According to a research report, the excavator industry sold 17,226 units of various types in February 2026, representing a year-on-year decrease of 10.6%. However, for the January-February period, cumulative sales reached 35,934 units, marking a significant year-on-year increase of 13.1%. This double-digit growth at the start of the year confirms that the industry's recovery trend remains intact. On the export front, excavator exports surged by 37.2% year-on-year in February. Cumulative exports for the first two months grew 38.8% year-on-year. This near-40% growth was achieved despite a high base from 2025, demonstrating resilience that far exceeded market expectations. Notably, export sales accounted for 60.8% of total sales in February, surpassing the 60% threshold for the first time and reaching a record high. With the arrival of the traditional peak construction season in March, project restart rates are accelerating rapidly, which is expected to lead to a concentrated release of domestic demand. The main viewpoints from the report are as follows.
Event: Statistics from the China Construction Machinery Association on major excavator manufacturers show that sales of various excavators totaled 17,226 units in February 2026, down 10.6% year-on-year. This includes 6,755 units sold domestically (including 19 electric excavators), a decrease of 42% year-on-year, and 10,471 units exported (including 16 electric excavators), an increase of 37.2% year-on-year. For the January-February 2026 period, total excavator sales were 35,934 units, up 13.1% year-on-year. Domestic sales accounted for 15,478 units (including 43 electric excavators), down 9.19% year-on-year, while exports reached 20,456 units (including 27 electric excavators), up 38.8% year-on-year.
The construction machinery sector's upward trend remains unchanged. While February's industry-wide excavator sales declined by 10.6% year-on-year, the cumulative sales growth of 13.1% for January-February solidly maintains a double-digit pace, indicating the industry's recovery has not reversed course.
Exports: February figures significantly surpassed market expectations, establishing overseas markets as the core growth engine. Excavator exports saw a substantial 37.2% year-on-year increase in February, with the cumulative January-February growth at 38.8%. Achieving nearly 40% growth against the high base of 2025 highlights exceptional resilience. The export share of total sales hit a historic high of 60.8% in February, breaking the 60% mark for the first time.
Domestic Demand: The year-on-year decline in February was primarily due to the timing of the Lunar New Year holiday, not underlying demand weakness. Domestic excavator sales fell 42% year-on-year in February, leading to a cumulative January-February decline of 9.19%. The 2026 holiday fell on February 17th, compared to January 29th in 2025, distorting the comparison. After adjusting for the number of working days, the inherent resilience of domestic demand becomes more apparent.
The year 2026 is expected to see a synergistic recovery in both domestic and export sales, and within the domestic market, a synergy between excavator and non-excavator products. Domestically, the industry's cyclical position is similar to the upward phase of the replacement cycle seen in 2017-2018. Rigid replacement demand provides a floor. With the traditional peak season starting in March and project restart rates rising quickly, a concentrated release of domestic demand is anticipated. Concurrently, following the rhythm of the replacement cycle, the renewal cycle for non-excavator products is expected to follow. Internationally, strong demand from global mining and infrastructure development in emerging economies, coupled with the accelerated global expansion of Chinese brands, continues to drive growth. The sector's growth dynamic has shifted from being "domestically led" to being "overseas led with domestic demand providing support," significantly weakening its cyclicality.
The report expresses a positive outlook on opportunities across the construction machinery sector. Key players among OEMs to watch include Sany Heavy Industry (600031.SH), XCMG Machinery (000425.SZ), Zoomlion Heavy Industry Science & Technology Co., Ltd. (000157.SZ), Liugong Machinery Co., Ltd. (000528.SZ), and Shantui Construction Machinery Co., Ltd. (000680.SZ). In the components segment, key companies include Hengli Hydraulics Co., Ltd. (601100.SH), Adi Precision Machinery Co., Ltd. (603638.SH), Firstar Hydraulics Co., Ltd. (301446.SZ), and Weiwann Sealing Technology Co., Ltd. (301161.SZ).
Investors should be mindful of risks including macroeconomic fluctuations and intensifying industry competition.