In 2024, domestic earthmoving machinery such as excavators will be the first to recover, but construction machinery companies are now more focused on diversified product strategies. Non excavator agricultural machinery, mining machinery, and electrified products are expected to have greater growth potential this year due to their low base;
 In the fourth quarter of last year, the growth rate of overseas exports resumed positive growth, mainly from countries along the the Belt and Road, Latin America, Africa, the Middle East and other regions. It is expected to maintain a positive growth of more than 10% this year.

According to the latest statistics from the China Construction Machinery Industry Association on major excavator manufacturers, 19369 excavators of various types were sold in December 2024, a year-on-year increase of 16%.
 Among them, the domestic sales volume was 9312 units, a year-on-year increase of 22.1%;
 The export volume was 10057 units, a year-on-year increase of 10.8%.

In 2024, the total sales volume of excavators was nearly 200000 units. Compared with previous years, the total sales volume of excavators in 2021, 2022, and 2023 were 342000 units, 261000 units, and 195000 units, respectively. Breaking down the internal and external sales data, it can be seen that the internal sales volume decreased from the "peak" of 274000 units in 2021 to 100000 units in 2024, and the export volume increased from 68000 units in the same period to 100000 units in 2024.

Industry insiders told reporters from Caixin that the domestic market has entered the era of stock, and the incremental growth of domestic construction machinery enterprises is the market share of overseas competitors.
 In recent years, with the significant increase in the localization rate of core components, domestic manufacturers have the ability to compete with overseas giants.