1,300 units is the estimate by Power Systems Research of the number of Golf Cars expected to be produced in North America during 2026.

Dumpers/Tenders are vehicles designed for carrying bulk material, often on building sites. Dumpers are distinguished from dump trucks by configuration: a dumper is usually an open 4-wheeled vehicle with the load skip in front of the driver, while a dump truck has its cab in front of the load.

This product information comes from industry interviews and from two proprietary databases maintained by Power Systems Research: EnginLink , which provides information on engines, and OE Link, a database of equipment manufacturers.

Market Share. With 50% of total units produced, Country Home Products leads in production of Dumpers/Tenders in North America. In second position is Allen Engineering with 24%; third, Power Buggy (Indy) 13%. 

Export. 15% worldwide.  

Trends. In 2025, production of Dumpers/Tenders in NA increased 6.4%.  Expect production to gain 10% in 2026 over 2025.  The 2024 decline was due to saturation in the marketplace along with longevity of products in the field.  Also, utility style models are versatile and are extremely popular with homeowners. 

Dumper/Tenders are sought after pieces of equipment, much faster than a conventional wheelbarrow and they accelerate job site activities.  Expect production to increase an additional 5% by 2035.   PSR

Carol Turner is Senior Analyst, Global Operations, for Power Systems Research

Through November 2025, domestic orders totaled US$474.93 million (697.4 billion won), nearly a 10% decrease from the previous year. In the second half of the year (July–November), orders amounted to US$117.20 million (172.1 billion won), a 47.5% decrease compared to the same period last year US$223.30 million (327.9 billion won).

Meanwhile, global machine tool orders remained robust at approximately US$1.77 billion (2.5946 trillion won), marking a 6% year-on-year increase and making the domestic decline particularly pronounced. Industry analysis suggests that companies’ overseas investments and shifts in production bases, along with increased orders from overseas, particularly from the US, are offsetting weak domestic demand. Some argue that this decline in orders reflects weak domestic manufacturing investment and highlights its connection with policy trends and economic cycles.

Source: Livedoor

PSR Analysis: This news suggests that the South Korean industrial machinery manufacturing market is undergoing a structural transformation rather than experiencing a temporary decline in orders due to economic cycles.

The sharp decline in domestic machine tool orders suggests that South Korea’s manufacturing sector is shifting its focus from investing in new domestic equipment to investing in overseas bases and outsourcing. Consequently, the domestic market is no longer a growth engine for industrial machinery manufacturers.

Over the next three to five years, reliance on an “industrial structure premised on overseas demand” is expected to intensify. The medium- to long-term impact cannot be considered minor. Rather, it should be viewed as significant, signifying a fundamental shift in the role of the domestic industrial machinery market.

Business models based on a recovery in domestic demand will become unsustainable. Only manufacturers capable of redesigning their product development, production, and sales processes on a global scale will remain competitive. PSR

Akihiro Komuro is Research Analyst, Far East and Southeast Asia, for Power Systems Research

Heli Industrial Vehicles (Thailand) Co., Ltd.’s broke ground for its industrial vehicle assembly and lithium battery pack production factory at the Navaan Nong Khuang Industrial Park in Chonburi Province, Thailand Nov. 27, 2025.

To consolidate and expand its leading position in the global market, actively advance its global strategic layout, and build a global production and supply system, Anhui Heli Co., Ltd. has established a strategic partnership with Siam Motors Parts Co., Ltd., a local Thai enterprise, to jointly establish Heli Industrial Vehicles (Thailand) Co., Ltd.

Through this joint venture, the two parties will co-invest in building a new manufacturing base in Thailand, creating an integrated production and sales platform for industrial vehicle complete machines and lithium battery systems.

The project covers a land area of approximately 84,330 square meters, with a total construction area of 50,550 square meters, and a total investment of approximately RMB 425 million (approximately USD 60 million).

The complex includes production facilities, an office building, and supporting infrastructure, equipped with intelligent production lines. Upon full operation, the factory’s annual production capacity will reach 10,000 forklifts and 10,000 lithium battery packs.

Source: ccm-1     Read The Article

PSR Analysis: The product strategy focuses on localization adaptation and technological innovation. It involves developing rust-resistant and corrosion-proof forklift enclosures and battery protection systems tailored to the hot and rainy climate, launching 1-3 ton new energy forklifts to meet the lightweight demands of industries like electronics and textiles, and simultaneously developing low-cost lithium battery solutions to reduce customers’ initial investment.

It also incorporates IoT technology for remote monitoring and fault alerts, introduces autonomous forklifts to cater to e-commerce and port automation scenarios, and obtains new energy certifications from various Southeast Asian countries.

The strategy adopts a dual-driven approach of direct sales and distribution, establishing regional sales centers in Thailand, Vietnam, and Indonesia to provide rapid response services. It leverages new energy subsidy policies in Southeast Asia (such as Thailand’s EV 3.0 and Indonesia’s tax incentives) to help customers reduce procurement costs, launches a “trade-in” program to phase out highly polluting diesel forklifts, and collaborates with local banks to offer low-interest loans and installment plans, innovating battery leasing services charged on a usage basis.

At the strategic level of competition, Heli will leverage differentiated products and a rapid response mechanism to compete with Japanese and Korean brands. Targeting Japanese brands such as Toyota and Mitsubishi in Southeast Asia, Heli will introduce competitive cost-effective new energy forklifts to capture the mid-range market, emphasizing the localization advantages of “Chinese technology + Thailand manufacturing” to reduce tariffs and logistics costs.

Simultaneously, to counter price wars, Heli will collaborate with local Southeast Asian enterprises (such as Siam Motors in Thailand) through technology transfer or joint venture models, adopting a flexible pricing strategy of “basic models + optional modules” to help penetrate the market.

The company also plans to establish a localized supply chain in Thailand (covering core components like batteries and motors) to reduce geopolitical risks and it plans to form long-term partnerships with raw material suppliers in Southeast Asia to ensure supply stability.

Additionally, it will use RMB-THB dual-currency settlement to hedge against exchange rate fluctuations and closely monitor trade policy changes across countries to dynamically adjust strategies.

The plan will be implemented in three phases: in the short term, focus on the Thai and Vietnamese markets to quickly establish reference customers and build a strong reputation; in the medium term, expand into Indonesia and Malaysia to refine the distribution network and service capabilities; and in the long term, strive to become the market leader in Southeast Asia and extend its influence to India and the Middle East, ultimately achieving the dual goals of rapidly capturing the market and accumulating global expansion experience.   PSR

Jack Hao is Senior Research Manager – China for Power Systems Research

The EU-US trade agreement is facing intense criticism from European policymakers and industry leaders who deem it unbalanced, unfair, and a “significant policy mistake.” The persistence of high US tariffs and mounting non-tariff barriers are severely hurting Europe’s export-oriented industrial sector. Experts warn the deal has cornered the EU, increasing its dependency on critical raw materials and semiconductors.

Specifically, US Section 232 tariffs on steel and aluminium derivatives are crippling the machinery sector with complex compliance rules. Failure to comply can trigger punitive tariffs up to 200%, prompting some firms to halt US exports entirely and leading to a sharp drop in sales (e.g., German machinery exports have fallen 18.5%). EU lawmakers are now pushing for amendments, including sunset clauses and safeguards, amid concerns that the current framework is unsustainable.

Source: Euractiv     Read The Article

PSR Analysis: These mounting export barriers are projected to negatively impact European vehicle production volumes, both on-road and off-road, in 2026. For on-road vehicles (passenger cars), while a modest production recovery of approximately 1.9% is possible in 2026, volumes are forecast to remain significantly below pre-pandemic levels due to new, escalating US tariffs (up to 15-50% on EU-made cars) and intense competition from global rivals.

To bypass these tariffs and preserve market share, European automakers are incentivized to shift new production and investment to the US, which risks the long-term contraction or “hollowing out” of EU manufacturing capacity.

For off-road vehicles (construction, agriculture, etc.), which are steel-intensive and rely on general machinery, the production outlook is severely depressed. Punitive tariffs, high compliance costs, and restricted access to the US market for components ensure that the sector will face reduced volumes, margin erosion, and sustained challenges to global competitiveness in 2026.    PSR

Emiliano Marzoli is Manager of European Operations for Power Systems Research

The subsidy program enables companies to introduce electric forklifts at a low cost, putting pressure on them to replace their diesel models with electric ones. The adoption of ‘unmanned forklifts’ and ‘remote/automated transport’ within companies is also progressing, with the smart transformation of logistics and factories stimulating market demand.

Consequently, the combination of safety standards, electrification and automation is establishing itself as the ‘standard direction for next-generation forklifts’ in South Korea.

Source: 엔세이프

PSR Analysis: The most distinctive feature of the Korean market is the government’s aggressive promotion of safety standards to near-mandatory levels, coupled with the rapid rate at which these standards are adopted as market norms. Furthermore, against a backdrop of labor shortages, an ageing population and frequent overloading accidents, companies are highly incentivized to invest in safety equipment and automation.

Korea’s unique strengths lie in its extensive IT infrastructure and smart factory adoption, as well as its advanced communication environments, making the transition from electrification to automation technically feasible. The concentration of major manufacturers in the automotive and electronics industries, coupled with high rates of 24-hour operation and indoor work, creates an ideal environment for electric forklifts, accelerating their adoption even further.

Conversely, weaknesses include the significant cost burden for SMEs (Small and Medium-sized Enterprises) and the limited diversity of manufacturers’ lineups, which is slower than in Europe, leading to slower adoption of electric motors in high-durability and large-capacity segments.

While safety requirements are clearly defined for overseas manufacturers, this also creates an ‘entry barrier’ where low-cost models that do not meet safety and IT equipment standards find it difficult to enter the market. Over the next two to three years, the progression from electrification to telematics standardization to partial automation (remote/unmanned) is expected to become more pronounced. PSR

Akihiro Komuro is Research Analyst, Far East and Southeast Asia

On Nov. 4, 2025, Lingong Heavy Machinery’s Brazilian subsidiary, LGMG Machinery Brazil Ltda., promoted its globalization strategy in the South American market with the celebration of its plant in Indaiatuba, São Paulo State, Brazil. This move signifies a deepening of Lingong Heavy Machinery’s South American expansion and marks an important milestone in China’s industrial advancement.

The establishment of the Brazilian subsidiary carries multiple strategic advantages for Lingong Heavy Machinery, providing a robust platform for serving local Brazilian customers through localized operations. It addresses customer needs with customized solutions and develops confidence in Brazilian customers by ensuring product supply stability through a localized spare parts warehouse, improving after-sales service, and enhancing technical support.

Simultaneously, capitalizing on Brazil’s geographical advantages, Lingong Heavy Machinery is well-positioned to expand into neighboring South American markets in the future, leveraging Brazil’s superior location and convenient transportation links to facilitate the extension of products and services to other countries in the region, laying a solid foundation for further South American business expansion.

Source: Finance Sina     Read The Article

PSR Analysis. The establishment of Chinese construction machinery companies in Brazil marks a pivotal strategic milestone in their global expansion. It deepens the economic and trade cooperation between China and Brazil and leverages Brazil’s role as a regional gateway for China to penetrate the broader Latin American market.

From an international political standpoint, this move strengthens bilateral trust, with companies like XCMG and Zoomlion integrating Chinese technological standards into Brazil’s industrial policies through a model that combines investment, job creation, and technology sharing.

This approach positions Chinese engineering machinery as a tangible symbol of cooperation, facilitating future participation in large-scale national projects such as Brazil’s “New Industrial Plan.” Economically, Latin America’s infrastructure gap, estimated at 3.5% of its GDP, drives demand for construction and mining equipment, while Chinese firms enhance supply chain efficiency through localization.

For instance, XCMG’s Brazilian base boasts an annual capacity of over 10,000 units, enabling rapid responses to Brazil’s “Mining 4.0 Plan.” Zoomlion’s localized R&D reduces equipment failure rates in high-altitude conditions by 40%, and Lingong Heavy Machinery’s local spare parts warehouses cut maintenance response times from 72 hours to 24 hours.

This “Made in Brazil, Serving the Region” model has helped Chinese brands gain a 12-percentage-point increase in market share in countries like Peru and Chile within three years.

In terms of market trends, Brazil’s engineering sector is evolving toward high-end and green solutions, with Chinese companies tailoring their product portfolios to meet these demands. Chinese-made excavators now account for 50% of Brazil’s imports, and XCMG’s adoption of 5G autonomous driving technology in its Brazilian factory has enabled zero-emission operations in Vale’s mines.

Zoomlion’s comprehensive service center in Betim has reduced customers’ total lifecycle equipment costs by 18%, while Chinese brands’ share of Brazil’s high-end market surged from 15% in 2018 to 31% in 2025.

For Chinese firms, the Brazilian experience signifies a transformative shift from “going out” to “going deep,” encompassing value chain upgrades (e.g., XCMG’s local bank offering financial services), standard exports (Zoomlion’s initiatives boosting local digitalization by 25%), and cultural integration (Lingong’s “China-Brazil Joint Innovation Center” training over 200 local engineers). As a result, Chinese construction machinery’s brand recognition in Latin America climbed from 37% in 2015 to 68% in 2025.

Looking ahead, the success of this model offers strategic lessons: it mitigates political risks through participation in Brazil’s “Accelerated Growth Plan,” exports Chinese new energy and smart construction standards as regional benchmarks, and builds a comprehensive service network across the Andes and Amazon regions.

In summary, the localization strategies of Chinese engineering machinery companies in Brazil demonstrate how “deep localization” can drive sustainable growth in emerging markets, setting a replicable blueprint for global expansion.  PSR

Jack Hao is Senior Research Manager – China for Power Systems Research

9,500 units is the estimate by Power Systems Research of the number of Tractor/Loader/Backhoes expected to be produced in North America during 2025.

Tractor/Loader/Backhoes (TLBs) are full-size machines that are three pieces of construction equipment combined into one: the tractor, the loader and the backhoe. These units are designed to tackle an array of construction and agricultural related activities.

This product information comes from industry interviews and from two proprietary databases maintained by Power Systems Research: EnginLink , which provides information on engines, and OE Link, a database of equipment manufacturers. PSR

For details, download the complete report above.

Carol Turner is Senior Analyst, Global Operations for Power Systems Research

The 4.5-liter engine delivers 97 kW (130 hp @ 2200 rpm) and will power Dynapac’s CA25, CA30, and CA35 compactors starting in 2026, in addition to the CP28 pneumatic roller already using the same platform.

Designed for Tier 3 emissions compliance, the QSF 4.5 combines high power density, fuel efficiency, and extended maintenance intervals, enhancing uptime and reducing operating costs for construction contractors. The collaboration between Cummins and Dynapac strengthens both companies’ positions in the road-building equipment segment and underscores Cummins Brazil’s role as a regional engineering and manufacturing hub for off-highway engines.

Source: Cummins Press Release      Read The Article

PSR Analysis. The QSF 4.5 reflects Cummins Brazil’s shift toward locally engineered solutions tailored to regional operating and service conditions, which enhances competitiveness, supply-chain resilience, and responsiveness to local OEMs like Dynapac.

However, this approach also diverges from Cummins’ global standardization strategy, introducing greater product variability and complexity across its portfolio. While it reinforces the Brazilian industrial ecosystem and reduces dependency on imports, it challenges the company to balance local customization with global efficiency and common-platform synergies.   PSR

Fabio Ferraresi is Director, Business Development, South America, for Power Systems Research

“The price of lithium-ion batteries has dropped, which has led to increased customer demand for electric forklifts,” said President Maeno of Mitsubishi Logisnext. He highlighted the need to expand the company’s product lineup to meet market needs. As part of this strategy, the company plans to introduce a locally produced electric vehicle model in China by the 2025 fiscal year. The key feature is thorough “localization.” The company has adopted locally sourced batteries, motors, hydraulic components, and other parts to reduce prices to levels comparable to those of Chinese manufacturers. Until now, the company has sold vehicles developed in Japan but has struggled against low-priced local competitors. In China, battery prices have fallen rapidly due to the increased popularity of electric vehicles (EVs). Mitsubishi Logisnext has adopted a “when in Rome, do as the Romans do” strategy to counter this trend. Depending on sales performance, the company plans to expand into markets such as Southeast Asia.

Mitsubishi Logisnext has established a strong industry presence through advanced technology, such as a system that automatically loads and unloads cargo from trucks using unmanned forklifts. However, the company has been slow to adopt electric vehicles. To break out of this stagnation, Mitsubishi Logisnext is now focusing on developing EV-related strategies.

Source: The Nikkei

PSR Analysis: About a decade ago, it was widely believed that the ratio of engine-powered to battery-powered vehicles would stabilize at 5:5. However, battery-powered models have experienced significant growth. Of course, engine-powered vehicles will continue to be used in environments without charging infrastructure and in off-road conditions. Still, battery-powered vehicles are expected to account for 70-80% of global demand. Mitsubishi Logisnext, the world’s fourth-largest forklift manufacturer, aims to catch up in the electrification race. This move is expected to accelerate the overall electrification of the market. PSR

Akihiro Komuro is Research Analyst, Far East and Southeast Asia, for Power Systems Research

3,000 units is the estimate by Power Systems Research of the number of Crawlers expected to be produced in the U.S. in 2025.

There are two types of Crawlers: a Crawler Excavator and a Crawler Loader.

A Crawler Excavator is a self-propelled crawler mounted on heavy equipment that is designed to dig or move large objects and is classified by its mode of locomotion. The main function of a Crawler Excavator is to dig holes or trenches for construction related activities.

A Crawler Loader is a piece of mobile construction equipment used to load materials; it’s used primarily in tough, off-road terrain. It’s similar to a wheel loader, except it has treads instead of wheels.

This product information comes from industry interviews and from two proprietary databases maintained by Power Systems Research: EnginLink , which provides information on engines, and OE Link, a database of equipment manufacturers. PSR  

For details, download the complete report above. 

Carol Turner is Senior Analyst, Global Operations, for Power Systems Research