Core Insights - The rapid development of China's economy has significantly boosted the demand for road maintenance vehicles, with production expected to increase from 627 units in 2019 to 740 units by 2024 [1][7]. Industry Overview - Road maintenance vehicles are specialized vehicles designed for road maintenance tasks, including various types such as synchronous chip sealers, asphalt spreaders, and road repair vehicles [2]. - The industry is categorized into four main types based on maintenance processes: sealing operations, damage repair, cleaning maintenance, and regeneration treatment [2]. Industry Policies - Government policies are increasingly supporting the road maintenance vehicle sector, as seen in the 2024 action plan aimed at upgrading road maintenance machinery and emergency equipment [3]. - The implementation of the "Rural Road Regulations" emphasizes the establishment of maintenance responsibilities at the county level, enhancing maintenance standards and extending the lifespan of roads [3]. Industry Development History - The road maintenance vehicle industry in China has evolved through four stages: initial stage, preliminary development, rapid development, and transformation and upgrading [4]. - The industry saw significant growth in the 21st century due to increased government investment in road infrastructure, leading to a surge in demand for maintenance vehicles [5]. Industry Supply Chain - The supply chain for road maintenance vehicles includes raw materials such as steel, rubber, and coatings, which are crucial for production quality [6]. - Key manufacturers in the midstream include companies like Fulongma, Aerospace Chenguang, and Xugong Machinery, while the downstream applications primarily involve highways, national and provincial roads, and rural roads [6]. Market Competition - The road maintenance vehicle market features a diverse range of players, including state-owned enterprises, private companies, and foreign firms, creating a competitive landscape [9]. - Major companies in the industry include Fulongma Group, Yutong Heavy Industry, and Bosch Environmental Technology, each with varying strengths in capital, technology, and market share [9]. Industry Trends - The trend towards multifunctional integrated vehicles aims to enhance maintenance efficiency by allowing a single vehicle to perform multiple tasks [11]. - The application of new energy sources, such as electric and hydrogen fuel cell vehicles, is expected to grow, driven by environmental concerns and government policies [12]. - The international market for road maintenance vehicles is expanding, particularly due to the Belt and Road Initiative, providing opportunities for Chinese companies to leverage their technological and cost advantages [13].