In recent years, due to the continued sluggishness of the domestic construction machinery market, many brands have turned their attention to overseas markets and the mining market, increasing investment in R&D and distribution channels. This has led to the continuous launch of 100-ton, 200-ton, and 400-ton mining excavators-symbols of R&D and manufacturing strength-onto the market. These two sectors once became new blue oceans in the industry, contributing significant profits and market growth potential to companies.
However, a recent official industry report has poured cold water on this booming market: the market share of domestic brands in the large excavator market has declined slightly for two consecutive years, and end-user prices are falling rapidly. The once-promising blue ocean is gradually turning into another "battleground" where profits are under pressure.
Large Excavator Market Concentration Declines: Industry Competition Intensifies
Domestic Large Excavator Market Concentration
The popularity of the large excavator market can be directly reflected in changes in industry concentration:
From January to September 2025, the CR4 (market share of the top 4 companies) of the large excavator market was 58.7%, a decrease of 1 percentage point compared to 2024; CR8 (market share of the top 8 companies) slightly decreased to 80.5%-the decline in the concentration of both CR4 and CR8 in the large excavator market indicates that competition in the large excavator market is becoming more intense, with more companies joining the competition.
The small and medium-sized excavator market shows a completely opposite trend: the CR4 of medium excavators increased by 1.3 percentage points, and the CR4 of small excavators also increased slightly by 0.5 percentage points. The brand advantages of the CR4 companies in the small and medium-sized excavator market are becoming more prominent, and market share continues to concentrate on the leading companies.
Domestic Brands' Large Excavator Market Share Surges but Faces Cooling Down, Foreign Companies Hold the High-End Position
Data shows that the "breakthrough growth" of domestic brands in the large excavator market has shown signs of fatigue.
In the domestic excavator market, the market share of small excavators exceeded 70% for the first time in 2019, medium excavators for the first time in 2021, and large excavators for the first time in 2023.
With the improvement of the overall level of domestic brands, the small excavator market has achieved a monopoly, with a market share exceeding 90% for four consecutive years.
However, in the large excavator sector, the market share of domestic brands first broke through 70% in 2023, reaching a peak of 76.3%, before declining slightly for two consecutive years. The same trend occurred in the medium excavator market.
It can be said that foreign brands still hold advantages in technology and reputation, continuing to occupy a place in the large excavator market, which symbolizes high-end products.
End-market prices have returned to a downward trend, with medium and large excavators showing an accelerated decline.
Compared to June 2021, the year-on-year price decrease of large excavators in September 2025 reached 13.0%, exceeding the 5.3% decrease of small excavators.
Behind this lies the contradiction of "cold demand and hot competition":
Since the end of 2022, affected by factors such as the change in emission standards, the price of excavating machinery has increased in the short term. From the second half of 2023 to the first half of 2024, although industry demand decreased, the price reduction narrowed due to a significant drop in corporate profits, a rapidly deteriorating channel ecosystem, and more conservative strategies adopted by companies.
Since the second half of 2024, while real estate and mining investments have not recovered, companies have continued to increase their investment in medium and large excavators, ultimately leading to a "competition on business terms"-price reductions, extended payment terms, free spare parts, and extended warranty periods have been used in succession, continuously squeezing profit margins.
Domestic brands' investment in the large excavator and mining markets was originally aimed at a "high-profit track," but now they are trapped in a cycle of "declining market share and falling prices." The core problem may lie in the fact that "scale investment" has not translated into "technological barriers": foreign brands still hold the core technology and reputation for reliability in ultra-large excavators; domestic brands' large excavator products still focus on "cost-effectiveness," making it difficult to establish a premium in the high-end market.
The simple "domestic substitution" quantitative phase is nearing its end; the next stage will be the more difficult battle of "value substitution." Increased investment is necessary, but the focus must shift from simple capacity and channel expansion to technological innovation, quality improvement, and ecosystem building. Only in this way can we break free from the predicament of "investment-price reduction-market share-loss" and truly achieve "simultaneous growth in volume and profit" by vigorously exploring the market.
