内外销双双提速 | 2025年全年销售挖掘机超23万台

Core Viewpoint - The engineering machinery industry in China is expected to maintain high prosperity in 2025, with significant growth in both domestic and export sales of excavators, indicating a recovery trend in the industry [1][2]. Domestic Market Summary - In December 2025, major excavator manufacturers sold a total of 23,095 units, a year-on-year increase of 19.2%. Domestic sales reached 10,331 units, up 10.9%, while exports totaled 12,764 units, marking a 26.9% increase [1]. - For the entire year of 2025, a total of 235,257 excavators were sold, representing a 17% year-on-year growth. Domestic sales accounted for 118,518 units, up 17.9%, and exports reached 116,739 units, increasing by 16.1% [1]. - The recovery of the domestic engineering machinery industry is driven by fiscal stimulus, the renewal of existing equipment, and accelerated exports of used excavators. The demand for medium and large excavators is expected to significantly contribute to industry performance starting in 2025 [1]. Export Market Summary - China's engineering machinery companies have accelerated their expansion into overseas markets, particularly in countries involved in the "Belt and Road" initiative, which has become a major growth point for profitability. The overseas demand is gradually recovering from the bottom, especially in emerging markets [2]. - The low penetration rate of engineering machinery in overseas markets, combined with relatively high gross profit margins, presents opportunities for growth as the global market recovers [2]. Industry Trends - The engineering machinery industry is entering a new phase with the implementation of "National IV" emission standards starting December 1, 2025, which may influence market dynamics [3]. - The industry is experiencing a positive shift in performance, with expectations of a warming trend in the sector as construction activity improves [4][8].