According to data released by the China Construction Machinery Industry Association, in 2024, a total of 201,131 excavators were sold globally, representing a year-on-year increase of 3.13%. Of these, 100,543 units were sold domestically in China, marking an 11.7% increase. As a key indicator of the construction machinery industry, excavator sales in 2024 marked a halt to the previous decline, signaling a positive trend.
Experts have pointed out that in 2024, China's construction machinery sector excelled in high-end, green, and smart technologies, becoming the core driving force for the stable development of the industry.
Industry May Enter an Upward Cycle
From 2021 to 2023, China’s construction machinery industry entered a downturn, with excavator sales continuously declining. However, in 2024, excavator sales reversed the decline, and the industry is expected to enter an upward cycle.
According to statistics from the China Construction Machinery Industry Association, in December 2024, a total of 19,369 excavators were sold, a 16% year-on-year increase. Of this, 9,312 units were sold domestically, a 22.1% increase, while exports reached 10,057 units, a 10.8% increase.
In 2024, a total of 201,131 excavators were sold, representing a 3.13% year-on-year growth. Of these, 100,543 units were sold domestically in China (up 11.7%), while exports totaled 100,588 units (down 4.24%).
In 2024, domestic excavator sales reversed the downward trend of the previous years. From 2021 to 2023, domestic sales were 270,000 units, 150,000 units, and 90,000 units, showing year-on-year declines of 6.32%, 44.6%, and 40.8%, respectively.
Experts from the China Construction Machinery Industry Association noted that the overall recovery in excavator sales in 2024 is driven by major infrastructure and construction projects in China, as well as a boost from export markets. "From the overall performance of the construction machinery industry in 2024, the cyclical low point seems to be coming to an end. At the same time, China’s construction machinery sector has excelled in high-end, green, and smart technologies, which have become the core drivers for the stable development of the industry."
A representative from XCMG Machinery stated that China’s construction machinery industry is gradually entering an upward cycle.
In 2024, the global service capacity of Chinese construction machinery enterprises further strengthened. According to customs data, from January to November 2024, the export value of Chinese construction machinery reached $47.817 billion, up 7.16% year-on-year.
With the acceleration of overseas business, the proportion of revenue from international markets for Chinese construction machinery enterprises has increased, with some companies reaching 50%.
In 2025, several construction machinery enterprises will continue to push into overseas markets. SANY Group has stated that in 2025, the company will fully implement its "globalization, digitalization, and low-carbon" strategy.
Zoomlion has emphasized that in 2025, the company will further solidify its globalization strategy, continuously enriching and improving its "end-to-end, digitalized, and localized" overseas system, with a commitment to providing global customers with superior technology, products, and services.
XCMG Machinery has stated that in recent years, the company has steadfastly promoted its internationalization strategy. It has moved from "going out" through trade exports to "going in" by deeply cultivating local markets and is accelerating the transition to the "upward" stage of high-quality development, with both annual export volume and overseas income maintaining industry leadership.
LiuGong’s internationalization process has gone through three stages: "overseas sales – overseas manufacturing – overseas mergers and acquisitions." The company currently owns more than 30 overseas subsidiaries and institutions, as well as four major overseas manufacturing bases.
