needs to be further tapped.
The construction machinery aftermarket refers to the various derivative services surrounding the use of the equipment after the equipment is sold. It covers the after-sales service and use of the equipment during the process from the sale to the scrapping of the equipment, and the various follow-up services surrounding the customer’s needs in the after-sales service and use of the equipment. The general term for a series of trading activities resulting from this.
Sales of main products of construction machinery further increased
According to statistics from the China Construction Machinery Industry Association, the sales volume of industry excavators in 2020 will reach 327,605 units, an increase of 39% over the previous year; the sales volume of truck cranes will reach 54,176 units, an increase of 26.1% over the previous year; the sales volume of crawler cranes will reach 3283 units , An increase of 43.4% over the previous year; the sales volume of motorized industrial vehicles reached 800,239 units, an increase of 31.5% over the previous year; the sales volume of lifting work platforms reached 103,555 units, an increase of 35.1% over the previous year, and the sales of main construction machinery products hit a record high.
After the sale of construction machinery products and equipment, there will be demands for after-sales maintenance and trade-in. The business potential of repairs, second mobile phones, leasing, etc. is huge. These businesses have gradually formed a large-scale aftermarket ecological chain. With the sales and retention of construction machinery and equipment As the number continues to increase, the demand for post-market business is also gradually expanding.
According to the data of China Construction Machinery Industry Association, taking the excavator market as an example, the ratio of the aftermarket maintenance and parts potential in the life cycle to the price of new equipment is almost 1:1, and the aftermarket business can bring more than equipment sales to enterprises. The turnover, and the profit is higher. The current aftermarket for repair services and accessories has a scale of hundreds of billions, and the second-hand equipment and leasing market has reached a scale of trillions. The construction machinery aftermarket has become a business sector that cannot be ignored in the industry.
There is a big gap in the development of domestic and foreign markets
In the traditional market of the construction machinery industry, maintenance and accessories are treated as passive after-sales service after equipment sales. Now, OEMs treat them as a new business model. Based on the development of the whole machine business, they have formed the first Two kinds of post-market development business.
The fractal innovation of this model not only injects new growth momentum into the development of OEMs, but also makes the development of agents more balanced, because when the whole machine market fluctuates greatly, the aftermarket revenue ensures the survival of agents , And the business of the aftermarket is mainly affected by the amount of equipment and the operating rate, which is much smaller than the fluctuation of the whole machine market.
——2/3 of profits in mature markets in Europe and America come from aftermarket business
In mature markets in Europe and North America, companies attach great importance to the development of the aftermarket. This is an important link for construction machinery and equipment OEMs and agents to achieve service premiums. The golden section of the profit structure pursued by companies is that two-thirds of the profits come from the aftermarket. , One third comes from new equipment sales. In this way, when the new machine sales market declines, the aftermarket revenue is an important guarantee for the company's "survival".
——Domestic agents' aftermarket business profits account for less than 40%
According to the survey data of the China Construction Machinery Industry Association, in 2020, the sales of the whole machine will contribute an average of 64% of the operating profit of the agents, and the profit of the after-market business will account for 36%, including the sales of accessories and the average 19.9% of the agent group. Operating profit; the guaranteed service contributes an average of 9.1% of the operating profit of the agent group;
2. The mobile phone sales business is in a state of loss; operating leases contribute to an average of 3.9% of the operating profit of the agent group; out-of-warranty services and other maintenance services contribute to an average of 3.2% of the operating profit of the agent group; financial services and other businesses contribute to The agent group averages 0.9% of operating profit.
The operating level of domestic construction machinery aftermarket enterprises is relatively low
The post-market absorption rate (that is, the ratio of post-market revenue to enterprise operating costs) is an important indicator to measure the after-market business operation of construction machinery agents. In the European and American markets, the aftermarket contribution of construction machinery agents accounts for 50% to 60% of the company’s turnover. The absorption rate of some outstanding agents has exceeded 100%. Even if they do not sell new equipment, these agents still Can survive, which gives the company a strong ability to resist risks. China has the world's largest possession of construction machinery and equipment, but the market absorption rate after agents is mainly hovering at a low level of 10-20%.
According to the survey data of China Construction Machinery Industry Association, only 3.2% of agents have an absorption rate of more than 60% in the market after agents in 2020, and agents with an absorption rate between 40% and 60% account for 8.8% of the agent group. Agents with an absorption rate between 20%-40% account for 40.0% of the agent group, and agents with an absorption rate between 10%-20% and less than 10% account for 24.0% of the agent group. %.
Analysis on the Competition Pattern of Enterprises in the Construction Machinery Aftermarket
In the field of China's construction machinery aftermarket, there are mainly three types of participants: manufacturers and brand agents, parts suppliers, small parts stores and repair shops. There are cooperation and competition among them, forming the current domestic construction machinery industry. The core ecosystem of the market.
The above data and analysis sources refer to the "Market Demand Forecast and Investment Strategic Planning Analysis Report of China's Construction Machinery Manufacturing Industry" issued by the Qianzhan Industry Research Institute. At the same time, the Qianzhan Industry Research Institute provides industrial big data, industrial planning, industrial declaration, industrial park planning, and industry. Solutions for investment promotion, IPO fundraising and investment feasibility studies.
