In the first quarter of 2026, the growth rate of excavator exports continued to be nearly 30 percentage points ahead of domestic sales, and overseas markets became the core driving force for industry growth.
According to statistics from the China Construction Machinery Industry Association, in March 2026, major excavator manufacturers sold 37,402 excavators of various types, a year-on-year increase of 26.4%.
Among them, domestic sales were 24,101 units, a year-on-year increase of 23.5%; exports were 13,301 units, a year-on-year increase of 32%.
From January to March 2026, major excavator manufacturers sold a total of 73,336 excavators, a year-on-year increase of 19.5%.
Among them, domestic sales were 39,579 units, a year-on-year increase of 8.25%; exports were 33,757 units, a year-on-year increase of 36.1%.
In the same period, overseas sales of loaders increased by more than 30% year-on-year.
In March 2026, major loader manufacturing companies sold 17,026 loaders of various types, a year-on-year increase of 22.3%.
Among them, domestic sales were 9,521 units, a year-on-year increase of 16.6%; exports were 7,505 units, a year-on-year increase of 30.5%.
From January to March 2026, major loader manufacturing companies sold a total of 38,325 loaders of various types, a year-on-year increase of 25.4%.
Among them, domestic sales were 18,677 units, a year-on-year increase of 14%; exports were 19,648 units, a year-on-year increase of 38.5%.
Taken together, the export growth rate of excavators and loaders in the first quarter was significantly ahead of the domestic sales growth rate. Among them, the excavator export growth rate exceeded the domestic sales growth rate by nearly 28 percentage points, and the loader export growth rate exceeded the domestic sales growth rate by about 24.5 percentage points.
According to data from the General Administration of Customs, from January to February 2026, my country’s total construction machinery exports reached US$10.686 billion, a year-on-year increase of 33.4%.
In terms of export regions, exports of construction machinery products to all continents have increased, with exports to Africa increasing by 77%, exports to Oceania increasing by 50.6%, and exports to Europe increasing by 28.1%.
High-end and electrified models have become new highlights in exports.
Behind the high growth in exports is the support of the upward cycle of global mining capital expenditures.
GF Securities predicts that global mining capital expenditure will increase by 50% from 2024 to 2030. About 75% of the demand for excavators in Africa comes from the mining needs of copper, gold, lithium and other mining industries. Africa and other regions are becoming new growth poles, bringing important opportunities to Chinese-funded enterprises.
The globalization strategy of construction machinery companies has achieved remarkable results.
According to disclosures, Sany Heavy Industry (600031) will achieve overseas revenue of 55.86 billion yuan in 2025, a year-on-year increase of 15.1%, and international revenue will account for 64%.
CICC analysis believes that Sany Heavy Industry’s overseas gross profit ratio has risen to 71%, indicating that the globalization strategy has achieved remarkable results.
During the same period, Zoomlion (000157) achieved overseas revenue of 30.515 billion yuan, accounting for 58.56% of total revenue, a record high.
Looking forward to the whole year, CITIC Construction Investment predicts that the domestic construction machinery market is expected to achieve a growth of more than 10% in 2026, exports are expected to achieve a growth of more than 15%, and domestic and foreign demand will continue to resonate upward.
Soochow Securities judged that in 2026, the construction machinery industry will usher in an upward pattern of internal and external resonance with the start of the domestic equipment update cycle and the recovery of overseas demand inflection points. The Federal Reserve’s entry into the interest rate cut cycle will lead to an improvement in global liquidity. Overseas excavator demand will start an upward cycle in 2026. The Middle East and Africa are the core overseas growth areas.
Caixin Securities believes that the current export structure of the industry is undergoing positive changes, and the growth momentum is shifting from traditional markets to emerging markets with rapid growth in demand such as Africa and Latin America, which will help the industry develop more diversified market space and reduce dependence on a single region.
