World’s top 5 construction equipment manufacturers – 2023 edition

Attend a Ritchie Bros. auction live or online and you’ll to find equipment from a broad range of manufacturers—from Caterpillar to Komatsu, John Deere to Sany, we’ve got them all. But how do they stack up? Who are the world’s top construction equipment makers?

International Construction Magazine has released its Yellow Table, an annual ranking of the world’s top 50 construction equipment manufacturers by sales figures. The magazine is reporting construction equipment sales reached a combined $230.6 billion in 2022 for the world’s top 50 OEMs. That’s down slightly from last year’s US$232.7 billion, the highest figure ever recorded by the survey.

US-based OEMs accounted for 26% of total revenue while China-based OEMs made up 18%.

There was minimal movement in the top 5 OEMs from last year’s rankings. The only change was John Deere displacing Chinese manufacturer Sany for the #4 spot.

Here’s a look at the world’s top five construction equipment manufacturers, as published in the 2023 Yellow Table ranking:

1. Caterpillar (USA) – US$37.5 billion

With over US$37 billion in sales, Caterpillar continues to reign supreme atop the Yellow Table standings. The US-based equipment giant accounted for 16% of the top-50’s total revenue.

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2. Komatsu (Japan) – US$24.6 billion

Komatsu retains its second-place spot on the Yellow Table. The Japanese OEM recently announced it is developing an excavator with hydrogen fuel cell systems. A step closer for the company’s stated goal of carbon neutrality.

3. XCMG (China) – US$13.4 billion

XCMG from China sits #3 on the Yellow Table as the word’s third largest construction OEM. Despite seeing a decline in revenue in 2022, the company is projecting 10% revenue growth in 2023 based on overall industry trends.

4. John Deere (USA) – US$12.5 billion

U.S. manufacturer John Deere keeps inching up the table. Last year it ranked #5 and the year prior it was #6. The company reported net income of $7.1 billion, marking an increase of 20% from 2021.

5. Sany (China) – US$11.8 billion

China-based OEM Sany dropped one position to #5. According to KHL, the Chinese construction market faced head winds in 2022 after two strong years, so a drop for its biggest manufacturers wasn’t unexpected.

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