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Yellow Table 2026: Global Construction Equipment Sales Hit Record $246.6 Billion
Construction Equipment

Yellow Table 2026: Global Construction Equipment Sales Hit Record $246.6 Billion

By Heavy-shift 3 min read

Yellow Table 2026: Global Construction Equipment Sales Hit Record $246.6 Billion

The world's 50 largest construction equipment manufacturers generated a combined US$246.6 billion in sales during 2025, the highest total ever recorded in the KHL Yellow Table's history. The 3.8% year-on-year increase marks the third time in five years that the industry has set a new revenue record, according to the 2026 edition of International Construction magazine's annual ranking.

Market at a Glance

The $246.6 billion total for the 2025 fiscal year surpasses the previous record of $243.4 billion set in 2023. The only interruption in the upward trend came in the 2024 edition, when combined revenues dipped 2.39%.

Regionally, Asia continues to strengthen its position as the dominant market. Companies headquartered in Asia accounted for 45% of the Top 50's combined revenue, up from 44.3% the previous year, driven primarily by China's economic recovery. European manufacturers held a 28% share (up from 27.9%), while North America slipped slightly to 27% (down from 27.5%) amid moderated growth in the region.

The Top 10: Shifting Positions

The top of the table remains familiar, but several movements signal noteworthy industry trends.

Caterpillar retains the #1 position for yet another year with $37.5 billion in construction equipment sales, representing a 15.2% market share. Including its resource, energy, and transportation segments, Cat's total revenue reached $67.6 billion — a 4% increase year-on-year.

Komatsu holds steady at #2 with approximately $27.1 billion, claiming 11.0% of the global market. The Japanese OEM maintains stable sales across its global footprint.

The most significant change in the top tier comes at #3, where XCMG displaces John Deere. The Chinese manufacturer reported $14.2 billion in construction equipment sales, good for a 5.8% market share. XCMG's overseas revenue grew 16.58% year-on-year to RMB 48.6 billion, with international sales now accounting for 48.2% of its total. Notably, XCMG has minimal exposure to the US market, where it holds just 0.2% market share.

John Deere slips to #4 with $13.2 billion in sales, while Liebherr and Sany hold steady at #5 and #6 respectively — both for the third consecutive year.

Volvo Construction Equipment moves up one spot to #7, surpassing Hitachi. The Swedish manufacturer generated $10.5 billion in sales, supported by approximately 80 new machine models and a 50% expansion of its service portfolio. Volvo's climb reflects a broader push into product renewal and aftermarket growth.

Hitachi Construction Machinery drops to #8 with $9.1 billion. The Japanese company is in the midst of a major transformation: it will rebrand as Landcros in 2027, following Hitachi Ltd.'s decision to reduce its ownership stake from 51% to 18.4%.

Rounding out the top ten are JCB ($7.5 billion) at #9 and Sandvik ($6.9 billion) at #10, though Sandvik faces growing pressure from Chinese rival Zoomlion.

What the Rankings Tell Us

The 2026 Yellow Table confirms several structural shifts in the global construction equipment industry. Chinese OEMs continue to gain ground, with Asia now representing 45% of the Top 50's revenue. The rise of XCMG to #3 and the sustained strength of Sany at #6 demonstrate that Chinese manufacturers are no longer just volume players — they are competing at the highest levels of revenue and market share.

Meanwhile, the rebranding of Hitachi Construction Machinery to Landcros marks the end of an era for one of Japan's most recognizable construction brands, while Volvo CE's product offensive signals that European manufacturers are investing aggressively to defend and grow their positions.

Sources

Construction Equipment