In the list of the top 50 global construction machinery enterprises in 2024, 13 Chinese enterprises were on the list, and XCMG ranked fourth.

The latest Yellow Table released by International Construction, a magazine under the British KHL, a global construction machinery information provider, shows that the total sales of the top 50 global construction machinery mainframe manufacturing enterprises in 2024 reached 243.4 billion US dollars, a year-on-year increase of 5.5%, setting an all-time high record.

Data source: KHL

In the Yellow Table 2024 list, the top 10 enterprises are Caterpillar (16.8%), Komatsu (10.4%), John Deere (6.1%), XCMG (5.3%), Liebherr (4.2%), Sany Heavy Industry (4.2%), Volvo Construction Equipment (4.1%), Hitachi Construction Machinery (3.7%), JCB (3.3%), and Doosan Bobcat (3.1%) respectively. Among them, the American company John Deere rose from the 4th place last year to the 3rd place. Since the acquisition of Wirtgen, John Deere's ranking in the list has continued to climb.

There are a total of 13 Chinese enterprises on this list. Among them, the rankings of many Chinese construction machinery manufacturers are lower than last year. XCMG and Sany Heavy Industry have dropped one place compared to last year, ranking 4th and 6th respectively. Zoomlion ranks 12th, and Liugong has dropped 2 places to rank 19th. Shantui Co., Ltd. ranks 32nd, and Lonking Holdings Limited has dropped 2 places to rank 32nd.

In addition, there are SDLG Heavy Industry (34), CRCC Heavy Industry (37), Zhejiang Dingli (39), Sunward Intelligent Equipment (41), Tongli Heavy Industry (43), Lovol Heavy Industry (49), and Sinoboom (50).

Among them, SDLG Heavy Industry, Tongli Heavy Industry, and Sinoboom are new members of the list. Sinoboom is a manufacturer of aerial work machinery and ranked 51st on the list last year. Tongli Heavy Industry mainly produces off-highway dump trucks, and SDLG Heavy Industry mainly produces aerial work machinery and mining vehicles.

In terms of the regions where the enterprises are located, the overall revenue of Asian construction machinery enterprises has been continuously declining in recent years. In 2022, they accounted for more than half (50.2%) of the total revenue of the enterprises on the list. This figure was 44.8% in 2023 and continued to decline to 42.8% in 2024. The revenue proportion of European construction machinery enterprises increased from 27.5% in 2023 to 29%.

It is worth noting that the North American market has remained strong. The revenue proportion of construction machinery enterprises has increased from 27.2% to 29.9%. According to data from Off-Highway Research, the number of construction machinery units sold in North America in 2023 was approximately 330,000 units, an increase of 8% year-on-year, setting a new historical high for sales in the region.

In the Yellow Table 2024 list, American construction machinery enterprises account for 28.6% of the total sales, which is the highest proportion among all countries. The Japanese construction machinery market accounts for 19.9% of the total sales. The sales of Chinese construction machinery enterprises account for 17.2% of the total sales, down from 18.2% last year. (The data in the Yellow Table shows the operating income of the listed companies and does not represent the revenue performance of a region or a country as a whole. In addition, the data range of this list is based on the natural year of 2023. However, in Japan, India, and some other countries, the data range is the fiscal year of 2023, that is, from April 1, 2023, to March 31, 2024.)

Construction machinery is a fundamental industry that supports the national economy and is regarded as the "barometer" and "vane" of the national economy. It mainly includes equipment such as excavators, earth-moving and transportation machinery, hoisting machinery, compaction machinery, and concrete machinery, which are used in fields such as real estate development, infrastructure construction, and energy mining.

KHL stated that the overall sales of the global construction machinery market have declined, but there are two reasons why the sales on the list have not been affected. First, the top 50 global construction machinery mainframe manufacturers are gaining an increasingly larger market share from the mainframe manufacturers ranked 51st to 100th. Second, the new demand released in the field of aerial work machinery in Asia has made up for the decline in other aspects.

KHL predicts that the sales of construction machinery in 2024 will decrease by about 8% compared to 2023. Among them, the North American market is expected to remain strong, the sales in Europe will decline slightly, and the Indian general election will also have a negative impact on sales. In the past few years, China's sales have dropped sharply, and the market is expected to bottom out in 2024.