In 2023, global construction equipment sales surpassed $243 billion, marking a record high, according to the annual Yellow Table report released by European construction media group, KHL.
The top 50 construction equipment companies worldwide saw a significant increase, with sales climbing over $12 billion from the $231 billion recorded in 2022.
A key contributor to this growth has been U.S.-based manufacturers, which accounted for more than 28.6% of the Yellow Table’s total revenue—an increase from 26.8% in 2022 and 21% in 2021, as reported by KHL. In contrast, Chinese OEMs saw a slight decline, with their revenue share dropping from 18.2% in 2022 to 17.2% in 2023.
Caterpillar maintained its No. 1 ranking on the Yellow Table, achieving $41 billion in sales, representing 16.8% of the global construction equipment market. Including its resource industries, energy, and transportation segments, Caterpillar’s total sales for 2023 reached $67.1 billion, marking the best financial year in the company’s 98-year history. The company’s Construction Industries division saw a 4% increase, driven by robust sales and strong demand in North America.
Komatsu secured the second spot again, while John Deere surpassed XCMG to claim third place.
Liebherr made significant strides, moving up two spots to fifth position—its highest rank on the Yellow Table in recent years. The Switzerland-based company experienced a record year, with revenues growing by 11.5%, reaching over $15.2 billion.
Sany and Volvo CE each dropped a spot, landing in sixth and seventh place, respectively, while Hitachi retained its No. 8 position for another year.
British manufacturer JCB rose to ninth place, continuing its upward momentum. JCB also recently announced plans to construct its second-largest manufacturing facility in San Antonio, Texas. The 720,000-square-foot plant will produce Loadall telescopic handlers and aerial access equipment for the North American market, with operations set to begin in 2026.
And finally, Doosan Bobcat re-entered the top 10 after falling to the eleventh position last year.