Recently, good news has come from the industry. The construction machinery industry has continued its recovery trend, and the sales of excavators and loaders have achieved double-digit year-on-year growth.
A quick review report on the machinery and equipment industry released by Wanlian Securities shows that China’s excavator and loader market showed a good development trend in March.
According to statistics from the China Construction Machinery Industry Association on major excavator manufacturers, 37,402 excavators of various types were sold in March 2026, 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, a total of 73,336 excavators were sold, 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%.
The export growth rate of sales volume in March (+32%) was higher than that of domestic sales (+23.5%), showing the strong resilience of external demand; the cumulative export growth rate in the first quarter reached 36.1%, which was also higher than the overall growth rate.
In terms of electrification, 76 electric excavators were sold in March, an increase from the previous month, of which 43 were sold domestically and 33 were exported.
Although the sales volume of electric excavators is still small, with a penetration rate of only 0.2% in March, which is still in the early stages of water testing and customer verification, with the continuous development of technology and the gradual cultivation of the market, there is expected to be greater room for development in the future.
The loader market also performed well.
In March 2026, 17,026 loaders of various types were sold, 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, a total of 38,325 loaders of various types were sold, 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%.
Export growth in March reached 30.5%, and cumulative export growth in the first quarter was as high as 38.5% year-on-year. Overseas markets continue to become an important growth pole.
The performance of electric loaders was particularly outstanding in March, with sales of 5,163 units, including 4,864 domestic sales and 299 exports. Electrification has become an important starting point for new growth and structural upgrades.
The penetration rate of electric loaders in March reached 30.32%, indicating that with the expansion of application scenarios and full life cycle economics gradually being verified by the market, electric loaders have entered the large-scale replacement stage from the demonstration and promotion stage, becoming the core driving force for loader sales growth and structural upgrades.
The electrification process of excavators and loaders is advancing steadily, but penetration rates vary, mainly affected by factors such as operating conditions, battery life requirements, and cost sensitivity of downstream customers.
In the future, electric loaders are expected to continue to lead the industry’s green transformation, while the electrification of excavators still awaits technological breakthroughs and further reductions in costs before increasing in volume.
In terms of investment advice, the construction machinery industry continued its recovery trend in March, with sales of excavators and loaders both achieving double-digit year-on-year growth.
In terms of the domestic market, in the future, driven by policies such as equipment updates and local government debt, domestic demand is expected to accelerate recovery.
In terms of exports, my country’s construction machinery OEMs have been deploying overseas for many years. Domestic construction machinery products have cost-effective advantages, and the competitiveness of domestic OEMs in overseas markets continues to improve.
Under the situation of resonance of domestic and foreign demand, the demand of the construction machinery industry is expected to continue to improve. The current construction machinery industry is characterized by resonance of domestic and foreign demand + technological upgrading. It is recommended to pay attention to high-quality companies with market advantages and active layout in overseas markets.
However, the industry also faces some risk factors, such as the risk of downstream real estate and infrastructure investment falling short of expectations, the risk of policy implementation falling short of expectations, the risk of intensifying industry competition, the risk of international trade friction, the risk of RMB exchange rate fluctuations, etc., which require companies and investors to pay close attention.
