Once, aerial work machinery was a dazzling rising star in the construction machinery sector, with astonishing annual growth rates. In 2021, for example, domestic aerial work machinery sales grew 54.6% year on year. But entering 2024, the industry situation took a sharp turn for the worse: China's aerial work platform sales in 2024 totaled 179,900 units, down 12.88% year on year, marking the first annual decline.

In the first half of 2025, the downward trend in the aerial work machinery industry continued. Judging from the semi-annual reports of construction machinery enterprises, the operating revenue and profits of the aerial work machinery segments of many companies declined, intensifying corporate pressure.

The aerial work machinery segment under overall pressure

Looking at the 2025 semi-annual reports of listed construction machinery companies as a whole, most enterprises with aerial work machinery business segments showed declines in that segment, though some achieved counter-trend growth.

Zhejiang Dingli achieved operating revenue of 4.336 billion yuan in the first half, up 12.35% year on year, and net profit attributable to shareholders of 1.052 billion yuan, up 27.63% year on year, with its net profit margin further rising to 24.27%. Amid fierce industry competition and intensifying overseas trade frictions, Zhejiang Dingli achieved dual growth in revenue and profit through refined management and differentiated competitive advantages, demonstrating strong operational resilience.

Zoomlion reported revenue of 2.592 billion yuan in its aerial work machinery segment during the reporting period, accounting for 10.43% of the company's total revenue, down 34.47% year on year. Despite the revenue decline, relying on continuous technological innovation, Zoomlion has gradually gained global pricing power in the ultra-high-reach segment of aerial work machinery. Currently, Zoomlion's ultra-high-reach straight-boom products rank first in global market share, and its world-leading 82-meter ultra-high-reach straight-boom product has obtained EU CE certification; its high-reach articulated-boom product ZA32J also ranks first in global market share.

XCMG's aerial work machinery segment generated revenue of 4.572 billion yuan in the first half of 2025, accounting for 8.34% of the group's revenue, up 1% year on year.

Luxshare Tech's aerial work machinery segment achieved operating revenue of 379 million yuan, accounting for 21.60% of the company's operating revenue, down 29.88% year on year.

In addition, the two major listed leasing leaders downstream of the aerial work machinery industry also present a mixed picture of hot and cold development. According to Horizon Construction Development's semi-annual report, in the first half of 2025, Horizon Construction Development achieved revenue of 4.350 billion yuan, down 10.7% year on year; gross profit of 941 million yuan, down 39.7% year on year. Hainan Huatie's semi-annual report shows that in the first half of 2025 it achieved total operating revenue of 2.805 billion yuan, up 18.89% year on year, and net profit attributable to shareholders of the listed company of 341 million yuan, up 1.85% year on year.

The domestic market cools

With the aerial work machinery industry in overall decline, the downturn in the domestic market is particularly pronounced.

According to statistics from the China Construction Machinery Association on major manufacturers of aerial work platforms, from January to July 2025, a total of 106,055 aerial work platforms were sold, down 31.8% year on year; domestic sales were 41,794 units, down 47.7% year on year.

After ten consecutive years of growth from 2013 to 2023, domestic aerial work machinery sales saw their first annual decline starting in 2024, and the downward trend continued in the first half of 2025, with the decline widening.

At the same time, another phenomenon in the aerial work machinery industry deserves attention: rental rates for aerial work machinery have declined even as utilization rates have risen somewhat, indicating that profits from renting aerial work machinery equipment have become smaller.

According to statistics, the aerial work platform utilization rate index in July 2025 was 688 points, up 1.5% month on month and slightly up 6.3% year on year; the aerial work platform rental price index in July 2025 fell slightly by 1.4% month on month and 14.8% year on year, with rental price indices for all models showing year-on-year declines. Among them, the 8-12m models had the smallest year-on-year decline at 6.7%, while models above 40m had the largest decline, reaching 17.8%. 

Leasing leaders seek ways to break through

To cope with the downturn in the aerial work machinery industry, China's two leading leasing companies, Hainan Huatie and Horizon Construction Development, quickly adjusted their operating strategies, reducing the impact of the industry downturn on their businesses.

According to Hainan Huatie's semi-annual report, during the reporting period the company newly established an RV business division, formally entering the RV rental track to further optimize its product matrix. At the same time, Hainan Huatie fully expanded its intelligent computing business segment, having delivered computing power assets exceeding 1.4 billion yuan. In terms of financing channels, Hainan Huatie has issued or planned to issue bonds and related products totaling 5 billion yuan, and is advancing a Singapore listing, enhancing liquidity and risk resistance through diversified financing methods.

In the first half of 2025, Horizon Construction Development optimized and adjusted its asset structure through asset renovation, trusteeship divestment, disposal of inefficient assets, and addition of efficient assets. As of June 30, 2025, of the 202,600 aerial work platforms operated and managed by the group, 59,270 were entrusted to the group for operation and management by other equipment holders outside the group through the asset management service model, a number that contracted somewhat compared with the same period last year. Moreover, Horizon Construction Development further improved resource utilization efficiency by selling and disposing of inefficient equipment and transferring some equipment to overseas markets.

Overseas markets become the main battlefield

From January to July 2025, China's construction machinery import and export trade totaled 35.076 billion US dollars, up 10.5% year on year. Export value was 33.486 billion US dollars, up 10.8% year on year. Under this export growth trend, overseas markets in the aerial work machinery segment are increasingly becoming the main battlefield for major enterprises.

Zhejiang Dingli reported that the global aerial work platform market structure is stable. Markets in developed countries such as Europe and the United States are mature, with sound product structures, and market demand mainly comes from replacement demand, with the installed base growing slightly. In the first half of 2025, Zhejiang Dingli achieved main business revenue of 3.374 billion yuan in overseas markets, up 21.25% year on year.

Zoomlion's semi-annual report states that its products now cover more than 170 countries and regions worldwide, with a balanced regional structure in overseas markets that effectively avoids single-market risks. Among them, high-reach aerial work machinery products have achieved large-scale exports in Europe, the Americas, and the Asia-Pacific region, with notable technological leadership and product competitiveness.

Overseas markets are not all smooth sailing either. In recent years, international trade has faced many unstable factors, with considerable uncertainty in geopolitics, trade barriers, industry policies, and shipping conditions. Both the United States and the European Union have initiated anti-dumping and countervailing investigations into aerial work platforms imported from China. These developments have brought certain adverse effects on construction machinery exports.

Overall, the aerial work machinery market, currently in an adjustment period, still has many unknowns and variables in its outlook, with opportunities and challenges coexisting. In the short term, China's aerial work machinery market will maintain inertial operation under the influence of the earlier trend; in the medium and long term, domestic sales pressure on aerial work platforms may further intensify.