The construction machinery industry is experiencing a strong recovery. The latest data shows that excavator sales continue to soar, industry profitability has significantly improved, and market confidence continues to strengthen.
According to data from the China Construction Machinery Industry Association, 16523 excavators of various types were sold in August 2025, a year-on-year increase of 12.8%; Domestic sales reached 7685 units, a year-on-year increase of 14.8%; The export volume was 8838 units, a year-on-year increase of 11.1%. From January to August, a total of 154181 excavators were sold, a year-on-year increase of 17.2%; Domestic sales reached 80628 units, a year-on-year increase of 21.5%; 73553 units were exported, a year-on-year increase of 12.8%.
Maintain an upward trend and achieve growth in both domestic and international sales
In August 2025, China's excavator market continued its good performance since the beginning of the year.
The domestic market demand shows the characteristic of "not weak in the off-season", with excavator sales maintaining double-digit growth in August. Domestic sales from January to August increased by 21.5% year-on-year, with a growth rate of over 20%, indicating a strong recovery trend.
Behind this is the strong support of government investment, precise irrigation infrastructure projects, which have built a solid demand foundation for the market. According to data from the National Bureau of Statistics, domestic fixed investment in infrastructure increased by 7.29% year-on-year in July 2025; Among them, the year-on-year growth of the water management industry was 12.60%. Under the dual benefits of improved demand brought by policies and the start of update cycles, domestic excavator sales are continuing to rebound.
The export market maintained a steady growth trend, with continued prosperity in August, a year-on-year increase of 11.1%, and a year-on-year increase of 12.8% in exports from January to August.
From the perspective of downstream regions based on customs export statistics, since the beginning of this year, the demand in the European market has shown marginal improvement, while monthly export sales in Southeast Asia, South America, Africa and other regions have continued to perform well. Overall, the overseas trend is improving, and domestically produced equipment with high cost-effectiveness and high-quality after-sales service is favored. The global penetration rate of domestically produced equipment is gradually increasing. According to statistics, the cumulative export value of construction machinery in China from January to July 2025 reached 33.486 billion US dollars, a year-on-year increase of 10.8%.
The global competitiveness of Chinese construction machinery enterprises continues to improve, and the overseas layout of leading enterprises has achieved significant results. Major manufacturers such as Sany Heavy Industry, XCMG Machinery, LiuGong, Zoomlion Heavy Industry Science and Technology, and Shantui have all exceeded 50% of their overseas gross profit in the first half of 2025.
Profitability restored to the peak of the cycle
The semi annual report released at the end of August showed that China's listed construction machinery companies achieved overall revenue and profit growth. Among them, the revenue growth rates of Sany Heavy Industry, XCMG Machinery, and Zoomlion Heavy Industry in the first half of 2025 were 14.64%, 8.04%, and 1.30%, respectively, and the net profit growth rates attributable to the parent company were 46.00%, 16.63%, and 20.84%, respectively.
In addition, according to Wind statistics, in the first half of 2025, the 28 listed companies included in the Shenwan Construction Machinery Index achieved an overall operating revenue of 2014 billion yuan and a net profit of 20.8 billion yuan, an increase of about 13% and 26% respectively year-on-year. It can be seen that the profit growth rate of listed construction machinery companies in China is much higher than the revenue growth rate, and the industry's profitability has significantly improved.
From a historical perspective, although there is a certain gap in the overall revenue and profit scale of the industry, compared comprehensively, the profitability of listed construction machinery companies in China has been restored to the peak level of the industry's front-end cycle in 2020.
Optimistic annual trend, opportunities outweigh risks
The sales data of excavators in August shows that the domestic demand market continues to recover, the growth momentum of external demand is strong, policy support is precise and effective, and the acceleration of enterprise income is also the best reflection of the comprehensive recovery of construction machinery. In terms of future market trends, the industry generally holds optimistic expectations, with clear internal and external support logic.
From domestic macro data, the country continues to promote urban renewal and the renovation of old residential areas, with increased fiscal and monetary policies, rigid replacement demand brought about by increased investment in the "dual" and "two new" sectors, as well as stable support for non-ferrous mines, major water conservancy projects, and high standard farmland projects. This will gradually release demand dividends, combined with the acceleration of existing equipment updates, excavator demand will enter a rational growth period, and it is expected that the annual sales volume will show a recovery trend.
Overseas, domestic enterprises are accelerating the layout of overseas pre-sales and after-sales networks, establishing local production capacity overseas, accelerating the process of globalization, and gradually increasing market penetration. The sustained recovery of the overseas economy and the accelerated globalization of domestic brands will inject lasting momentum into export growth. Although facing certain risks of trade frictions, leading enterprises have well-established overseas layouts and strong risk resistance capabilities, and have gradually entered the harvest period.
The construction machinery industry has already emerged from its lowest point and is in the process of recovery. Although it may not repeat the explosive growth of previous years, this round of recovery focuses more on quality and efficiency, and the growth is more sustainable.
In 2025, opportunities and challenges coexist, with opportunities outweighing risks. Under the dual effects of policy promotion and update cycles, the construction machinery industry is entering a period of rational growth, and the industry spring may quietly arrive.
