Statistical Analysis of China's Domestic Excavator Market in the First Half of 2024

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According to statistics from the China Construction Machinery Association, a total of 103,213 excavators were sold in China from January to June 2024, representing a year-on-year (YoY) decrease of 5.2%. Among this total, 53,407 units were sold in the domestic market, with a YoY growth of 4.7% , accounting for 51.7% of the entire excavator market. From the perspective of domestic market sales volume, excavators, motor graders, and industrial vehicles were the only types of construction machinery that achieved positive sales growth in the first half of the year.

In the January-June period of 2024, domestic excavator sales showed positive growth in all months except February. Specifically, domestic sales in January surged by 57.7% YoY; March saw the highest monthly domestic sales volume, reaching 15,188 units. From March to June, domestic excavator sales maintained positive growth for four consecutive months.

Regional Differentiation: Hebei Rises to the Second Place

From a regional perspective, in January-June, among the 31 provinces, municipalities, and autonomous regions included in the statistics of the China Construction Machinery Association (CCMA), 13 regions recorded a cumulative excavator sales volume of over 2,000 units. These regions are Anhui, Shandong, Jiangsu, Zhejiang, Jiangxi, Guangxi, Hubei, Guangdong, Hebei, Shanxi, Inner Mongolia, Yunnan, and Xinjiang.

16 regions achieved positive growth in excavator sales. Among them, Heilongjiang, Hebei, Beijing, Tianjin, Guangxi, and Tibet posted the highest year-on-year (YoY) growth rates, with increases of 89.1%, 72.7%, 52.9%, 48.3%, 37.7%, and 30.3% respectively.

15 regions saw negative growth in excavator sales, but their YoY decline rates narrowed compared with the end of 2023. Regions including Shandong, Zhejiang, Inner Mongolia, Guizhou, Liaoning, and Jilin experienced a decline of more than 10%.

Top 10 Provinces by Excavator Sales (Jan-Jun)

The top 10 provinces in terms of cumulative excavator sales from January to June are as follows: Jiangsu, Hebei, Sichuan, Guangdong, Xinjiang, Anhui, Yunnan, Hubei, Guangxi, and Shandong.

The cumulative sales of these top 10 provinces exceeded 27,000 units, accounting for 50.7% of the total domestic excavator sales. Among them, Jiangsu recorded a cumulative sales volume of 3,257 units in the first half of the year, while Hebei’s cumulative sales stood at 3,154 units—with a mere gap of 103 units between the two.excavator bottom roller

In the first half of the year, notable changes in regional rankings were observed:

Hebei jumped from the 16th place at the end of 2023 to the 2nd place;
Guangxi rose from the 15th place to the 9th place;
Beijing climbed from the 24th place to the 20th place;
Heilongjiang advanced from the 30th place to the 26th place.

Meanwhile, some provinces saw a decline in rankings:

Shandong fell from the 5th place to the 10th place;

Zhejiang dropped from its original 6th place to the 14th place.

In terms of fixed asset investment, regions including Beijing, Hebei, Tibet, Xinjiang, Jilin, and Heilongjiang maintained relatively sound capital conditions.

The cumulative year-on-year (YoY) growth rate of the planned total investment in newly started projects exceeded 50% in Tibet and Jilin. Heilongjiang followed, with a cumulative YoY growth rate of approximately 45.6%. Meanwhile, Beijing, Hebei, and Xinjiang achieved cumulative YoY growth rates of 32.4%, 26.9%, and 20.1% respectively.