July excavator sales report丨Demand growth, optimistic prospects!

According to statistics from the China Construction Machinery Industry Association, in July 2025, major excavator manufacturers sold 17,138 excavators of various types, a year-on-year increase of 25.2%. Among them, domestic sales were 7,306 units, a year-on-year increase of 17.2%; the export volume was 9,832 units, a year-on-year increase of 31.9%. From January to July 2025, a total of 137658 excavators were sold, a year-on-year increase of 17.8%; Among them, domestic sales were 72,943 units, a year-on-year increase of 22.3%; exports were 64,715 units, a year-on-year increase of 13%. In July 2025, 9 electric excavators will be sold (2 units under 6 tons, 1 unit of 6 to 10 tons, 4 units of 18.5 to 28.5 tons, and 2 units of 28.5 to 40 tons).

Infrastructure investment has accelerated its implementation

July was the traditional off-season, but domestic sales remained above 7,000 units. Behind this is the acceleration of the issuance of local government special bonds (5.18 trillion yuan has been issued as of early August, significantly faster than the same period last year), and the concentrated start of water conservancy, electricity, high-standard farmland and other projects has provided "rigid" demand for earthmoving machinery. A number of brokerages believe that as special bond funds continue to be allocated in the second half of the year, the physical workload of infrastructure will further appear, and the demand for excavators is expected to continue to be high.

Overseas markets have become the "second growth engine"

Exports increased by 31.9% year-on-year in July, not only offsetting the seasonal decline in domestic sales, but also driving only a slight decline in total sales in the month. The marginal improvement in demand in Europe and the rapid increase in the urbanization rate of Southeast Asia, the Middle East, Africa and other "Belt and Road" countries have brought continuous orders. Industry leaders expect that the export of excavators is expected to reach 100,000~120,000 units in 2025, and will still maintain an average annual double-digit growth in the next three years.

The industry cycle reversal is confirmed, and the demand relay is updated

equipment during the peak sales period from 2016 to 2021 is entering a period of centralized replacement; According to the estimated service life of 8-10 years, the annual domestic renewal demand accounts for about 30% of the total sales, forming a "support" force. The cumulative sales volume from January to July has approached 70% of the whole year of 2024, and many institutions have judged that this cycle has moved from a "weak recovery" to a "strong reversal".

The trend of electrification and unmanned is accelerating

Although only 9 electric excavators were sold in July, in the bidding for large-scale projects such as western alpine hydropower, the proportion of electric and unmanned equipment has been clearly required; Policy subsidies and full life cycle cost advantages are expected to promote 2025-2026 to become the "breaking point" of electric construction machinery.

Macro expectations and capital confidence warmed up simultaneously

After the data was released, a number of brokerage research reports used "greatly exceeding market expectations" to describe the performance, and the valuation of the construction machinery sector was quickly repaired; Leading enterprises will maintain a "steady growth" tone for the next three years, and industry inventory, cash flow and other indicators have also returned to a healthy range. The sales of excavators in July not only confirmed the two-wheel drive logic of "infrastructure support + export acceleration", but also marked that the construction machinery industry has officially entered a new round of business cycle, and the demand side in the second half of the year is still likely to exceed expectations.