The global used excavator growthelectrification globalization serving as dual drivers

The global used excavator market is shifting from quantitative growth to qualitative growth, with electrification and globalization serving as dual drivers. China’s used excavator exports are expected to reach 120,000 units in 2024, exceeding both domestic demand for new excavators and new exports for the first time. The Belt and Road Initiative and electric/hybrid conversions are accelerating their penetration.

Electrification and Retrofitting Emerge as New Growth Points

• Electric Retrofitting Surges: Southeast Asia and Africa favor used electric/hybrid models, with purchase costs approximately 35% of new models and electricity costs approximately one-third of fuel costs. Typically, the investment pays back within six months.
• Optimized Range and Adaptability: Hybrid solutions increase operating time to approximately 10 hours, with prices approximately 40% lower than used Japanese models, alleviating the pain point of grid instability.
• European Premium: Refurbished electric excavators with ISO Zero Carbon certification can receive a “carbon neutrality premium” of approximately 15%, accelerating penetration in scenarios such as zero-carbon ports.