Hengli Hydraulic Capitalizes on Rising Excavator Demand Amid Mining Boom

Hengli Hydraulic is best known as the largest hydraulic cylinder supplier for excavators, commanding over 50% market share in China and about 30% globally. Excavator hydraulic cylinders accounted for 23% of revenue in 2025. Excavator demand is highly cyclical, and Hengli’s excavator hydraulic cylinder revenue fell by 37% from 2021 to 2024 before returning to growth in 2025. As booming mining activities fuels strong excavator demand, we expect excavator cylinder sales to accelerate in 2026.