World’s Top 10 Construction Equipment Manufacturers

The world’s top 50 construction equipment manufacturers posted record sales in 2023, driven by strong performance in North America, which experienced its best year ever.

According to the 2024 Yellow Table, the joint revenues of the OEMs hit $243.4 billion in 2023, the highest figure ever recorded, up from $230.6 billion in 2022.

Data from Off-Highway Research shows that about 330,000 construction units were sold in North America last year, an 8% increase from the 2022 sales.

This, along with the steady growth of the European, Japanese, and Indian markets, helped offset the challenging market conditions in the Chinese market.

Here are the world’s top 10 equipment makers.

1. Caterpillar Inc. | USA

Caterpillar Inc., headquartered in Illinois, USA, is the world’s largest construction equipment company, commanding a market share of 16.8%.

The company makes, markets and sells construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives.

Its heavy equipment line includes over 300 machines, including excavators, hydraulic mining shovels, wheel loaders, compactors, backhoe loaders, and dozers.

Although most of Cat’s machines are manufactured in the Midwest, some of the company’s top manufacturing plants are located in China, Brazil, and Russia.

Caterpillar was founded in California on April 15, 1925. It was known as Caterpillar Tractor Company until 1986 when it was rebranded as Caterpillar Inc.

The company sold machines worth $41 billion in 2023, up from $37.5 billion in 2022 and $32 billion in 2021.

2. Komatsu | Japan

Komatsu Limited is a Japanese firm that produces construction and mining equipment, as well as compact machines, industrial machinery, and forest machines.

It is the world’s second-largest heavy equipment manufacturer, although in Japan and China, the company has a larger market share than Caterpillar.

Komatsu is quite popular for its excavator range – from mini excavators to the more powerful large mining excavators.

Headquartered in Minato, Tokyo, Japan, the company is named after the city of Komatsu, Ishikawa Prefecture, where it was founded in 1921.

Komatsu sold $25.3 billion worth of equipment in 2023, up from $24.7 billion in 2022. The company’s revenue stood at $25.3 billion in 2021.

3. John Deere | USA

Based in Moline, Illinois, John Deere is an American firm that makes agricultural, construction, and forestry machinery under the John Deere brand.

The company was founded 187 years ago, in 1837, by the American blacksmith and manufacturer John Deere. Its logo, which incorporates an image of a leaping deer, has been used by Deere & Company for more than 155 years.

John Deere sold $14.8 billion worth of equipment in 2023, up from $12.5 billion in 2022. Its revenue stood at $11.3 billion in 2021.

4. XCMG | China

Xuzhou Construction Machinery Group (XCMG) is a Chinese maker of civil engineering machines.

It produces road rollers, loaders, spreaders, mixers, cranes, fire extinguishing vehicles and fuel tanks for civil engineering machinery, among others.

XCMG is the largest construction equipment supplier in China.

In 2023, XCMG sold $12.9 billion worth of equipment, down from $13.4 billion in 2022 and $18.1 billion in 2021.

The company sold $11.2 billion worth of machines in 2019 – breaking into the top three ranks for the first time in history.

5. Liebherr Group | Germany

Liebherr Group is a popular supplier of heavy equipment in Europe.

Established in 1949 by Hans Liebherr in Baden-Württemberg, Germany, the company produces excavators, cranes, wheeled loaders, telehandlers, and dozers.

Liebherr’s LTM 11200 is arguably the most powerful mobile crane ever built.

It also boasts the longest telescopic boom in the world, which spans 100 metres. The machine is set on a double cab truck and can lift 1200 metric tons.

The company, still owned entirely by the Liebherr family, sold $10.3 billion worth of machinery in 2023, up from $9.9 billion in 2022 and $9.4 billion in 2021.

Liebherr posted record-high sales of $11.6 billion in 2018.

6. Sany | China

Headquartered in Changsha, China, Sany Heavy Industry Co., Ltd. ranks sixth in the 2024 list of the world’s largest heavy machinery manufacturers.

The company is renowned for its concrete machinery, for which it is globally ranked number one. It is also a major supplier of excavators and wheel loaders.

Currently, Sany operates 25 manufacturing bases worldwide, with its overseas plants located in the United States, Germany, India, and Brazil.

In 2023, the company sold $10.2 billion worth of heavy machinery, down from $11.9 billion in 2022 and $16.0 billion in 2021.

7. Volvo CE | Sweden

Volvo Construction Equipment, the heavy equipment arm of Swedish carmaker Volvo, is one of the world’s most popular heavy equipment manufacturers.

The company develops, manufactures and sells equipment for construction-related industries, including trucks, mining and construction machinery.

Volvo CE offers a wide range of machines, including motor graders, backhoes, excavators, loaders, pavers, asphalt compactors, and dump trucks among others.

The company operates production facilities in Sweden, China, Germany, Scotland, the United States, Brazil, India, Russia, Scotland, France, and Korea.

Volvo CE sold $9.8 billion worth of equipment in 2023, down from $9.9 billion in 2022. The company made $10.7 billion in 2021.

8. Hitachi Construction Machinery | Japan

Hitachi Construction Machinery is a Japanese construction equipment supplier specializing in the production, sales, and servicing of a diverse range of construction and transportation machinery, as well as other machines and devices.

Founded in 1970 as a subsidiary of Hitachi Group, HCM has come a long way from its early stages as an electrical repair shop started in 1910 by Namihei Odaira.

Today, Hitachi is known for its range of equipment, such as excavators, crawler cranes, wheel loaders, light compaction equipment, and dump trucks.

HCM operates plants in North America, South America, Europe, and Asia.

Hitachi sold $9.1 billion worth of heavy equipment in 2023, down from $9.2 billion in 2022. The company’s sales stood at $8.8 billion in 2021.

9. JCB | UK

JCB entered the top ten list for the first time in several years in 2022 after posting strong sales in the OEMs’ main market of India.

The OEM, which is investing heavily in hydrogen technology, sold $8.0 billion worth of construction equipment in 2023, up from $7.0 billion in 2022.

The company’s sales stood at $5.5 billion in 2021, up from $3.9 billion in 2020.

10. Doosan Infracore | Korea

Doosan Infracore Co., Ltd. is a Korea-based multinational majorly engaged in the manufacture and distribution of heavy construction equipment.

The company is globally renowned for its high-performance excavators, wheel loaders, articulated dump trucks, compact loaders, and mini-diggers.

In 2018, Doosan reorganized its activities in Europe, the Middle East and Africa by transferring control of Doosan Heavy from Doosan Bobcat to Doosan Infracore.

The shift was meant to allow each of the two divisions to concentrate on strengthening their core competencies, which are compact equipment in the case of Doosan Bobcat and heavy earth-moving equipment for Doosan Infracore.

Doosan sold $7.5 billion worth of equipment in 2023.

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