Excavator sales increased by 14 consecutive years and exports increased by 10 consecutive times! There are hidden worries behind the hotness

In May 2025, the excavator market showed a "internal cold and external hot" pattern: domestic demand was under short-term pressure but still had a cumulative resilience, exports continued to increase at a high rate and dominated the industry's growth. The industry growth logic has changed from "domestic single drive" to "domestic and foreign dual circulation".

According to statistics from the major excavator manufacturing companies of the China Construction Machinery Industry Association, a total of 18,202 excavators of various types were sold in May 2025, an increase of 2.12% year-on-year. This increase has significantly slowed down compared with the 17.4% growth rate of cumulative sales from January to May (101,716 units). However, it has been rising year-on-year for 14 months in terms of cycles, and the prosperity is still at a high level.

This round of increase in excavators is more due to domestic demand. In the past 14 months, domestic sales have increased by more than 10% year-on-year in 12 months. In the remaining two months, one is that due to the Spring Festival factors, it fell slightly by 0.3%, and the other is that it fell by 1.48% in May.

However, the decline in May is worthy of vigilance. In addition to the decline in sales, in May, the excavator start-up rate was 61.0%, a month-on-month decrease of 5.3 percentage points, and the working hours were 72.6 hours and a month-on-month decrease of 12.4 hours, which indicates that the annual peak season for start-up has passed and market demand is shrinking rapidly. Fortunately, another growth momentum of excavators - exports, is still stable. In May, the export volume of excavators reached 9,810 units, a year-on-year increase of 5.42%; in the first five months, the cumulative exports were 44,215 units, a year-on-year increase of 8.2%.

From the trend, in the past ten months, excavator exports have maintained a steady growth trend, and the quantity has always remained at a high level of more than 7,000 units; further extending the timeline, except for "only" 6,955 and 6,771 units exported respectively in January and February 2024, respectively, in the past 42 months, excavator export sales have remained at more than 7,000 units in 40 months. It can be seen that the overseas market, which has contributed steadily more than 100,000 units in the past three years, has gradually replaced the domestic market and become the basic excavator sales base.

From the share, export sales in May exceeded domestic sales again after three months, and the proportion increased significantly compared with the 43.5% first five months of this year. Next, domestic market demand may further decline, and the share of exports will continue to increase.

Recently, Su Zimeng, president of the China Construction Machinery Industry Association, said that with the increasing intensity of national macro-control and the superposition of policy effects, favorable factors supporting the stable operation and high-quality development of the industry will continue to gather and increase, and the development environment of China's construction machinery industry will steadily improve. According to comprehensive judgment, it is expected that China's construction machinery industry will continue to show a development trend of stable operation and steady progress throughout 2025, major economic indicators will grow steadily, and foreign trade will remain basically stable.

For the excavator industry, it is necessary to be vigilant against the risks of the domestic macroeconomic recovery being less than expected in the short term, and be optimistic about the export potential in the process of globalization in the long term. Enterprises should accelerate overseas market layout and product technology upgrades (such as intelligence and electrification) to better respond to market changes.

TAGS： sales analysis

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