In 2023, the top 50 global construction machinery manufacturers achieved a total sales revenue of $223.806 billion, a year-on-year increase of 1.10%. Operating profit reached $24.552 billion, with a growth rate of 6.17%, resulting in an operating profit margin of 10.97%.
These top 50 companies hail from 13 countries. China has the most companies on the list, with 13, followed by Japan with 11, the United States with 6, Germany with 4, and France, Sweden, and South Korea each having 3. Finland has 2 companies, while the UK, Italy, Canada, Austria, and South Africa each have 1.
The performance of manufacturers from different regions varies significantly. European and American manufacturers lead the growth. Caterpillar, which remains at the top, saw its sales increase by 17.76% and operating profit grow by 31.48%. Komatsu, in second place, achieved a sales growth of 12.87% and a profit increase of 41.35%. Other companies focusing on the European and American markets, such as Doosan Bobcat, Sandvik, Metso, JLG, CNH, Manitowoc, Haulotte, Astec, and Manitou, also reported sales growth exceeding 10%.
In contrast, Chinese companies experienced declines in both sales and operating profit. However, Lingong Machinery and Sinoboom, entering the list for the second consecutive year, managed to achieve growth in both sales and profit despite the challenging market conditions.
From a sector-specific perspective, the past year has been particularly successful for aerial work platform manufacturers, with almost all those in the top 50 achieving above-average growth.
Strong market performance in Europe and America has fueled a wave of acquisitions, especially in the mining equipment sector. Epiroc made 9 acquisitions, including companies like South African collision avoidance system maker Mernok Elektronik, U.S. excavator attachment manufacturer Wain-Roy, Australian underground and surface mining electrification solutions provider JTMEC, South African mining equipment manufacturer AARD, Australian digital core imaging solutions provider Geoscan, and Mexican rock drilling machinery manufacturer RNP Mexico.
Komatsu acquired German underground mining equipment manufacturer GHH, Metso acquired Northern Ireland mobile crushing and screening equipment manufacturer Tesab, and Sandvik acquired SP, a provider of screening media solutions.
U.S. companies have also been active in acquisitions. Terex acquired Finnish intelligent robotics waste sorting company ZenRobotics and Canadian concrete mixer manufacturer ProAll; JLG acquired Italian tracked aerial work platform company Hinowa; Manitowoc acquired Aspen Equipment and H&E Equipment Services; and Astec acquired asphalt plant automation system and transport company MIN.
European brand CNH acquired Italian earthmoving equipment and excavator undercarriage manufacturer Sampierana.
Globally, technology is driving industry upgrades and reshaping market dynamics. Electrification is a key trend, with nearly all top 50 manufacturers having launched electric products, and some even developing entire electric product lines. Chinese companies have a natural advantage in this area.
The battery sector has also become a focal point. Komatsu is working with Cummins on hydrogen battery solutions and with Honda to develop lithium battery micro-excavators and 20-ton electric mid-excavators. John Deere acquired an Austrian lithium battery manufacturer to advance the electrification of its small and road equipment. Volvo Construction Equipment acquired a Dutch battery manufacturer and launched its first electric articulated hauler. Sandvik acquired Finnish battery solutions company Akkurate and enhanced its underground equipment battery swap solutions. Terex invested in plug-and-play electronic power output system supplier Viatec in South Carolina and Ohio-based battery technology solutions company Acculon Energy. Manitou announced a hydrogen-powered equipment development route, advancing both electrification and hydrogen energy products, and acquired an 82% stake in French lithium battery company easyLi. Haulotte is collaborating with Bouygues & Service on hydrogen battery technology.
Automation and intelligent management software are also areas of significant focus. Caterpillar equipped its 777G large mining truck fleet with the MineStar Command for Hauling system. SANY uses cloud control and IoT technology to enable coordinated operations of dump trucks, loaders, and excavators. Liebherr has deployed fully autonomous fleets. Sandvik acquired Australian mine optimization software and service providers as well as mine planning software companies. Epiroc acquired Australian digital solution provider CR, Australian automation and remote control solutions provider RCT, and a 53% stake in Australian mine wireless connectivity supplier Radlink. Metso launched remote monitoring solutions for aggregates and mining. JLG introduced a new generation of augmented reality applications for pre-inspection and fleet management. Bauer introduced operational virtual training programs and acquired software and digital solutions provider fielddata.io, launching site process digitalization with SaaSContech.
The ongoing impacts of the COVID-19 pandemic, global economic and political factors, industry cycles, and market demand changes have driven leading companies to restructure their industrial layouts. Hitachi Construction Machinery launched independent operations in the Americas and increased small excavator and loader production capacity at its Shiga plant in Japan. Volvo Construction Equipment expanded its articulated hauler manufacturing base in Sweden. Epiroc relocated its product lines from its Japanese plant to Nanjing, China. Doosan Bobcat invested $70 million to establish a new plant in Carolina and a new equipment plant in Minnesota, and opened a parts distribution center in Nevada. Kubota invested $53 million in a new small equipment plant in Kansas and increased mini excavator production capacity in Japan. Metso invested €32 million in a mining aggregate and repair center in Australia. JLG built a new factory in Tennessee and increased production lines in Pennsylvania and Mexico. Kobelco boosted capacity at its Southeast Asian facility, expanded its Oji plant in Japan, and transferred North American plant capacity back to Japan. Manitou invested €26 million in a factory in France to produce rough-terrain aerial work platforms and €70 million in a U.S. plant for articulated loaders, telehandlers, and tracked loaders. Palfinger expanded production capacity at its German aerial work platform factory. Astec invested in a mobile crushing and screening equipment factory in Northern Ireland. Skyjack built new factories in Mexico and Tianjin, China, and expanded its Hungarian plant.
In China’s massive construction machinery market, some foreign brands are retreating. CNH announced the termination of its construction machinery business in China, and Kobelco merged its Chinese manufacturing bases to cut capacity.
Amid these factors, driven by technology and the restructuring of regional industrial chains, a new wave of competition is emerging in the global construction machinery industry.
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