World’s top 10 construction OEMs by sales revealed

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The latest Yellow Table, International Construction’s annual ranking of the world’s top 50 construction equipment manufacturers by sales figures, has revealed that sales for 2023 were US$243.4 billion, the highest figure ever recorded in the listing.

One of the major contributing factors to this record figure is the performance of manufacturers based in the US. OEMs based in the US accounted for over 28.6% of the total revenue of the Yellow Table, up from 26.8% in the last listing.

The total revenue generated by the world’s top 50 OEMs of US$243.4 billion is achieved despite China suffering another challenging year in 2023 (and the percentage of money generated by Chinese OEMs falling from 18.2% to 17.2%), which shows the strength of the global market.

You can view the full Yellow Table in the latest issue of International Construction magazine with in-depth analysis.

The top ten biggest construction equipment manufacturers in the world for 2023 were:

10. Doosan Bobcat, South Korea

Doosan Bobcat enters the top ten, rising up one position from last year when it was placed eleventh. The South Korean-based OEM is a compact equipment specialist, with compact excavators and loaders its best-selling products.

JCB JCB has risen a place on this year’s Yellow Table

9. JCB, United Kingdom

A rise of one place for JCB, with strong sales in India – where the OEM is a major player – helping boost its profits. The company recently announced plans to invest heavily into North America, with the region obviously a target market for the OEM.

8. Hitachi, Japan

The Japan-based OEM maintains its position of number eight in the table, with sales (when adjusted for currency fluctuations) dropping slightly from last year. At Intermat the company highlighted its collaborations with some of the industry’s technology leaders, including KTEG, Xwatch, Leica Geosystems, Trimble and ShareMat.

Volvo CE has invested heavily into alterative power for construction equipment

7. Volvo Construction Equipment, Sweden

Volvo Construction Equipment (Volvo CE) had sales of US$9.8 billion, which saw it drop down one place on the table. The OEM has invested heavily in electric equipment and at the company’s recent Volvo days Melker Jernberg, Head of Volvo CE, said, “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.”

6. Sany, China

China-based Sany drop down one place in the table, from number five to number six but – given the finances involved in the Yellow Table – was only a whisker away from the number five position. Despite the decline in the Chinese market, the OEM’s sales were similar to what it posted last year. 

Liebherr had a record revenue year in 2023

5. Liebherr, Germany

Liebherr sits at the highest position it has been in the Yellow Table in recent history, perhaps not surprising when the manufacturer’s yearly report stated that it had seen 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 was 11.6 % higher than in the previous year.

4. XCMG, China

The China-based behemoth drops out of the Yellow Table top three into fourth position but the fact that sales remain so high is due to the OEM increasingly targeting overseas markets and not just focusing on its home market. In its financial results the OEM revealed that its international revenue increased 33% in 2023 compared to 2022 to reach CNY37.220 billion yuan (US$5.14 billion)

3. John Deere, US

US-based John Deere has been steadily climbing the Yellow Table; it has increased its placing by one rank for each of the last three years. The major reasons for this are 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.

2. Komatsu, Japan

Komatsu remains at number two on the list and, when adjusted for currency changes, the company increased its sales from last year. Earlier this year Komatsu said 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 would follow. Komatsu said it had positioned its financial year 2023 – which ends on 31 March 2024 – as the first year for the market introduction of electrified machines

The 988K XE wheeled loader emits up to 37% less CO2 than the previous 988K and is up to 5% more productive Caterpillar extended its lead at the top of the Yellow Table

1. Caterpillar, US

Caterpillar retains its traditional position as the world’s biggest construction manufacturer with sales with sales of an eye-watering US$41 billion – this equates to 16.8% of the sales of the whole table. Caterpillar recently announced a new educational programme to support mining, quarry and aggregate industry customers on their energy transition journeys. The Pathways to Sustainability programme 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.”

If you want to access the full Yellow Table, including the full list of all of the top 50 OEMs, then you can find it in the latest digital edition of International Construction Magazine.

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


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