Weichai Lovol is far ahead,with a harvest of 17billion yuanaiming for 20 billion yuan by 2025
Recently, agricultural machinery companies have gathered together to hold supplier conferences and dealer business annual meetings. The Weichai Lovol 2025 Global Partner Conference was held on January 8th. From the positive signals and business results released at the annual meeting, Weichai Lovol has once again made tremendous progress. With solid and substantial performance as the foundation, Weichai Lovol's annual business conference has become an inspiring and forward-looking event.
In 2024, Weichai Lovol achieved a counter trend growth, with a total revenue of 17.4 billion yuan for the year. It ranked first in the industry in terms of total sales, tractor, wheat machine, corn machine, and flower vitality sales. Rice machines, seeders, and transplanters all achieved rapid growth and surpassed many competitors.
How should we view Weichai Lovol's' report card '? According to official data from the China Agricultural Machinery Circulation Association, domestic sales of large and medium-sized tractors reached 253500 units in the first three quarters of 2024, a year-on-year decline of 12.25%, and an expected annual decline of 12% to 15%; Wheat machines sold 26700 units, a year-on-year increase of 20%, while corn machines sold 24600 units, a year-on-year decrease of 23%.
Weichai Lovol's tractor and full range harvester sales have all increased in the declining categories of the industry, with growth rates far exceeding the industry average in the growing categories. They have demonstrated strong resistance to industry cycles in their advantageous products.
So what is the weight of 17.4 billion yuan? According to the data from the National Agricultural Machinery Purchase Subsidy System, the sales revenue achieved through the subsidy system in 2024 reached 111.19 billion yuan, with Weichai Lovol ranking first with a sales revenue of 17.4 billion yuan, accounting for 16% of the total sales revenue. This achievement was obtained by comparing the full category and caliber data with 25 major categories, 55 subcategories, 155 items. If the scope is limited to precise comparison of large and medium-sized tractors and three types of crop combine harvesters, Weichai Lovol's market share is between 35% and 40%.
Product: Growth board, deficiency board, leading in all categories comprehensively
The position of Weichai Lovol in the domestic agricultural machinery industry is evident to all. For many years, Weichai Lovol has firmly held the 'double crown' throne in the wheat and corn machine markets; In the field of large and medium-sized tractors, the sales volume and scale of Yituo Dongfanghong are on par with each other. In recent years, both sides have been chasing each other and taking turns to dominate, and the healthy competition has continuously improved the strength of both sides.
Through efforts such as technological upgrades, equipment upgrades, and process improvements, Weichai Lovol has become increasingly strong in its advantageous products of tractors and combine harvesters, with a steadily rising market share and overall competitive strength.
Currently, domestic agricultural machinery enterprises need to strengthen their overall strength and achieve more incremental growth by entering more segmented markets and filling in the gaps in product categories. In the past three years, Weichai Lovol's sales growth rate of track machines, flower vitality machines, balers, and seeders has been far ahead in the industry. Among them, the distance between track machines and industry leaders is gradually narrowing, and surpassing them is only a matter of time. At the same time, sales of hydraulic flip plows, rice transplanters, and other products have also achieved rapid growth, while products such as dryers and silage combine harvesters have also shown a positive and rapid development trend.
Weichai Lovol is in an absolute leading position in the industry in traditional advantageous products, which has been verified in the innovation capability evaluation of agricultural machinery enterprises. It ranks first with a score of 82.62, ahead of other enterprises. Weichai Lovol also leads the industry in terms of product sales and market share of its main products. At the same time, Weichai Lovol has made significant progress in its short board products or segmented categories, with an increase in market share and technological innovation capabilities, making many segmented categories industry champions within reach.
Marketing: Innovation and change, reducing volume, and increasing market contribution
In the face of new situations and rapidly changing market demands, Weichai Lovol has actively adjusted and upgraded its marketing strategy in recent years, continuously leading the industry's marketing trend. In 2024, Weichai Lovol adheres to the concept of "one family, one heart, working together, and achieving success", continuously innovating in marketing services, expanding marketing channels, and enhancing brand influence.
The most impressive events for the industry and users in 2024 were the "2024 China Tractor Heroes Conference and Car Enthusiasts Carnival" and "Lovol Valley God Crawler Carnival" held in Shandong, Henan, Anhui and other places. The reporter was fortunate enough to participate in the Tractor Carnival event at Anhui Station. The full system product display, stunt performances, user interaction, and integration of regional cultural characteristics at the event left a deep impression on people. Its conference organization and planning level far exceeded its peers.
Mobile phones are new farming tools, live streaming is new agricultural work. In the era of information technology, Weichai Lovol has also fully applied new media and new technologies to expand its online channels. By building a three-level communication system and working with thousands of dealers in 100 cities across the country, it has launched a "Double 12" live streaming carnival. In the 2.5-hour live event, it successfully attracted more than one million viewers and ultimately achieved an order volume of over 5000 units. This achievement has led to innovative marketing models in the agricultural machinery industry.
Technology: New technologies lead industry development, with a target of 20 billion achievable
Domestic agricultural machinery lags behind European and American agricultural machinery for decades, which is the "heart wrenching pain" of Chinese agricultural machinery workers; The "internal competition" that is deeply mired in homogenization and price wars is a stubborn problem for domestic agricultural machinery.
However, all of this will be changed by Weichai Lovol's efforts - Weichai Lovol leads domestic agricultural machinery to break the 'involution' and open up new tracks with its technology.
