In the first quarter, domestic sales of excavators increased by nearly 40% year-on-year, and exports steadily increased.

According to statistics from the China Construction Machinery Industry Association, in March 2025, major excavator manufacturers sold a total of 29590 excavators, a year-on-year increase of 18.5%. Among them, the domestic sales volume was 19517 units, a year-on-year increase of 28.5%; The export volume was 10073 units, a year-on-year increase of 2.87%. In addition, 15 electric excavators were sold.

In the first three months of 2025, major excavator manufacturers sold a total of 61372 excavators, a year-on-year increase of 22.8%; Among them, the domestic sales volume was 36562 units, a year-on-year increase of 38.3%; 24810 units were exported, a year-on-year increase of 5.49%.

Dongwu Securities stated that the sales volume of excavators in March continued to maintain high economic growth, exceeding market expectations, despite a relatively high base from last year. This growth is mainly due to the replacement of existing demand, calculated based on an average of 8 to 10 years for excavators. In the past two years, there has been a concentrated replacement of new machines for existing demand. In addition, the domestic downstream funding sector has been improving since the fourth quarter of 2024, providing support for both existing and new projects, as well as the sustained high demand for small-scale mining due to the high demand in rural areas.

The institution expects that a series of policies or subsidies to boost domestic demand in the future will continue to stimulate domestic demand upwards.

Excavators are regarded as a "barometer" reflecting the national economy, and their popularity is mainly influenced by factors such as changes in downstream demand for real estate, infrastructure, exports, as well as their own equipment renewal cycles. The industry believes that the continuous rebound in excavator sales sends a positive signal of the gradual recovery of China's construction machinery industry and the rebound of domestic demand.