H1 Excavator Sales Hit 152K as OEMs Raise Prices

title: Excavator Sales Hit 152,000 Units in H1 — Why the Big Three OEMs Raising Prices Simultaneously

date: 2026-07-13

author: EquipNode Research

category: Market Data

tags: [excavator sales, market data, export statistics, price hikes, industry recovery]

Key Data: H1 Excavator Sales Up 26% YoY

According to the latest data from the China Construction Machinery Association, cumulative excavator sales reached 152,000 units in the first half of 2026, a year-on-year increase of 26%, extending the recovery momentum seen since last year. Even more noteworthy, June domestic excavator sales surged more than 30% year-on-year, setting a new high for the year.

Behind these figures lie two key implications: first, domestic infrastructure investment continues to ramp up, with major engineering projects kicking off simultaneously and driving equipment demand; second, the export market maintains robust growth, with June export volumes hitting a record monthly high and H1 export growth reaching 33% year-on-year.

From a regional perspective, the domestic market contributed approximately 60% of total sales, while the overseas share surpassed 40% for the first time. Southeast Asia, the Middle East, and Africa emerged as the three primary export markets for Chinese construction machinery, with Southeast Asia leading growth at over 40% year-on-year.

Export Engine: Overseas Market Contribution Exceeds 40% for First Time

Data from China's General Administration of Customs confirms the strong export momentum. Total Chinese construction machinery exports grew 28% year-on-year in H1, with excavator exports specifically surging 33%, well above the industry average.

The South China Morning Post, citing industry analysts, noted that the drivers behind China's construction machinery export growth stem from three factors: first, infrastructure investment along Belt and Road Initiative countries continues to increase; second, Chinese brands' overseas after-sales service networks are becoming increasingly mature; third, the differentiated competitive advantages of electrified products are beginning to emerge.

Notably, the three leading OEMs — Sany Heavy Industry, XCMG Group, and Zoomlion — are accelerating their overseas market expansion. Sany Heavy Industry's overseas revenue share has exceeded 50% in H1. XCMG Group's market share continues to expand in Southeast Asia and the Middle East, while Zoomlion has seen significant growth in concrete equipment orders in the African market.

For specific equipment overseas pricing and after-sales service plans, feel free to contact our sales team.

Price Hike Signals: Three Major OEMs Issue Price Increase Notices Simultaneously

Against the backdrop of high sales growth, a noteworthy shift is unfolding: the three major excavator OEMs — Sany Heavy Industry, XCMG Group, and Zoomlion — have almost simultaneously issued product price increase notices.

This phenomenon is uncommon in the construction machinery industry. Over the past five years, the industry has endured fierce price wars, with OEMs sacrificing margins to grab market share, putting sustained pressure on profitability. Now, the simultaneous price hikes by the Big Three signal a fundamental shift in the competitive landscape.

Price increase magnitudes vary slightly across companies. Small excavators (under 6 tons) saw increases of approximately 3%–5%, medium excavators (13–30 tons) increased by about 5%–8%, and large excavators (over 30 tons) saw the highest increases, with some models rising by more than 10%.

The Profit Puzzle: Why Revenue Growth Isn't Translating into Profits

While sales figures look impressive, the three leading companies' recent earnings forecasts reveal that net profit growth has slowed significantly. Sany Heavy Industry's H1 revenue grew approximately 20%, but net profit growth was only in the single digits. XCMG Group and Zoomlion face a similar "revenue growth without profit growth" dilemma.

Three main factors are driving this contradiction:

First, raw material costs continue to climb. Steel prices rose over 15% cumulatively in H1, while prices for core components such as hydraulic parts and engines also increased, directly compressing OEM profit margins.

Second, R&D investment has surged. The transition to electrification and intelligence requires substantial capital. Sany Heavy Industry's R&D expenses increased more than 25% year-on-year in H1, and this investment is unlikely to translate into profits in the short term.

Third, overseas market channel development demands significant investment. Building after-sales service networks, spare parts warehouses, and localized teams all require sustained spending, which weighs on near-term profitability.

This also explains why the three OEMs chose this moment to raise prices — using price adjustments to offset cost pressures while simultaneously signaling confidence to the market.

Electrification Wave: New Energy Construction Machinery Exports Continue to Surge

Beyond traditional fuel-powered equipment, new energy construction machinery is also delivering standout performance. Exports of electric excavators, electric loaders, and other new energy products grew more than 50% year-on-year in H1, becoming a new engine for export growth.

Sany Heavy Industry's electric excavator series has secured bulk orders in European and Southeast Asian markets, while XCMG Group's electric loaders have performed impressively in the Indonesian market. Electrified products not only meet increasingly stringent environmental requirements overseas but also offer significant advantages in operating costs.

Industry analysts point out that electrification is reshaping the competitive landscape of the construction machinery sector. Chinese brands, leveraging their technical expertise in lithium batteries and electric motors, hold a first-mover advantage in the new energy construction machinery segment, which is expected to become a major driver of future export growth.

Market Outlook: Can the Momentum Sustain in H2?

The industry generally holds a cautiously optimistic view on the market trajectory for the second half of the year. Supporting factors include: ongoing domestic major engineering projects, broad overseas market expansion potential, and strong demand for equipment replacement. However, uncertainties remain: the real estate market is still bottoming out, and increasing local fiscal pressures may affect the pace of infrastructure investment.

From a cyclical perspective, the construction machinery industry is currently in the mid-stage of the current recovery. Based on historical patterns, industry prosperity cycles typically last 3–5 years. The current recovery has entered its second year and still has upside potential. Unlike the previous cycle, however, the current recovery is driven by more diversified factors — exports and electrification have become new growth poles, no longer relying solely on domestic infrastructure investment.

For equipment buyers, the current price hike signals deserve attention. During an industry upcycle, equipment prices typically follow a moderate upward trend. Locking in procurement costs early may be the wiser choice.

For the latest pricing on Sany pump trucks, XCMG excavators, and other flagship models, or to consult on equipment selection, feel free to contact the EquipNode sales team. We provide professional one-stop service.

*Data Sources: China Construction Machinery Association, General Administration of Customs, South China Morning Post, Securities Times, 21st Century Business Herald*

*For more industry data and product information, visit EquipNode.com*