China Excavator Sales Remain Strong in August, with Export Growth Exceeding Expectations

August excavator sales data has been released, with exports standing out in particular. According to the China Construction Machinery Industry Association, excavator sales reached 19,716 units in August 2026, up 19.3% year on year. From January to August, cumulative sales rose 24.2% to 191,557 units. Sales growth therefore remained strong through August.

The monthly figures indicate that, in August, domestic excavator sales reached 7,986 units in August, up 3.92% year on year; exports reached 11,730 units, up 32.7%. This stronger export performance is part of a longer trend: China’s excavator exports have now grown year on year for two consecutive years. Since the beginning of 2026, export growth has accelerated further, remaining around 30%. Although July and August are traditionally considered the industry's off-season, export growth in August rebounded from 21.2% in July to 32.7%, exceeding the market's previous expectation of 15%-20%. Monthly export volume also passed 11,000 units again and remained strong from a high base.

Several factors supported this growth. On the one hand, August 2025 provided a relatively low export base of only 8,838 units; on the other hand, overseas demand for mining and infrastructure equipment remained strong. Chinese machinery manufacturers also continued to improve their international sales networks and product competitiveness. Domestic growth was more moderate. The rate slipped from 4.13% in July to 3.92% in August, marking a second consecutive month in single digits. The traditional off-season was the main reason for the slowdown. Persistent high temperatures across much of China disrupted construction schedules and weakened equipment purchasing in some regions. Meanwhile, a higher comparison base from last year placed further pressure on the year-on-year rate.

Then there comes the cumulative figures. domestic excavator sales totaled 94,619 units, up 17.4%, while exports reached 96,938 units, up 31.8%. Export growth was nearly twice the domestic rate, so overseas demand remained the strongest source of market momentum. Cumulative exports were also 2,319 units higher than domestic sales. This represents a rapid shift: exports were still 1,425 units below domestic sales from January to July, but August alone reversed the gap. So overseas markets have now become the main growth driver for China’s excavator industry. In addition, overall sales growth eased slightly from 24.8% in January-July to 24.2% in January-August. This was broadly expected because the higher comparison base from the second half of 2025 will put more pressure on year-on-year growth.

August’s electric excavator figures also sent a strong signal of accelerating growth. Domestic sales of electric excavators reached 184 units, while exports totaled 60 units. Domestic sales rose to nearly 3.5 times the July level of 41 units, pushing the monthly domestic penetration rate to 2.3%. From January to August, electric excavator sales totaled 668 units, including 411 domestic sales and 257 exports, while cumulative penetration reached 0.36%. The eight-month total has already surpassed sales for the whole of last year. That demonstrates a clear acceleration in growth. However, the penetration rate of electric excavators remains below 0.4%, leaving a significant gap compared with electric wheel loaders, whose domestic penetration rate has already exceeded 60%. As industrialization is still at an early stage, electric excavators are unlikely to become a major driver of sales growth in the short term. But the trend toward structural upgrading has already begun to emerge over the medium and long term.

The 24.2% cumulative growth recorded from January to August has laid a solid foundation for overall growth in 2026. China Everbright Securities believes that equipment replacement is a core driver of the current recovery in the construction machinery industry, and that equipment renewal is likely to continue as supporting funds are gradually made available. China International Capital Corporation (CICC) noted that overseas demand for construction machinery has exceeded expectations, with demand from overseas construction end users likely to strengthen further. Soochow Securities also expects both domestic and overseas markets to continue growing, so this should support further growth in the construction machinery sector.

Overall, with the traditional peak sales season approaching and the combined support of ongoing domestic equipment replacement and resilient overseas demand, the excavator industry is highly likely to maintain relatively strong growth throughout 2026.