Under the pandemic economy, China’s general-purpose component industry for construction machinery may face new opportunities.
Release time: 2020-06-20
Although the industry’s growth rate has slowed somewhat in the first two months of this year due to the impact of national macro-control policies and rising material costs, this year—and indeed for the coming years— China General Machinery and Components The trend of continued industry development will not change, and the growth rate is expected to keep widening.
As the foundation of the entire machinery industry, the mechanical transmission and component sector’s development will inevitably boost the advancement of host equipment. Moreover, the rapid growth of host industries such as automobiles, construction machinery, and engineering machinery in recent years has also driven the rapid expansion of the general-purpose components industry for construction machinery. Although the pandemic has arrived, General-purpose components for Chinese construction machinery Although the industry has been affected, with the further integration of domestic and international markets and the advent of global procurement of components, China’s general mechanical parts industry is now poised to seize a new development opportunity. In recent years, it’s worth noting that the growth rate of imports of general construction machinery parts has outpaced the growth rate of exports. For instance, in 2004, the entire gear industry exported $459.56 million but imported $1.91198 billion—imports far exceeded exports. This is because China is not only a major producer and manufacturer of general mechanical parts but also a significant consumer. Many high-tech products that cannot be manufactured domestically must rely on imports. Take automatic transmissions for passenger cars, for example—they are expensive and entirely imported; similarly, high-strength fasteners for automobiles also face this situation. Therefore, adjusting product structures and upgrading product quality and standards remain top priorities for the entire industry.
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