Here's What You Need to Know
- Global construction equipment sales dropped 2.39% to $237.6 billion in 2024, according to KHL's annual Yellow Table.
- Caterpillar retained its position as the world's largest construction equipment manufacturer with $37.8 billion in total sales, or 15.9% of total global sales.
- Sandvik Mining & Rock Technology entered the top 10 construction equipment manufacturers by sales for 2024, pushing Doosan Bobcat to the 11th position.
Global construction equipment sales dropped slightly in 2024 to $237.6 billion, a decrease of 2.39% from the record high of $243.4 billion in 2023, as reported by European construction media group KHL in the release of its annual Yellow Table.
Growth in India (10%) and China (9%) helped to offset declines in North America, Europe and Japan. The report also noted that Asia-based companies produced the highest percentage of the top 50 manufacturers’ total revenue at 44.3%. Europe followed at 27.9%, with North America in a close third at 27.5%.
Caterpillar easily retained its position as the world's largest construction equipment manufacturer with $37.8 billion in total sales, or 15.9% of total global sales. When adding in resource industries and energy and transportation segments, Cat’s full-year sales totaled nearly $65 billion in 2024, a 3% year-over-year decline, driven partly by a $3.5 billion drop in sales volume.
No. 2 manufacturer Komatsu saw year-over-year increases in its construction, mining and utility equipment net sales and profit in its fiscal year 2024; however, its $28.5 billion in revenue wasn’t enough to edge out Cat.
Deere held onto the third position for a second year, with $12.9 billion in net construction sales in 2024, keeping XCMG at bay in the fourth position with $12.7 billion in sales. Liebherr and Sany also held on to their fifth and sixth positions, respectively.
Hitachi Construction Machinery swapped places with Volvo CE, taking the seventh spot. Volvo CE recently announced a $261 million expansion globally, including at its sole U.S. manufacturing facility in Shippensburg, Pennsylvania. The plant will be expanded to produce midsize and large crawler excavators, as well as four new wheel loader models.
JCB held its ground in ninth place. In response to increased tariffs announced April 2 by President Trump, the British manufacturer said it plans to increase the size of its new factory being built in Texas. The 1-million-square-foot factory will manufacture Loadall telescopic handlers and aerial access equipment, specifically for customers in North America, JCB has said.
The only new contender on the chart for the year was Sandvik Mining & Rock Technology, which knocked Doosan Bobcat out of the top 10 and into the 11th position. Bobcat grabbed the industry’s attention in April when it rolled out its largest-ever excavators, the E220 and E245, and four new large wheel loaders, the L205, L235, L255 and L285.
Here are the world’s largest construction equipment manufacturers by sales for 2024:
Yellow Table is KHL's annual ranking of the world’s biggest construction equipment brands by sales figures. The full Yellow Table is published in the May-June 2025 issue of KHL’s International Construction. View last year’s list of top construction machinery manufacturers here.
