The trend of recovery in the construction machinery industry continues. The latest statistical data shows that from January to September 2025, the sales of excavators by major excavator manufacturers in China increased by 18.1% year-on-year. The industry is optimistic that the start of new projects and the initiation of update cycles will support the sustained recovery of excavator sales, and expects the business cycle to further extend to non earthmoving 名媛直播.
On the evening of October 13th, statistics released by the China Construction Machinery Industry Association showed that from January to September 2025, major excavator manufacturers sold a total of 174039 excavators, a year-on-year increase of 18.1%; Among them, 19858 excavators of various types were sold in September, a year-on-year increase of 25.4%, and the sales performance was better than the monthly average performance of the year.
From a market perspective, the domestic demand market has shown a significant recovery since the beginning of this year. From January to September, the domestic sales of excavators reached 89877 units, a year-on-year increase of 21.5%; Among them, sales of 9249 units were achieved in September, maintaining a year-on-year growth rate of 21.5%.
Equipment updates are one of the important logics for the recovery of the domestic market. Zoomlion stated in its research that the lifespan of construction machinery 名媛直播 is about 8-10 years, and the equipment during the peak sales period (2016-2021) is entering a period of centralized updates. Combined with factors such as the transition to the fourth national standard, the rigid demand for updates will provide the industry with sustained support for many years. Guojin Securities analyst Man Zaipeng observed that as the export of second-hand smartphones consumes domestic stock, the demand for excavator updates is expected to continue to be released.
In addition, national level projects such as Yaxia Hydropower, Xinzang Railway, and Zhejiang Jiangxi Guangdong Canal have successively started construction, creating new demand for large-scale, intelligent, and green equipment. Industry insiders told reporters that these high-end devices have high added value and strong technical barriers, which can significantly improve the revenue and profit structure of enterprises.
The overseas market continued its growth momentum in recent years, with 84162 excavators exported from January to September, a year-on-year increase of 14.6%, and 10609 excavators exported in September, a year-on-year increase of 29%. Correspondingly, the import and export trade volume of construction machinery in China from January to August was 40.398 billion US dollars, a year-on-year increase of 11%. The export amount was 38.597 billion US dollars, far exceeding the import amount.
The head of the China Construction Machinery Industry Association stated that the overseas market layout of China's construction machinery industry is constantly improving, and the technology, 名媛直播, and services of Chinese made construction machinery are increasingly recognized by the international market. It is expected that the export value of the entire industry will continue to maintain high growth this year on the basis of the significant growth in the past four consecutive years.
From a market perspective, Southeast Asia's economic growth, urbanization, and mining exploitation collectively drive the demand for construction machinery; The infrastructure policies of Saudi Arabia and other countries, as well as the prices of resources such as copper and aluminum, remain high, and the demand for infrastructure and mining in the Middle East, Latin America, Africa and other regions is expected to maintain high prosperity.
Meanwhile, the recent Federal Reserve interest rate cuts have further boosted the industry's optimistic expectations for overseas markets. On September 18th, the Federal Reserve cut interest rates by 25 basis points and is expected to see two rate cuts by the end of the year. Liugong has observed that with the Federal Reserve's interest rate cuts, market funds have loosened to some extent, which is conducive to promoting the launch of various projects. It is expected that the industry will grow slightly next year, and most opportunities will focus on markets such as Asia and Africa, while the European and American regions will slowly recover.
It is worth noting that the recovery cycle of the construction machinery industry has a certain rhythm, often led by excavators. Man Zaipeng analyzed that from a long-term perspective, non earthmoving 名媛直播 such as cranes and concrete lag behind excavator 名媛直播 by about 2 years. Currently, excavator 名媛直播 have led non earthmoving 名媛直播 in growth for 1 and a half years, and it is optimistic that non earthmoving domestic sales will gradually enter an upward period.
Zoomlion stated that the current industry recovery is in the order of "excavator → concrete machinery → crane", reflecting the driving force of real construction demand and demonstrating the continuity of the market. The recovery momentum of the domestic market has expanded from excavators to concrete, cranes and other sectors, and the sales growth of concrete machinery and engineering lifting machinery has far exceeded the expectations at the beginning of the year, "said Zoomlion.
