China’s May excavator sales have 14 consecutive y-o-y growth, 10 in exports

In May 2025, the excavator market showed “cool domestic, hot overseas” demand, with industry growth shifting to a domestic – international dual – circulation model. 

Total May 2025 sales reached 18,202 units, up 2.12% YoY, slowing from the 17.4% Jan-May cumulative growth (101,716 units). Still, sales marked 14 consecutive YoY increases. Domestic demand drove growth over 14 months, rising more than 10% YoY in 12 months, except for a 0.3% Jan decline (Spring Festival) and a 1.48% drop in May. 

May’s decline was worrying, with the operation rate down 5.3 percentage points MoM to 61.0% and working hours decreasing 12.4 hours MoM to 72.6, signaling shrinking demand post-peak season. 

Exports remained robust, hitting 9,810 units in May (+5.42% YoY) and 44,215 units cumulatively in the first five months (+8.2% YoY), achieving 10-month growth. Exports stayed above 7,000 units for 40 of the past 42 months, replacing the domestic market as the sales mainstay. 

May’s export share exceeded domestic sales for the first time in three months, expected to rise further as domestic demand weakens. 

The China Construction Machinery Association forecasts stable 2025 growth for the construction machinery sector. For excavators, short-term risks lie in slow domestic recovery, while long-term focus should be on seizing export opportunities and driving tech upgrades like electrification and intelligence.

18 June 2025 reported by Machinery News