Data indicates that excavator sales in China reached 235,000 units in 2025, marking a 17% year-on-year increase. Domestic sales accounted for 119,000 units, rising 17.9%, while exports reached 117,000 units, growing 16.1%. Overseas exports continue to gain momentum as demand in key international markets gradually improves. Leading manufacturers are enhancing their global footprint, indicating a synchronized upward trend in both domestic and international construction machinery sectors. An inflection point for the industry is emerging, suggesting the potential start of a new growth cycle.
A recent report from CICC highlighted that companies are persistently expanding internationally, with large mining trucks entering an upward cycle overseas. The report noted that rising metal prices are expected to boost capital expenditure in non-ferrous mining outside China. After years of development, large mining truck products have reached a stage of volume growth with customers. Recent overseas orders for mining trucks have been robust, positioning these vehicles as a key growth driver for companies in the coming years.
According to China Securities, foreign exchange effects may impact first-quarter performance, but operational strength in both domestic and export markets remains solid. In March 2026, sales of various excavators totaled 37,402 units, up 26.4% year-on-year. Domestic sales reached 24,101 units, increasing 23.5%, while exports grew 32% to 13,301 units. The recovery in domestic sales is attributed to easing price war pressures and dissipating customer hesitation, leading to resumed purchasing. Exports continue to show strong growth.
The domestic market is projected to achieve over 10% growth in 2026, with exports expected to rise more than 15%, indicating sustained synchronized demand from both domestic and international markets.
Kaiyuan Securities reported that the construction machinery industry is poised to benefit from a combination of new and replacement demand, alongside dual support from domestic and overseas markets. Leading manufacturers have seen rapid recovery in revenue and profit in recent years, with continuous improvement in profitability. Asset quality remains solid, while accounts receivable and inventory levels have been reduced. Cash flow conditions are favorable, and risk control capabilities are strengthening, underscoring a persistent earnings inflection point.
Hong Kong-listed stocks related to the construction machinery industry include LONKING (03339), Sany Heavy Industry (06031), SANY INT'L (00631), Zoomlion (01157), and Zhongchuang Zhiling (00564).