Report on China’s construction machinery industry recovery (Jan-Oct 2025)

China’s construction machinery industry maintained its recovery momentum in the first ten months of 2025. Key indicators are as follows:

Sales Performance
– Excavators: Domestic sales rose 19.6% year-on-year, with exports up 14.4%. In October alone, total sales reached 18,096 units (+7.77% YoY).
– Loaders: Domestic sales grew 21.8% YoY, while exports increased 9.69%. October saw 10,673 units sold (+27.7% YoY), including 2,707 electric loaders.

Electrification Progress
Electrification accelerated, with electric loaders achieving a 23% penetration rate in the first three quarters. Electric excavators also made breakthroughs in scenarios like factory parks and underground projects.

Contrasting Indicators
Despite rising sales, October showed a YoY decline in machinery operating hours (-9.03%) and operating rate (-10.1 percentage points). Industry insiders attributed this divergence between sales (reflecting asset demand) and utilization (reflecting production intensity) to economic structural shifts, expecting improvements as policies and projects advance.

Leading Enterprises & Growth Drivers
Top players like Sany Heavy Industry, XCMG, and Zoomlion reported double growth in revenue and net profit in the first three quarters. Institutions noted that domestic demand was driven by infrastructure projects (e.g., Yaxia Hydropower Project), equipment replacement cycles, and expanded applications in agriculture and municipal sectors. 

Meanwhile, electrification and deeper penetration into high-end European and American markets are poised to fuel further export growth.

17 November 2025 reported by Machinery News