Who’s who: The world’s top 10 construction OEMs

The most recent edition of the Yellow Table, an annual ranking by International Construction of the top 50 construction equipment manufacturers based on sales, has reported record-breaking figures for 2023. Total sales reached US$243.4 billion, marking the highest amount ever recorded in the history of the ranking.

A significant factor contributing to this milestone is the performance of US-based manufacturers, which collectively accounted for 28.6% of the Yellow Table’s total revenue, up from 26.8% in the previous ranking.

Despite challenges faced by Chinese manufacturers, who saw their share of the total revenue decline from 18.2% to 17.2%, the overall revenue figure underscores the robust nature of the global market.

For a detailed analysis and access to the complete Yellow Table, refer to the latest issue of International Construction magazine.

In 2023, the largest construction equipment manufacturers globally were ranked as follows:

10. Doosan Bobcat, South Korea

Doosan Bobcat moved up one spot from the previous year to secure the tenth position. The South Korean company specializes in compact equipment, particularly compact excavators and loaders.

9. JCB, United Kingdom

JCB also climbed one position in the rankings this year, benefiting from strong sales in India, where it holds a significant market presence. The company has announced substantial investments aimed at expanding its footprint in North America.

8. Hitachi, Japan

Hitachi maintained its eighth position, despite a slight decline in sales adjusted for currency fluctuations. The company showcased collaborations with industry technology leaders at Intermat, highlighting its commitment to innovation.

At Intermat, the company highlighted its collaborations with some of the industry’s technology leaders, including KTEG, Xwatch, Leica Geosystems, Trimble and ShareMat.

7. Volvo Construction Equipment, Sweden
Volvo Volvo CE dropped one place to seventh, reporting sales of US$9.8 billion.

Volvo CE dropped one place to seventh, reporting sales of US$9.8 billion. The company has heavily invested in electric construction equipment, emphasizing sustainability and technological advancement.

“In this time of rapid change, the global community needs the construction industry to step up and meet societal challenges with safer, smarter and more sustainable solutions,” said Melker Jernberg, head of Volvo CE, at the company’s recent Volvo Days event.

6. Sany, China

Sany slipped to sixth place, closely trailing the fifth position. Despite challenges in the Chinese market, the company’s sales were similar to what it posted last year. 

5. Liebherr, Germany

Liebherr achieved its highest historical ranking on the Yellow Table, driven by a record revenue year across its various product segments.

According to the manufacturer’s yearly report, it saw a ‘record revenue business year’. Sales for its earthmoving, material handling technology, deep foundation machines, mobile and crawler cranes, tower cranes, concrete technology and mining product segments were 11.6 % higher than in the previous year.

4. XCMG, China

XCMG fell out of the top three to fourth place but maintained strong sales, bolstered by its increasing focus on international markets beyond China. 

In its financial results, XCMG revealed its international revenue increased 33% in 2023 compared to 2022 to reach CNY37.220 billion yuan (US$5.14 billion).

3. John Deere, US

John Deere continued its ascent in the rankings, marking its third consecutive year of improvement. The strength of the US market and the company’s purchase of the Wirtgen Group, which has provided the company with access to new markets, are two reasons for Deere’s stable position within the ranking.

2. Komatsu, Japan

Komatsu retained its second-place position, reporting increased sales despite currency adjustments.

Earlier this year the company announced it would introduce a 13-tonne class electric excavator powered by lithium-ion batteries for the Japanese rental market in 2024 or later, and said a European launch

Caterpillar maintained its traditional spot as the top construction equipment manufacturer, with sales totaling US$41 billion, commanding 16.8% of the whole table. (Photo: Caterpillar)

would follow.

Komatsu said it had positioned its financial year 2023 – which ended on March 31, 2024 – as the first year for the market introduction of electrified machines

1. Caterpillar, US

Caterpillar maintained its traditional spot as the top construction equipment manufacturer, with sales totaling US$41 billion, commanding 16.8% of the whole table.

The company recently launched a new educational program to support mining, quarry and aggregate industry customers on their energy transition journeys. The Pathways to Sustainability program is a four-year course that the OEM says “provides participants with holistic learning opportunities, energy transition project advisement and additional benefits related to sustainable product access.”

For a comprehensive list of all top 50 OEMs and previous rankings, refer to the latest digital edition of International Construction Magazine.

View previous Yellow Tables to see who were the world’s top 10 equipment manufacturers in previous years at the International Construction issue archive.

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