Excavator Sales Trends 2025: New and Used Models

Why It Matters

The swing toward used equipment signals tighter construction budgets and highlights financing risk for manufacturers. Understanding regional and brand dynamics helps lenders and OEMs allocate capital more efficiently.

Key Takeaways

• New excavator financing dropped 4.1% YoY in 2025.
• Used excavator financing grew 5.3% YoY, offsetting new sales decline.
• 15,672 new units financed, down from 16,336 in 2024.
• Caterpillar, Deere, Komatsu remain top three full‑size excavator sellers.
• Texas financed 2,066 new excavators, the highest state volume.

Pulse Analysis

The 2025 excavator market revealed a clear bifurcation between new and used equipment financing. While new full‑size units slipped 4.1%, used machines expanded 5.3%, suggesting contractors are stretching budgets by opting for lower‑cost, pre‑owned options. This trend aligns with broader construction cost pressures, including material price volatility and tighter credit conditions, prompting firms to preserve cash flow without sacrificing productivity.

Brand performance remained stable, with Caterpillar, Deere and Komatsu retaining the top three positions in full‑size excavator sales. Their continued dominance reflects strong dealer networks, reliable service contracts, and robust aftermarket parts availability. Meanwhile, the Kubota KX080‑5, Cat 340 and Deere 85 P‑Tier captured the most financed new units, indicating buyer preference for versatile, high‑horsepower models that balance operating efficiency with fuel economy. Manufacturers that can bundle financing incentives with technology upgrades are likely to sustain market share amid the shift toward used equipment.

Geographically, Texas emerged as the nation’s biggest buyer, financing over 2,000 new excavators—more than double the next‑largest state. This concentration mirrors the state’s booming infrastructure projects and oil‑field redevelopment activities. Florida and North Carolina also showed strong demand, driven by residential construction and public works. Looking ahead to 2026, analysts expect used‑equipment volumes to keep rising, while new‑unit financing may stabilize if manufacturers introduce cost‑effective, digitally integrated models that address the evolving needs of contractors.