Here's What You Need to Know:
- Global construction equipment sales rose 3.8% to $246.6 billion in 2025 — a new record high, according to KHL's annual Yellow Table.
- Caterpillar retained its position as the world's largest construction equipment manufacturer with $37.5 billion in total sales, or 15.2% of total global sales.
- Other movement in the top 10: Chinese manufacturer XCMG overtook John Deere as the third largest construction equipment manufacturer, and Volvo CE edged out Hitachi to take the seventh position.
Global construction equipment sales hit another record high in 2025, climbing to $246.6 billion, an increase of 3.8% from last year, as reported by European construction media group KHL in the release of its annual Yellow Table. The previous record high was $243.4 billion in 2023.
Growth in the U.S. and Japan softened, while China saw an increase in sales as its economy strengthened in 2025. The report also noted that Asia-based companies produced the highest percentage of the top 50 manufacturers’ total revenue at 45%, up from 44.3% last year. Europe followed at 28%, up from 27.9%, while North America fell to 27% from 27.5% in 2024.
Caterpillar maintained its stronghold as the world's largest construction equipment manufacturer with $37.5 billion in total sales, or 15.2% of total global sales. When adding in resource industries and energy and transportation segments, Cat’s full-year sales totaled nearly $67.6 billion in 2025, a 4% year-over-year increase, driven by higher sales of equipment to end users. Its top-selling machines in the U.S. were the 255, 265 and 275 compact track loaders, according to Fusable’s EDA equipment finance data.
No. 2 manufacturer Komatsu also remained stable in its performance with global construction, mining and utility equipment net sales increasing slightly for the 2025 fiscal year. Komatsu accounted for 11% of total global construction equipment sales, according to the report. Top machines financed by U.S. buyers included the WA320-8 wheel loader and the PC88MR-11 and PC360LC-11 excavators.
Chinese manufacturer XCMG overtook John Deere to move into the third position, with $14.2 billion in sales and 5.8% market share. Despite its global prowess, XCMG’s U.S. footprint remains small, accounting for 0.2% of all new financed machines sold. According to EDA, its top-selling models include the XE35U and XE55U mini excavators and XC7-SV12 skid steer.
Deere’s global construction equipment sales totaled $13.2 billion for 5.4% market share. Key models sold in the U.S. included the 325G and 333 P-Tier compact track loaders, as well as the 35 P-Tier mini excavator, as reported by EDA.
For a third year in a row, Liebherr and Sany held on to their fifth and sixth place positions.
Meanwhile, Hitachi Construction Machinery and Volvo Construction Equipment continue to duke it out for seventh place, with Volvo CE overtaking Hitachi with $10.5 billion in sales in 2025.
Volvo CE has rolled out nearly 80 new and updated machine models in recent years, in addition to a nearly 50% expansion of its services portfolio. Its top-selling models in the U.S. are the L90H2 wheel loader and A40G and A30G haul trucks.
Hitachi recorded $9.1 billion in total global construction equipment sales for the year. By the time next year's rankings are released, Hitachi will be known as Landcros. The new corporate and brand name will be reflected across all equipment, parts and dealerships globally. The move comes as Hitachi Ltd. continues to reduce its stake in the construction unit, from 51% in 2022 to 18.4% today.
JCB held its ground in ninth place with $7.5 billion in sales. Sandvik, facing pressure from Zoomlion, for the 10th spot, recorded $6.9 billion in sales.
Here are the world’s largest construction equipment manufacturers by sales for 2025:
World’s Largest Construction Equipment Manufacturers
| Company | 2025 Ranking | 2024 Ranking | 2023 Ranking |
| Caterpillar | 1 | 1 | 1 |
| Komatsu | 2 | 2 | 2 |
| XCMG | 3 | 4 | 4 |
| John Deere | 4 | 3 | 3 |
| Liebherr | 5 | 5 | 5 |
| Sany | 6 | 6 | 6 |
| Volvo Construction Equipment | 7 | 8 | 7 |
| Hitachi Construction Machinery | 8 | 7 | 8 |
| JCB | 9 | 9 | 9 |
| Sandvik Mining & Rock Technology | 10 | 10 | 11 |
Yellow Table is KHL's annual ranking of the world’s biggest construction equipment brands by sales figures. The full Yellow Table was published in the April-May 2026 issue of KHL’s International Construction. View last year’s list of top construction machinery manufacturers here.
