Views: 705 Author: Site Editor Publish Time: 19-06-2024 Origin: Site
Recently, the authoritative magazine "International Construction" under the British KHL Group released the "2023 Global Top 50 Construction Machinery Enterprises" list. The total revenue of the 50 companies reached a historic high of $243.4 billion.
Among the companies listed, Caterpillar retains the top spot with a revenue of $41 billion, increasing its share from 16.3% in 2022 to 16.8%, further widening the gap with the second-ranked Komatsu.
The Top 10 companies are as follows: Caterpillar, Komatsu, John Deere, XCMG, Liebherr, Sany, Volvo Construction Equipment, Hitachi Construction Machinery, JCB, and Doosan Bobcat.
According to the report, three new companies from China made it to the list this year, while three Japanese companies, including Kato, were delisted. A total of 13 Chinese companies were listed, with a combined revenue of $41.921 billion, accounting for 17.2% of the total. Among them, seven companies saw a decline in their rankings, two remained unchanged, and one saw an improvement.
Specifically, XCMG dropped out of the top three, ranking fourth; Sany fell one spot to sixth; Zoomlion remained unchanged at twelfth; and LiuGong fell two spots to nineteenth.
China Lonking, CRCHI, Sunward, and Lovol saw their rankings drop to 32nd, 37th, 41st, and 49th, respectively.
Shantui remained unchanged at 31st, while Zhejiang Dingli was the only company that saw an improvement, rising to 39th.
Notably, the three new entries are LGMG (34th), Tongli (43rd), and Sinoboom (50th), primarily manufacturing aerial work machinery, mining machinery, and other equipment that have been quite popular in the Chinese construction machinery market in recent years.
Regionally, the revenue share of the 50 construction machinery companies in the Asian market has been decreasing year by year, from 50.2% in 2021 to 44.8% in 2022, and further down to 42.8% in 2023.
The North American market saw strong growth in 2023, driven by various government measures, with its share increasing from 27.2% in 2022 to 29.9%. According to Off-Highway Research, approximately 330,000 construction machinery units were sold in the North American market in 2023, an 8% year-on-year increase.
The European market maintained stable growth, with its share rising from 27.5% in 2022 to 29%.
KHL's analysis attributes the significant decline in the Asian market's revenue mainly to the cyclical difficulties in the Chinese market, along with the strong conditions in the North American market. Consequently, XCMG dropped to fourth place, and John Deere entered the top three, which is not surprising.
"The most surprising aspect is that the overall ranking of Chinese companies did not further decline, indicating that Chinese companies have been focusing heavily on overseas market expansion in recent years."
