The second-hand car and construction machinery markets in China are synchronously entering a new stage of stock optimization, standardization upgrading, and global circulation. Driven by policy relaxation, digital transformation, and export dividends, both fields have shown core characteristics of scale expansion, structural optimization, and efficiency improvement, becoming important engines for the high-quality development of the automotive and construction machinery industries. In 2025, the transaction volume of second-hand cars in China will exceed 20 million units for the first time, reaching 20.108 million units, with a transaction amount exceeding 1.28 trillion yuan, steadily increasing year-on-year. The market will accelerate from "scale expansion" to "quality and efficiency" orientation; The ownership of second-hand construction machinery exceeds 9 million units, and the market size is expected to reach 150 billion yuan by 2025. Among them, the export volume of second-hand excavators has exceeded 190000 units, a year-on-year increase of more than 55%. Export has become the core of industry growth.
At the policy level, both major markets have received strong support, with compliance and standardization becoming the main themes. In the field of second-hand cars, the nationwide policy of lifting restrictions on relocation has been fully implemented, and tax and financial support continues to increase, promoting a significant improvement in cross regional circulation efficiency. The certification of second-hand cars by OEMs, chain dealers, and e-commerce platforms have formed a "three legged" pattern, and the industry concentration has steadily increased. The market share of top CR5 enterprises is expected to exceed 40% by 2027; In the field of second-hand construction machinery, the government explicitly supports the development of circular economy and remanufacturing industry, encourages the establishment of unified equipment evaluation, testing and trading standards, promotes the construction of regional trading centers and digital platforms, solves pain points such as information opacity, pricing chaos, and lack of after-sales service, and lays the foundation for large-scale circulation and export.
Digital transformation deeply reconstructs the industry value chain, and online offline integration (OMO) has become the mainstream model. The second-hand car platform accelerates technological empowerment, with AI pricing, VR car viewing, blockchain certification, and the popularization of 315 standardized tests. The transaction cycle is shortened to 7 days, and inventory turnover efficiency is improved by more than 50%. Top platforms such as Youxin and Guazi strengthen the trust system construction through self operated hypermarkets and national purchasing models, and the net recommended value of NPS is significantly higher than the industry average; The digitalization process of second-hand construction machinery is accelerating, with real-time monitoring of equipment operation data through the Internet of Things (IoT), AI evaluation of residual value and fault risk, online auctions, live streaming and cross-border e-commerce platforms breaking down regional barriers, and the B2B circulation proportion continuing to increase, gradually approaching a market share of over 50% in mature markets.
International exports have become the core incremental channel shared by the two major markets, and the potential for cross-border circulation continues to be released. Relying on the "the Belt and Road" and RCEP policy dividends, used car exports cover emerging markets such as Southeast Asia, the Middle East and Africa. In 2025, the export volume will grow by more than 40% year on year, and new energy used cars will become a new export highlight; The export of second-hand construction machinery has experienced explosive growth. In 2024, the export volume of second-hand excavators exceeded the domestic demand and export of new machines for the first time, and the growth rate will continue to exceed 50% in 2025. The demand for infrastructure in Southeast Asia and Africa is strong, and China's second-hand mobile phones have become the preferred choice in the global infrastructure market due to their high cost-effectiveness (only about 35% of new machines) and reliable performance. Shanghai Port and Southwest Port have become core export hubs.
In the future, the Chinese second-hand car and construction machinery market will present four deterministic trends: firstly, deepening standardization, comprehensive standardization of testing, pricing, and after-sales standards, and bidding farewell to the industry's "wild growth"; The second is deepening digital cultivation, upgrading the intelligence of the entire chain, accelerating platform integration, and highlighting the head effect; Thirdly, international expansion, expansion of export categories, diversification of markets, and improvement of cross-border service systems; The fourth is green upgrading, with an increase in the proportion of new energy used cars and remanufactured construction machinery, highlighting the value of circular economy. Under the triple drive of policy, technology, and market, the two major markets will continue to unleash trillion level potential, becoming the core support for China's automotive and construction machinery industry to improve internal circulation and expand external circulation.
