June 1, 2026 · Monday · Market Data Feature

Introduction: Market Continues Recovery Momentum

In April 2026, China's construction machinery industry delivered an impressive performance. According to the latest data from the China Construction Machinery Association (CCMA), excavator sales reached 28,700 units in April, up approximately 28% year-on-year. More notably, domestic sales growth outpaced exports for the first time since last year, signaling a clear recovery in domestic market demand. Meanwhile, the three major OEMs — Sany Heavy Industry, XCMG, and LiuGong — have successively issued price increase notices for excavators, suggesting a potential turning point in the industry's prolonged price war.

This article provides a comprehensive analysis of the April construction machinery market from multiple dimensions, including sales data, export trends, operating rates, product mix, and competitive landscape.

April Excavator Sales Data Overview

Monthly data shows the excavator industry exhibited a healthy "volume and price both rising" trend in April:

  • Total sales: 28,700 units, up approximately 28% year-on-year
  • Domestic sales: Approximately 17,200 units, up approximately 35% year-on-year (domestic sales growth outpaced exports)
  • Export sales: Approximately 11,500 units, up approximately 18% year-on-year (growth rate moderated but remained elevated)
  • Operating rate: Hit a new year-to-date high, with infrastructure investment accelerating under the support of major projects

Looking at a longer timeframe, the excavator industry posted total sales growth of 19.5% year-on-year in Q1 2026 (GTJA Haitong data), with January achieving nearly 50% year-on-year growth — a strong "opening month" performance. Through the first half of the year, industry sentiment showed a month-on-month upward trajectory.

| Month | Excavator Sales (10,000 units) | YoY Growth | Domestic YoY Growth | Export YoY Growth |

|-------|-------------------------------|-----------|---------------------|-------------------|

| Jan | ~2.3 | ~50% | ~57% | ~30% |

| Mar | ~3.1 | ~26% | ~28% | ~22% |

| Apr | 2.87 | ~28% | ~35% | ~18% |

Data sources: China Construction Machinery Association (CCMA), GTJA Haitong Securities Research Institute

Export and Domestic Demand Form Dual-Engine Growth Model

Excavator exports grew over 36% in Q1, making overseas markets the primary growth engine for the construction machinery industry. Although export growth moderated slightly to 18% in April, absolute volume remained at a high of 11,500 units. Chinese construction machinery brands continue to expand their market share in emerging markets including Southeast Asia, the Middle East, Africa, and Latin America.

On the Yellow Table 2026 rankings of the world's top 50 construction machinery manufacturers, Chinese companies further increased their representation and revenue share. Yellow Table data indicates that the global market share of Chinese construction machinery enterprises is steadily approaching that of traditional European, American, and Japanese brands.

Meanwhile, domestic demand recovery was the biggest highlight of April. Domestic sales growth outpacing exports indicates that, driven by sustained fiscal policy support and infrastructure investment, the domestic market has entered a phase of substantive recovery. Everbright Securities research reports that excavator domestic sales accelerated in April, with equipment replacement demand from the infrastructure and real estate sectors being released.

Operating Rate Hits Record High as Infrastructure Projects Accelerate

The "excavator index" is an important leading indicator for observing fixed asset investment and economic vitality. April data shows:

  • Excavator operating rate hit a new year-to-date high of 52.3%
  • Average operating hours increased 8.5% month-on-month
  • Operating rates for truck cranes, concrete pumps, and concrete mixer trucks all exceeded 60%

On the major projects front, multiple regions have begun concentrated construction on transportation, water conservancy, municipal, and other infrastructure projects. Leading indicators published by the State Information Center show that fixed asset investment grew 4.2% year-on-year in Q1, while infrastructure investment growth remained above 5%. Supported by major projects, the excavator operating rate hit a new high in April, genuinely reflecting demand intensity at the construction end.

OEMs Raise Prices Collectively, Competitive Landscape Shifts

Since April, the three major excavator leaders — Sany Heavy Industry, XCMG, and LiuGong — have successively issued price increase notices, raising prices on multiple excavator models. This marks the first large-scale coordinated price increase in the construction machinery industry in nearly six years.

Three factors underlie the price increases:

Cost-side pressure: Raw material prices such as steel remain at elevated levels, with supply chain risks for components

Improved competitive landscape: The years-long price war has become unsustainable, with leading companies proactively pushing the industry back toward rationality

Demand-side support: Strong domestic sales recovery provides a market foundation for price increases

The positive impact of excavator price hikes on the industry is becoming apparent. Some analysts believe this marks a substantive step in the construction machinery industry's "anti-involution" efforts, with leading companies potentially entering a profit recovery window. For detailed equipment quotations following the price adjustments, please contact us for the latest pricing information.

Broad-Based Growth Across Major Construction Machinery Products

Not only excavators performed strongly — other construction machinery products also delivered positive results:

  • Motor graders: 916 units sold in April, up 21.2% year-on-year
  • Cranes: All types of crane products achieved double-digit sales growth
  • Loaders: Cumulative Q1 sales maintained double-digit growth
  • Forklifts and aerial work platforms: Demand for warehousing and logistics equipment remained strong

The broad-based recovery across product lines further confirms the systematic improvement in industry sentiment.

International Comparison: China Market's Unique Resilience

From a global perspective, China's construction machinery market demonstrates unique resilience. In the same period, Caterpillar reported year-on-year revenue growth in its Q1 2026 results, but demand uncertainties persist in North American and European markets. Komatsu saw net profit decline, affected by tariffs. Meanwhile, Chinese brands continue to strengthen their global competitiveness, leveraging complete supply chains and cost-performance advantages.

International construction machinery giants such as Volvo CE and HD Hyundai are also accelerating their presence in emerging markets, reshaping the global competitive landscape. Chinese construction machinery enterprises must continue to advance in electrification and smart technologies to maintain their lead in the intensifying global competition.

Industry Outlook and Investment Recommendations

Looking ahead to the second half of 2026, the construction machinery industry is expected to sustain its recovery momentum:

  • Short-term view: The traditional peak construction season of May-June, combined with concentrated project starts, should keep sales at elevated levels
  • Medium-term view: The equipment replacement cycle is beginning, with aging equipment replacement demand providing sustained support
  • Long-term view: The overseas expansion thesis continues to play out, with vast infrastructure demand potential in Belt and Road Initiative partner countries

Risk reminders: Raw material price fluctuations, overseas trade frictions, and the pace of recovery in domestic real estate investment remain factors to monitor.

For equipment buyers, the current period represents a favorable window for fleet renewal — industry sentiment is rising but price increases have not yet fully passed through. Locking in current prices can effectively control procurement costs. For detailed quotations and technical specifications on Sany concrete pumps, excavators, loaders, and other equipment, please contact the EquipNode professional team for one-stop procurement consulting and quoting services.

*Data sources for this article: China Construction Machinery Association (CCMA), GTJA Haitong Securities Research Institute, Everbright Securities, CCTV Finance Excavator Index. This article is for reference only and does not constitute investment advice.*