Construction equipment sales topped the $243 billion mark in 2023, the highest figure ever recorded, as reported by European construction media group KHL in the release of its annual Yellow Table.
Sales for the world’s top 50 construction equipment companies rose more than $12 billion from the $231 billion logged in 2022.
KHL says U.S.-based manufacturers have been the driving force behind the growth year over year. Manufacturers based in the U.S. accounted for more than 28.6% of the total Yellow Table revenue, up from 26.8% in 2022 and 21% in 2021.
Meanwhile, the share of revenue generated by Chinese-based OEMs fell from 18.2% in 2022 to 17.2% in 2023.
With $41 billion in sales, Caterpillar held on to its No. 1 position on the Yellow Table. Cat’s revenue accounted for 16.8% of total global construction equipment sales. When adding in resource industries and energy and transportation segments, Cat’s full-year sales totaled $67.1 billion in 2023, making it the best year in the company’s 98-year history. Construction Industries sales specifically were up 4%, with Cat saying it continues to see "strong sales and healthy demand in North America."
Komatsu maintained its No. 2 position, while John Deere edged out XCMG for the No. 3 spot.
Liebherr jumped two spots into the fifth position – the “highest position it has been in the Yellow Table in recent history,” according to KHL. The Switzerland-headquartered manufacturer had a record year in 2023, with revenues rising 11.5% to more than $15.2 billion.
Sany and Volvo CE each fell one position to the sixth and seventh spots, respectively. Hitachi held onto its No. 8 position for another year.
JCB continued its move up the charts, rising to ninth place. The British manufacturer recently announced plans to build its second-largest manufacturing facility in San Antonio, Texas. The 720,000-square-foot factory will build Loadall telescopic handlers and aerial access equipment, specifically for customers in North America, with production slated to start in 2026.
And finally, Doosan Bobcat re-entered the top 10 after falling to the eleventh position last year.
Here are the world’s largest construction equipment manufacturers by sales for 2023:
The full Yellow Table is published in the May-June issue of International Construction. View last year’s list of top construction machinery manufacturers here.
