The aerial work platform industry is still in its growth stage. 2020 is a big year for leading leasing companies to replenish inventory and buy equipment. Since 2017, there have been more manufacturers and players. The traditional construction machinery giants XCMG and Zhonglian have entered the market to grab cakes. While accelerating industry competition, they are also helping the domestic market to develop. The industry continues to mature. By 2019, The number of leasing players has increased, with more than 1,000 large-scale leasing companies, and the industry has entered an efficient large-scale stage. At present, it has formed a "top four" situation led by Horizon, Zhongneng, China Railway and XCMG Guanglian. Leading leasing companies have advantages in capital and scale, and have expanded production to replenish inventory, and manufacturers that bind high-quality leasing customers are the first to benefit.
From 2015 to 2019, China’s aerial work platform market has a compound growth rate of 50%, and sales are in line with a growth rate of 62%. As of the end of 2019, the number of units in the Chinese market has reached 150,000 units and the number of units in the U.S. market has reached 658,000 units. With the growth of the base of inventory, the growth rate will slow down. The compound growth rate of inventory in the past 5 years is as high as 50%, and it is reasonable to slow to about 35% in the next 5 years. Therefore, it is expected that the industry inventory will increase in 2024-2025. Reach a staged high point.
In the future, the industry will definitely have a process of reshuffling, and competition at the level of lessors will be ahead of manufacturers. At present, competition among lessors has already appeared, which is directly reflected in the rent (price) and occupancy rate (volume). Down” trend.
But now the industry is in the process of grabbing more cakes, and the cake itself is also becoming bigger. With the popularization of aerial work platforms, many blank markets are constantly being discovered, and the product penetration rate is rapidly increasing. Therefore, the industry is still in a stage of healthy competition. , Don’t worry too much about competition.
Leasing companies use the total cost method (purchase + maintenance-after-sales residual value) to assess suppliers. For manufacturers, if they want to stand out from the competition, they cannot rely on low prices alone, but must increase R&D investment and improve product quality. , Do a good job in after-sales service, reduce the total cost of customers, and win by value is king.
