November sales data for major construction machinery products have been released, showing that most products maintained steady growth, indicating a significant industry recovery trend.
Excavators and loaders, the industry's two mainstay products, achieved year-on-year growth of 13.9% and 32.1% respectively. Road rollers performed strongly, with a year-on-year increase of 39.3%. Export growth for all three exceeded domestic growth, with road roller exports surging 48% year-on-year. Graders continued their steady performance, with growth exceeding 20%.
The lifting machinery sector showed significant divergence. Crawler cranes and truck-mounted cranes became growth benchmarks, with year-on-year increases of 66.2% and 44.6% respectively. Domestic sales of crawler cranes surged by 102% year-on-year, while truck-mounted crane exports led the industry with an 86.3% growth rate. Tower cranes, however, continued to face pressure, with November sales declining by 31.8% year-on-year, and domestic sales plummeting by 49%. However, exports increased by 3.23%, with cumulative exports increasing by 26.1% year-on-year, effectively offsetting the downward pressure on the domestic market.
The sales of aerial work platforms remained in a negative growth trend, but the decline narrowed significantly. November sales and cumulative sales decreased by 22.4% and 30.1% year-on-year, respectively. Domestic sales turned positive for the first time in nearly two years, with a year-on-year increase of over 20% in November. However, exports declined by nearly 40% year-on-year. In contrast, aerial work platform exports surged by 133% year-on-year in November, with cumulative export growth reaching 50.7%.
Furthermore, industrial vehicles, the largest segment of the market, sold 119,749 units in November, a year-on-year increase of 14.1%. Domestic sales performed steadily, with a year-on-year increase of 23.9% in November, far exceeding the 0.7% growth rate of exports. Cumulative domestic sales growth from January to November reached 14.3%, reflecting the vitality of the manufacturing and logistics sectors.
Cumulative data from January to November 2025 shows that the construction machinery industry as a whole has achieved steady growth. The overall growth momentum in the domestic market has shifted from traditional large-scale investment to demand driven by specific sectors and replacement needs. The main equipment, represented by excavators, loaders, and forklifts, performed steadily, reflecting the resilience of demand in the infrastructure and logistics sectors. Tracked cranes, graders, and aerial work platforms used in urban maintenance, all related to specific major projects (such as new energy construction and large-scale industrial projects), achieved rapid growth from January to November, becoming important highlights in driving domestic demand.
The export market remains an important growth driver for the industry. The cost and supply chain advantages of Chinese manufacturing continue to be evident, and the global competitiveness of Chinese construction machinery remains solid. However, the export market is no longer a guaranteed goldmine; its performance is increasingly influenced by multiple factors, including product categories, target market economic policies, and geopolitics, presenting both risks and opportunities.
Overall, the construction machinery industry is entering a steady recovery trajectory. Domestic market demand has been significantly released under the support of various policies and the implementation of projects. The strong performance of the export market has effectively offset fluctuations in domestic demand for some product categories. The industry structure continues to optimize, and the positive growth in sales of most equipment has laid a solid foundation for the future steady development of the market.
