Construction Machinery Industry Recovery Accelerates: Excavator Exports Surpass Domestic Sales for the First Time(Oct 16)

Construction Machinery Industry Recovery Accelerates: Excavator Exports Surpass Domestic Sales for the First Time

The construction machinery industry's recovery is accelerating. According to the latest data from the China Construction Machinery Association, in September 2026, excavator sales reached 22,717 units, a year-on-year increase of 14.4%, while loader sales reached 12,419 units, up 17.9% year-on-year.

Cumulative Performance

From January to September, cumulative excavator sales totaled 214,274 units, up 23.1% year-on-year, and cumulative loader sales reached 117,077 units, up 24.9%. Both domestic and export sales achieved year-on-year growth, indicating a broadening industry recovery.

Exports Surpass Domestic Sales

A historic milestone was reached: cumulative excavator exports of 109,744 units exceeded domestic sales of 104,530 units for the first time. Loader exports also performed strongly, with a 50.2% export share. In September alone, excavator exports reached 12,806 units, up 20.7% year-on-year, while loader exports reached 6,646 units, up 21.3%.

Domestic Recovery Drivers

Domestic market recovery is driven by equipment replacement cycles and emission standard upgrades forcing mandatory replacements, gradually converting into real orders. Major infrastructure project demand is being released in stages, closely tied to local project implementation progress. Mining sector demand remains correlated with downstream resource extraction profitability, with overall operational stability higher than other segments.

However, September's average monthly working hours increased 3.32% year-on-year while the monthly operating rate decreased 2.73 percentage points, indicating that domestic demand recovery has not yet reached an overheating stage, with further room for improvement.

Globalization Deepens

Behind the high export growth, the construction machinery industry's globalization continues to deepen. XCMG Machinery's semi-annual report showed overseas revenue of 30.917 billion yuan in the first half of 2026, up 21.03%, accounting for over 50% of total revenue for the first time. The company's marketing network covers more than 190 countries and regions.

Chinese construction machinery companies are transitioning from pure product exports to localized manufacturing, localized services, and aftermarket capability building. Shantui Construction Machinery reported adding multiple overseas dealers in the first half, with electric and mining equipment being exported in batches, marking a shift from product export to localized operations.

Electric Transformation

Domestic loader electrification has become mainstream, with cumulative electric loader sales of 33,865 units in the first three quarters, an electrification rate exceeding 58%. Electric excavator cumulative sales reached only 629 units, with an electrification rate of approximately 0.6%, indicating that excavator electrification is still in the breakthrough phase.

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