title: "171,841 Excavators Sold in the First 7 Months; Export Share Breaks 61% for the First Time"

keywords: "construction machinery sales, excavator exports, 2026 market data, Caterpillar, operating rate"

date: "2026-08-31"

author: "EquipNode"

2026-08-31 Industry Insight EquipNode

According to the latest data from the China Construction Machinery Association, 19,521 excavators of all types were sold in July 2026, up 13.9% year-on-year. Cumulative sales from January to July have reached 171,841 units, a year-on-year increase of 24.8%. What is even more noteworthy is that the export share exceeded 61% for the first time in July — for every 10 excavators sold, more than 6 were shipped overseas.

Meanwhile, Caterpillar on the other side of the Pacific also delivered an impressive quarterly report: Q2 revenue of $20.5 billion, up 24% year-on-year, with order backlog hitting a record $72.1 billion. The global construction machinery market is undergoing structural changes, with Chinese brands and Western giants each finding their own growth engines.

1. July Data Breakdown: Exports Dominate Domestic Sales

Of the 19,521 excavators sold in July, domestic sales were 7,608 units (including 41 electric excavators), up only 4.13% year-on-year; exports were 11,913 units (including 62 electric excavators), up 21.2% year-on-year.

The export share reached 61%, setting a new historical record. This trend is even clearer in the January–July data:

| Metric | Domestic | Export | Total |

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

| Jan–Jul Sales | 86,633 units | 85,208 units | 171,841 units |

| YoY Growth | +18.8% | +31.7% | +24.8% |

| Electric Products | 227 units | 197 units | 424 units |

Export growth (31.7%) is nearly 1.7 times the domestic growth rate (18.8%). At this pace, total exports for full-year 2026 will very likely surpass domestic sales for the first time, signaling that the growth engine of China's construction machinery industry has fully shifted to overseas markets.

Wheel loaders performed even more strongly. In July, 11,774 wheel loaders were sold, up 30.8% year-on-year. Of these, 5,770 units were sold domestically, including 3,622 electric wheel loaders — an electrification penetration rate of 62.7%. Electric wheel loaders are rapidly displacing traditional internal combustion models. For the latest pricing on SANY wheel loaders, feel free to contact us.

2026 Jan–Jul Excavator Sales Overview: Domestic vs Export Comparison

2. Caterpillar's AI Bonus: Order Backlog Reaches $72.1 Billion

Global construction machinery leader Caterpillar delivered Q2 2026 results that exceeded market expectations. Key figures:

  • Total Revenue: $20.5 billion, up 24% year-on-year
  • Construction Industries Segment: Revenue of $8.3 billion, up 35% year-on-year, with North America surging 50%
  • Energy & Transportation Segment: Revenue of $8.2 billion, up 17% year-on-year, nearly matching Construction Industries
  • Order Backlog: $72.1 billion, up 92% year-on-year, with some orders scheduled through 2030

Behind Caterpillar's explosive growth is the AI data center construction boom. Tech companies are investing heavily in data center infrastructure, directly driving demand for both construction and power generation equipment. CEO Joe Creed stated: "Data center and critical infrastructure investments are driving overall construction spending levels." The company also expects power generation equipment sales to triple by 2030 compared to 2024.

The takeaway for Chinese companies is clear: global construction machinery demand is shifting from traditional infrastructure to digital infrastructure. If Chinese brands can seize first-mover advantage in the equipment supporting data center construction, it will open up new growth opportunities.

3. Operating Rate Signal: Domestic Demand Still Has Hidden Concerns

While export data is impressive, domestic operating rate data warrants attention. In July 2026, the operating rate of key construction machinery products was 49.9%, down 6.34 percentage points year-on-year, remaining below the 50% contraction threshold for consecutive months.

The declining operating rate is driven by several factors: the real estate market is still finding a bottom, with new starts declining at a narrowing pace but not yet turning positive; fiscal pressures in some regions have slowed the pace of infrastructure project starts; and the July heat and rainy season also had some impact on construction progress.

That said, the absolute level of 49.9% is not poor. Looking back at the same periods in 2022–2023, operating rates were also below 50% for extended periods. With the acceleration of special bond issuance and the concentrated start of major infrastructure projects in the second half of the year, operating rates are expected to recover in Q4.

4. Price Bellwether: SANY and XCMG Announce Simultaneous Price Adjustments

Another important industry signal in July was SANY Heavy Industry and XCMG Machinery announcing product price adjustments in succession. Simultaneous price increases by leading players have been rare in recent years, driven by three underlying factors:

Cost Pass-through: Rising prices of core raw materials such as steel and hydraulic components are squeezing margins for complete machine manufacturers. Leading players' preemptive price adjustments help pass cost pressures downstream.

Product Upgrading: The share of high-end products is increasing, with sales growth in mining machinery, large-tonnage excavators, and other high value-added products pushing up the overall average selling price.

Profitability Recovery: Since 2025, despite impressive sales volume growth, net profit growth at leading companies has been underwhelming. Price increases combined with product mix optimization represent a proactive choice by market leaders to improve profitability.

For users with procurement plans, we recommend monitoring the pricing adjustment pace of leading companies and planning procurement timelines accordingly. Meanwhile, maintenance cost optimization can also effectively reduce total cost of ownership.

Global Construction Machinery Dual Engines: China Export Growth vs Caterpillar AI Bonus

5. Electrification Data: A New Variable That Cannot Be Ignored

The share of electric products in the data is rising rapidly. Looking at the July figures:

  • Electric excavators: 41 domestic + 62 exported = 103 units
  • Electric wheel loaders: 3,622 domestic + 456 exported = 4,078 units

The electrification rate for wheel loaders has reached 34.6%, far exceeding the 0.5% rate for excavators. This difference is mainly due to operational suitability — wheel loaders have shorter working radius and better charging conditions, making electrification more accessible. However, excavator electrification is also accelerating, with 424 electric excavators sold from January to July, already exceeding the full-year 2025 level.

Electric construction machinery not only has lower operating costs (energy costs for electric equipment are typically only 30%–50% of diesel equivalents) but also aligns with global carbon neutrality trends, making it a key breakthrough point for Chinese brands to penetrate Western high-end markets.

6. Outlook for the Second Half of 2026

Based on global market data, the construction machinery industry in the second half of 2026 will likely continue three key trends:

Exports remain the core growth pillar. Global infrastructure investment stays elevated, and Chinese electric products are opening new markets. Full-year export growth is expected to remain above 25%.

Domestic market sees moderate recovery. In the second half, accelerated special bond issuance, concentrated starts of major infrastructure projects, combined with the real estate market finding a stable bottom, should gradually improve operating rates.

Global competitive landscape is reshaping. Caterpillar is leveraging the AI data center bonus to build a significant lead, while Chinese brands are establishing advantages in emerging markets and the electrification track. The competitive focus for both sides is shifting from traditional equipment to intelligent and electrified solutions.

For industry practitioners and procurement decision-makers, seizing overseas opportunities, optimizing maintenance costs, and building an electrified product portfolio will be the keys to capturing this structural recovery.

*Data sourced from the China Construction Machinery Association, Reuters, Caterpillar Q2 2026 earnings report, South China Morning Post, and other public information. For specific equipment pricing and market analysis, feel free to contact EquipNode for professional support.*