European media group KHL has published its annual Yellow Table — a ranking of the world's largest construction equipment manufacturers by 2025 sales. Combined revenue of the top 50 manufacturers reached a record $246.6 billion, up 3.8% from 2024. The previous record of $243.4 billion was set in 2023.
Caterpillar Holds the Lead, XCMG Breaks Into the Top 3
Caterpillar remained the world's largest construction equipment manufacturer for a fourth consecutive year, with $37.5 billion in sales and a 15.2% global market share. Including its resource industries and energy & transportation segments, the company's total revenue for 2025 reached nearly $67.6 billion — a 4% year-over-year increase.
Komatsu held on to second place with roughly 11% of the global market. The bigger shake-up happened in the top three: China's XCMG overtook John Deere to claim third place, posting $14.2 billion in sales (5.8% market share) — even as its footprint in the U.S. market remains modest. John Deere slipped to fourth with $13.2 billion.
Liebherr and Sany Stay Put, Volvo CE Overtakes Hitachi
Liebherr and Sany held on to fifth and sixth place respectively for a third straight year. The race for seventh place saw a change at the top, though: Volvo Construction Equipment overtook Hitachi Construction Machinery, posting $10.5 billion in sales against Hitachi's $9.1 billion.
It's a notable year for Hitachi: the company continues preparing for its rebrand to LANDCROS, expected to complete in 2027, while parent company Hitachi Ltd. keeps reducing its stake in the construction equipment unit — from 51% in 2022 to 18.4% today.
Rounding out the top 10 are JCB in ninth place ($7.5 billion) and Sandvik Mining & Rock Technology in tenth ($6.9 billion), with China's Zoomlion closing in on the latter.
Regional Picture: Asia Gains Ground
Sales growth softened in the U.S. and Japan, while China saw an increase as its economy strengthened. For 2025, Asia-based companies generated 45% of the top 50 manufacturers' combined revenue (up from 44.3% a year earlier). Europe held 28% (up from 27.9%), while North America's share slipped to 27% from 27.5% in 2024.
Top 10 Largest Construction Equipment Manufacturers, 2025
| Company | 2025 | 2024 | 2023 |
|---|---|---|---|
| Caterpillar | 1 | 1 | 1 |
| Komatsu | 2 | 2 | 2 |
| XCMG | 3 | 4 | 4 |
| John Deere | 4 | 3 | 3 |
| Liebherr | 5 | 5 | 5 |
| Sany | 6 | 6 | 6 |
| Volvo Construction Equipment | 7 | 8 | 7 |
| Hitachi Construction Machinery | 8 | 7 | 8 |
| JCB | 9 | 9 | 9 |
| Sandvik Mining & Rock Technology | 10 | 10 | 11 |
Source: KHL Group's annual Yellow Table / International Construction (April–May 2026 issue).
Why This Matters for the Armenian Market
Two key Wayland Armenia partners — Hitachi and the Epiroc group (which spun off from Atlas Copco) — both continue to rank among the world's largest manufacturers in this report. Despite the shifts at the top of the table, both companies remain reliable global suppliers with steady demand for mining and construction equipment — exactly the kind of machinery Wayland Armenia supplies to clients in Armenia, from Hitachi mining excavators to Epiroc drill rigs and attachments.
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