“机海寻珠”工程机械出海系列一：非洲工程机械市场画像

Industry Investment Rating - The report maintains a positive outlook on the African engineering machinery market, driven by strong demand from mining, infrastructure, and real estate sectors [62][73] Core Views - African engineering machinery demand is expected to remain robust due to increasing mining activities, infrastructure investments, and urbanization [72][73] - Chinese engineering machinery brands have rapidly expanded their market share in Africa, with room for further growth [73][38] - The second-hand machinery market and aftermarket services present significant opportunities for Chinese manufacturers [23][39] Market Overview - Africa accounted for 11.1% of China's engineering machinery exports in 2024 (Jan-Nov), up from 9.2% in 2023 [86][87] - Excavator exports to Africa reached $1.369 billion in 2024 (Jan-Nov), a 69.8% YoY increase, making it the largest export category [113][71] Mining Sector Demand - Africa's rich mineral resources and underutilized mining potential drive demand for mining equipment [3][4] - South Africa's mining exports reached a record high in 2023, with mining products accounting for 5.5% of total exports [154][156] Infrastructure Development - Major infrastructure projects across Africa, including the Lobito Corridor and South Africa's $90.3 billion investment plan, are boosting engineering machinery demand [5][7][9] - South Africa's infrastructure investment is projected to grow from $10.7 billion in 2022 to $13 billion by 2040 [162][134] Urbanization and Real Estate - Sub-Saharan Africa's urbanization rate of 43% lags behind the global average of 57%, indicating significant growth potential [13][15] - South Africa's urbanization rate increased from 59.54% in 2005 to 68.82% in 2023, driving construction and machinery demand [135][12] Chinese Market Share - Chinese brands accounted for 36% of Africa's excavator market in 2023, up from 6% in 2010 [38][73] - Sany Heavy Industry's African revenue grew 66.7% YoY in H1 2024, with total sales expected to exceed $400 million for the year [36][142] Second-hand Market - 50% of Japan's excavator exports to Africa in 2023 were second-hand machines, presenting an opportunity for Chinese manufacturers to replace older equipment [22][39] - For machines under 6 tons, second-hand equipment accounted for 71% of Japan's exports to Africa [172] Aftermarket Potential - Bell Equipment's aftermarket revenue accounted for 25% of total revenue in 2023, highlighting the potential for Chinese manufacturers [23][188] - As Chinese machinery market share and installed base grow in Africa, aftermarket services are expected to become a significant revenue source [23][73]