From a revenue perspective, global construction machinery is still dominated by the United States and Japan, but Chinese companies have caught up!
The 2025 list of the top 50 global construction machinery manufacturers released by the British KHL Group is the most credible ranking in the global construction machinery field.
This list uses the actual revenue of the company’s construction machinery sector as the core evaluation criterion. It is an important window for the outside world to observe the global industrial structure and the competitiveness of leading companies.
U.S. Caterpillar, which ranks first, continues to lead the entire industry with a global market share of 15.7%.
Caterpillar’s product line covers all categories, with outstanding advantages in the fields of large-scale mining engineering machinery and high-end special equipment. Its products are sold around the world, and its brand influence and customer recognition in the high-end market are unshakable.
Komatsu, which has been ranked second all year round, has captured 11.0% of the market share and is recognized as a top brand in the world.
Relying on its mature manufacturing technology, precise hydraulic technology and stable product quality, Komatsu has been deeply involved in the small and medium-sized construction machinery, mining equipment and overseas infrastructure markets for many years, forming a dual situation with Caterpillar.
The two leading companies account for more than a quarter of the global market share, and their revenue volume leads other peers.
There are also many established European and American manufacturing companies in the top ten of the list. They started early and have deep foundations in technology accumulation, supply chain layout, and overseas service network construction. They focus on high value-added products and rely on high unit prices to support dazzling revenue figures.
For a long time, the top voice in the global construction machinery industry has basically been in the hands of established overseas companies.
In recent years, the collective rise of Chinese construction machinery companies has broken the original pattern.
In the 2025 list, China has 13 companies shortlisted for the top 50, making it the country with the largest number of companies on the list in the world.
XCMG ranks third in the world with sales revenue of US$14.207 billion and a market share of 5.8%. It is currently the only Chinese construction machinery company that has broken into the top three in the world multiple times.
Sany Heavy Industry ranks sixth with revenue of US$12.582 billion and a market share of 5.7%. It has been among the top ten in the world for many years.
Zoomlion ranked 11th with revenue of US$6.812 billion, up two places from the previous year, with steady growth momentum.
A number of domestic mainstream manufacturers also have good rankings, and many companies have achieved varying degrees of improvement in ranking compared with previous years.
According to the overall calculation, the combined market share of the Chinese companies on the list exceeds 20%, forming a force that cannot be ignored in the global market.
However, only looking at the revenue rankings cannot fully understand the true strength of China’s construction machinery in the global market.
The core reason is that there are obvious price differences between domestic and foreign products. Domestic construction machinery has a higher cost performance and generally lower prices, so it “suffers” in rankings based on revenue.
Overseas established companies focus on high-end large-scale equipment, and the price of a single piece of equipment is high; domestic companies’ main products are concentrated in the field of small and medium-sized construction machinery. Relying on a complete local industrial chain and large-scale production advantages, cost control is excellent, and the terminal selling price is much lower than that of overseas brands of the same level.
In terms of sales volume, domestic construction machinery has long been at the top of the world.
Excavators are the category with the highest sales volume and the most competitive market in the world. From 2020 to 2024, Sany’s cumulative sales of excavators reached 380,000 units, ranking first in the world.
From 2021 to 2025, the global share of the total excavator sales of XCMG, Sany, and Liugong will continue to rise.
In the field of loaders, XCMG, Liugong and China Lonking have been among the top sellers in the world all year round.
In terms of engineering hoisting machinery, XCMG’s truck cranes and crawler cranes have ranked first in global sales for many years, and the lifting equipment shipments of Sany and Zoomlion are also at the forefront.
In subcategories such as aerial work platforms, engineering graders, and mining wide-body vehicles, the companies on the list also rank among the top in the global sales list.
Currently there is no authoritative construction machinery sales ranking covering all categories in the world, but from the public sales data of sub-categories and overseas market shipment records, it can be seen that Chinese construction machinery “sells more”, and its penetration rate and popularity in the global terminal market are stronger than the revenue rankings show.
Today, leading domestic companies continue to focus on the high-end field, making breakthroughs in core technologies and narrowing the price gap with overseas brands.
In the future, the revenue list ranking will be closer to the real sales strength. China’s construction machinery industry is expected to lead from the sales volume and achieve comprehensive catch-up in revenue, brand and value.
