China's Construction Machinery Industry in the 2024 Global Ranking: Performance and Development Trends

The UK KHL Group, an information provider for construction machinery, released the 2024 Yellow Table — CONSTRUCTION EQUIPMENT SALES FOR THE WORLD’S TOP 50 OEMS through its magazine "International Construction". In 2023, the equipment sales of the top 50 companies reached a record high of $243.4 billion. A total of 13 Chinese companies were on the list, and XCMG and Sany Heavy Industry entered the top ten. This remarkable performance of Chinese enterprises in the global ranking not only demonstrates their growing strength but also reflects the vibrant development trend of China's construction machinery industry.

Here is the detailed ranking list:

Rank Company Headquarters Location Annual Construction Machinery Sales/Market Share

1 Caterpillar United States $41 billion/16.8%

2 Komatsu Japan $253.02 billion/10.4%

3 John Deere United States $147.95 billion/6.1%

4 XCMG China $129.64 billion/5.3%

5 Liebherr Germany $103.2 billion/4.2%

6 Sany China $102.24 billion/4.2%

7 Volvo Construction Equipment Sweden $98.92 billion/4.1%

8 Hitachi Construction Machinery Japan $91.05 billion/3.7%

9 JCB United Kingdom $80.82 billion/3.3%

10 Doosan Bobcat South Korea $74.83 billion/3.1%

11 Sandvik Mining and Rock Technology Sweden $72.71 billion/3.0%

12 Zoomlion China $58.13 billion/2.4%

13 Metso Outotec Finland $56.83 billion/2.3%

14 Epiroc Sweden $55.91 billion/2.3%

15 Terex United States $51.52 billion/2.1%

16 Oshkosh Access Equipment, JLG United States $49.9 billion/2.0%

17 Kubota Japan $42.95 billion/1.8%

18 CNH Industrial Italy $39 billion/1.6%

19 Liugong China $38.42 billion/1.6%

20 HD Hyundai Infracore South Korea $35.7 billion/1.5%

21 Hyundai Construction Equipment South Korea $29.3 billion/1.2%

22 Kobelco Construction Machinery Japan $28.89 billion/1.2%

23 Wacker Neuson Germany $28.72 billion/1.2%

24 Manitou Group France $26.75 billion/1.1%

25 Palfinger Austria $26.51 billion/1.1%

26 Sumitomo Heavy Industries Japan $25.85 billion/1.1%

27 Fayat Group France $22.72 billion/0.9%

28 Manitowoc United States $22.28 billion/0.9%

29 Tadano Japan $19.96 billion/0.8%

30 Hiab Finland $15.86 billion/0.7%

31 Shantui China $14.72 billion/0.6%

32 Lonking China $14.69 billion/0.6%

33 Takeuchi Japan $14.59 billion/0.6%

34 LGMG China $14 billion/0.6%

35 Astec Industries United States $13.38 billion/0.5%

36 Ammann Switzerland $12.84 billion/0.5%

37 CRCHI China $9.83 billion/0.4%

38 Bauer Germany $9.31 billion/0.4%

39 Dingli China $8.81 billion/0.4%

40 Skyjack Canada $8.66 billion/0.4%

41 Sunward China $8.49 billion/0.3%

42 Haulotte Group France $8.3 billion/0.3%

43 Tonly China $8.18 billion/0.3%

44 Hidromek Turkey $7.57 billion/0.3%

45 Sennebogen Germany $7.47 billion/0.3%

46 Bell Equipment South Africa $7.45 billion/0.3%

47 Yanmar Japan $7.28 billion/0.3%

48 Merlo Italy $6.92 billion/0.3%

49 Lovol China $6.78 billion/0.3%

50 Sinoboom China $5.28 billion/0.2%

Analysis of the Development Trend of China's Construction Machinery Industry

In recent years, China's construction machinery industry has witnessed several significant trends that have contributed to its enhanced position in the global market.

1. Technological Innovation and Upgrading

Chinese construction machinery manufacturers have been vigorously investing in research and development to improve product quality and performance. For example, in the aspects of intelligent control systems, electric drive technology, and the application of new materials, remarkable progress has been made. The integration of the Internet of Things, big data, and artificial intelligence has enabled construction machinery to have functions such as remote monitoring, fault diagnosis, and intelligent operation scheduling, which not only improves work efficiency but also reduces maintenance costs and downtime, making products more competitive in both domestic and international markets.

2. Expansion in the Global Market

With the improvement of product quality and the establishment of a good brand image, Chinese construction machinery enterprises are increasingly expanding their global business footprint. They are actively participating in international infrastructure construction projects and have established a relatively complete overseas marketing and service network. The increasing number of Chinese companies entering the top 50 global rankings is evidence of their growing influence in the international market. They are gradually changing from simply exporting products to providing comprehensive solutions and localized services, which helps to further enhance customer satisfaction and market share.

3. Diversification of Product Portfolio

In response to the diverse needs of different construction projects and industries, Chinese manufacturers have continuously expanded and diversified their product portfolios. They are no longer limited to traditional construction machinery products but have also developed a series of specialized and customized equipment for specific fields such as mining, ports, and high-altitude operations. This diversification strategy enables them to better meet the market demand and capture more business opportunities in different segments.

4. Focus on Sustainable Development

The industry is paying more attention to environmental protection and sustainable development. Electric and hybrid construction machinery is gradually emerging and being promoted. By reducing emissions and energy consumption, these environmentally friendly products are in line with the global trend of green development and are also favored by more customers, especially in regions with strict environmental regulations.

However, challenges still exist. Intense global competition requires Chinese enterprises to continuously improve their core competitiveness, strengthen intellectual property protection, and further optimize production processes to reduce costs. In addition, fluctuations in the global economic situation and changes in trade policies may also have an impact on the export of construction machinery.

In general, China's construction machinery industry is in a stage of rapid development and transformation, with broad prospects for further growth and a greater role to play in the global construction machinery market in the future.

This ranking reflects the competitive landscape of global construction machinery manufacturers in 2024 and shows the strong presence of Chinese companies in the global market.