The most recent annual ranking by International Construction of the top 50 construction equipment manufacturers in the world by sales figures revealed that sales for 2023 reached $243.4 billion, the highest figure ever recorded on the list, reports InternationalConstructionMagazine.

One of the major factors contributing to this record figure is the performance of manufacturers from the USA. US-based OEMs accounted for over 28.6% of the Yellow Table's total revenues, up from 26.8% in the last list.

The total revenue generated by the top 50 OEMs worldwide, $243.4 billion, was achieved despite another challenging year for China in 2023 (with the percentage of money generated by Chinese OEMs decreasing from 18.2% to 17.2%), demonstrating the global market strength.

The top ten largest construction equipment manufacturers in the world for 2023 were (in reverse order):

10. Doosan Bobcat, South Korea

Doosan Bobcat enters the top ten, climbing one position from last year when it ranked eleventh. The South Korean OEM specializes in compact equipment, with compact excavators and loaders being its best-selling products.

9. JCB, United Kingdom

JCB moved up one place, with strong sales in India – where the OEM is a significant player – contributing to its profit growth. The company recently announced plans to invest heavily in North America, a region clearly targeted by the OEM.

8. Hitachi, Japan

The Japanese OEM maintains its number eight position on the table, with sales (adjusted for currency fluctuations) slightly decreasing 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.

7. Volvo Construction Equipment, Sweden

Volvo Construction Equipment (Volvo CE) had sales of $9.8 billion, causing it to drop one spot on the table. The OEM has heavily invested in electric equipment, and in recent days, Volvo CE's head Melker Jernberg stated:

"In this period of rapid change, the global community needs the construction industry to accelerate and meet societal challenges with greater safety, smarter and more sustainable solutions."

6. Sany, China

Sany, based in China, dropped one place in the table from number five to number six, but – considering the finances involved in the Yellow Table – it was only a small distance from the number five position. Despite the downturn in the Chinese market, the OEM's sales were similar to those reported last year.

5. Liebherr, Germany

Liebherr is at its highest position on the Yellow Table in recent history, which may not be surprising when the manufacturer's annual report stated that it recorded a "record business year."

Sales for its segments in earthmoving, material handling technology, deep foundation machines, mobile and crawler cranes, tower cranes, concrete technology, and mining products were 11.6% higher than the previous year.

4. XCMG, China

The Chinese giant drops in the Yellow Table ranking to fourth place, but its high sales figures remain due to the OEM increasingly targeting overseas markets rather than solely focusing on its domestic market.

In its financial results, the OEM revealed that its international revenues increased by 33% in 2023 compared to 2022, reaching 37.22 billion CNY ($5.14 billion USD).

3. John Deere, USA

John Deere, based in the USA, has been steadily climbing the Yellow Table; it has increased its position by one rank each of the last three years. The major reasons for this are the strength of the American market and the company's acquisition of the Wirtgen Group, which provided the company access to new markets.

2. Komatsu, Japan

Komatsu remains in second place on the list and, adjusted for currency changes, the company increased its sales from last year.

Earlier this year, Komatsu announced it would introduce a 13-ton class electric excavator powered by lithium-ion batteries for the rental market in Japan in 2024 or later and said a European launch would follow.

Komatsu stated it positioned its financial year 2023 – ending March 31, 2024 – as the first year for the market introduction of electrified machines.

1. Caterpillar, USA

Caterpillar retains its traditional position as the largest construction equipment manufacturer in the world, with sales of $41 billion, equivalent to 16.8% of the total table sales.

Caterpillar recently announced a new educational program to support customers in the mining, quarry, and aggregates industry in their energy transition journeys.

The Pathways to Sustainability program is a four-year course that OEM says "offers participants holistic learning opportunities, counseling for energy transition projects, and additional benefits related to sustainable access to products." (Photo: Dreamstime)