【机器制造】12月工程机械内外销持续增长，非挖品类景气度显著复苏——工程机械行业2025年12月月报（陈佳宁/夏天宇/汲萌）

Group 1: Excavator Sales and Market Trends - In December 2025, excavator sales in China (including exports) reached 23,095 units, a year-on-year increase of 19.2%, with domestic sales at 10,331 units, up 10.9% [4] - For the entire year of 2025, excavator sales (including exports) totaled 235,257 units, marking a 17.0% increase, while domestic sales were 118,518 units, up 17.9% [4] - The non-excavator construction machinery segment showed significant recovery, with loader sales up 17.6%, grader sales up 70.5%, truck crane sales up 39.1%, crawler crane sales up 95.5%, and truck-mounted crane sales up 36.7% in December 2025 [4] Group 2: Export Growth and Opportunities - In December 2025, excavator exports reached 12,764 units, a 26.9% increase, with total annual exports at 116,739 units, up 16.1% [5] - The export value of construction machinery in December 2025 was $6.42 billion, a 27.2% increase, with the total annual export value at $60.17 billion, up 13.8% [5] - Future opportunities for construction machinery exports include demand growth in Southeast Asia, Africa, and the Middle East, as well as increased penetration in high-end markets in Europe and the U.S. [5] Group 3: Electric Loader Sales and Industry Trends - Electric loader sales in December 2025 reached 2,722 units, a significant year-on-year increase of 218.7%, with an electrification rate of 22.2%, up 13.2 percentage points [7] - For the entire year of 2025, electric loader sales totaled 29,771 units, a 165.3% increase, with an electrification rate of 23.2%, up 12.9 percentage points [7] - The central economic work conference emphasized the need for energy-saving and carbon reduction transformations in key industries, indicating that electrification will be a key development direction for the construction machinery sector [7] Group 4: Forklift Sales and Market Potential - In December 2025, total forklift sales reached 111,363 units, a slight year-on-year increase of 0.03%, with domestic sales at 63,807 units, down 5.2%, and export sales at 47,556 units, up 8.0% [8] - For the entire year of 2025, total forklift sales were 1,451,768 units, a 12.9% increase, with domestic sales at 906,812 units, up 12.6%, and export sales at 544,956 units, up 13.4% [8] - The rapid development of robotics and artificial intelligence is driving the penetration of unmanned forklifts, with projected sales of 39,000 units in 2025, a 39.3% increase, indicating significant market growth potential [8]