The development of the times seems to have no standard answer; every practitioner and striver has their own footnote. In 2024, the domestic electric construction machinery market continued to usher in historic breakthrough moments. The penetration rate of electric loaders rose significantly and steadily to over 10%, and electricexcavatorsbegan to be included in the data statistics of the China Construction Machinery Association (hereinafter referred to as the Association)... Consumers' attitudes toward electric construction machinery equipment are also gradually changing.

LiuGongLiuGong electric loaders under construction at a mine site

From the perception change of short range and difficult charging to high efficiency and low energy consumption, from struggling to close a single order to sales surging with batch deliveries... electric construction machinery is entering the fast lane of development at an unprecedented speed.

Of course, depending on where one stands in the industry, perceptions will differ. Some say the electrification of construction machinery has quietly entered the 2.0 era; others may consider this too "alarmist," believing electrification still has a long way to go... But regardless, the only constant in the world is change, and the first thing we must do is actively embrace change.

bauma CHINA 2024 exhibition site

At bauma CHINA 2024 in late November, major OEMs showcased their digital and intelligent innovation achievements, and electric construction machinery became a key focus of competition at the exhibition.

XCMG, Sany Heavy Industry, Zoomlion and other industry giants, as well as new forces such as Boleton, launched a series of innovative electric construction machinery products, covering loaders, excavators, cranes, mining wide-body dump trucks, road rollers and many other categories. Stars shone brightly and dazzled the eye; many visitors were drawn to these intelligent electric machines, stopping to watch and inquire.

Competing on range, competing on price: electric loaders turn into a red ocean

According to Association statistics,electric loader sales were 3,595 units in 2023 and 11,371 units from January to November 2024, with the full-year growth rate expected to exceed 180%, and the penetration rate climbing sharply.

Judging purely from sales data, electric loaders really were hot this year! Looking deeper at the market side, it can only be described as booming! Take the 5-ton electric loader as an example:two years ago the selling price was 800,000 to 900,000 yuan, while in 2024 this price has fallen to around 500,000 to 600,000 yuan!

Electrified products exhibited by LGMG at bauma CHINA 2024

The price decline is due, on the one hand, to the gradual decrease in the purchase price of power batteries, which fell from over 1,000 yuan/kWh to 600–700 yuan/kWh, driving down the cost of electric loaders. On the other hand, in order to seize more market share, companies have once again become embroiled in fierce competition in electric loader sales.

Electric loaders exhibited by Lonking at bauma CHINA 2024

"Previously the profit on electric loaders was decent, but if this involution continues, the profit margin of electric loaders will converge with that of diesel loaders. What was once a blue ocean has been turned into a red ocean over the past two years!" a dealer of a certain brand lamented when talking about electric loaders!

Large-tonnage electric loader exhibited by XCMG at bauma CHINA 2024

Beyond the price war, companies are also pulling out all the stops on range, power consumption and machine performance. At bauma CHINA 2024, companies exhibited electric loaders with optional large batteries and ultra-long range, and low power consumption also became a highlighted feature when detailing product characteristics. In addition,the launch of battery-swap products, methanol range-extender and other electrified products has also enriched users' choices.

Competing toward intelligence: how far are we from truly achieving full intelligence?

Comparing with the passenger vehicle market, it is not hard to see that when the penetration rate reaches a certain critical point, the electrification process will grow explosively, and the direction in which companies compete will also change.

Compared with the earlier focus on range and price cuts, the passenger vehicle market now pays more attention to luxurious interiors, emotional value, intelligent driving... This trend is beginning to emerge in the construction machinery industry.

The unmanned concept excavator exhibited at the Sany booth at bauma CHINA 2024

The unmanned concept excavator exhibited at the Sany booth features a 100% pure electric drive design, with full electrification from the power source to the actuators. During the demonstration, it could both automatically execute issued commands and carry out remote-controlled operation through a remote control cabin. Although there is still much room for improvement in efficiency, who knows what it will develop into in the future.

XCMG unmanned XC968-EV pure electric loader

At the same time, the XCMG unmanned XC968-EV pure electric loader completed a series of tasks such as shoveling, transferring and feeding materials in an unmanned batching plant material preparation workshop. It not only moved coherently and smoothly, but could also actively avoid obstacles and even brake to a stop in emergencies. Previously, this kind of "fancy" operation could only be seen on new energy vehicles; now, XCMG loaders have taken the lead in achieving it in the construction machinery industry.

Beyond the common excavators and loaders, similar examples were frequently staged at bauma CHINA 2024 in other electric construction machinery categories. I believe those of you who experienced them in person have an even deeper understanding!

Zoomlion unmanned intelligent equipment demonstration site at bauma CHINA 2024

Remote control, unmanned driving, intelligent path planning, smart management... In recent years, the intelligentization of construction machinery has long gone beyond "PPT demonstrations" and is truly being implemented and put into actual operation. Although these are still cases in only a few scenarios, we all know clearly that this trend is unstoppable, and a brand-new era is arriving at an accelerating pace.

From range anxiety to efficient operation, from single equipment to collaborative ecosystems, from traditional construction to intelligent management, the transformation in every link heralds that the 2.0 era of electric construction machinery is no longer a distant dream. In this era of competing on speed and quality, we might as well let the bullets fly a little longer.