MAY 2020 Vol 59 No 4
A KHL Group publication www.khl.com
Yellow Table
World’s top 50 OEMs ranked P21
CONSTRUCTION AND COVID-19 INDUSTRY INTERVIEWS
TWO-PAGE NEWS SPREAD AND Vermeer & Deutz
FOUR-PAGE SPECIAL FEATURE INSIDE P46 & 32
PORTABLE POWER AND LIGHTING ■ ACCESS EQUIPMENT ■ NORTH AFRICA REGIONAL REPORT
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NEWS REPORT
World’s top 50 revealed
C
onstruction equipment sales have seen Construction equipment sales among the world’s biggest
several years of good growth following
on from 2013-2016 when the sales for OEMs increased to record-breaking levels in 2019,
the world’s top 50 OEMs (Original Equipment
Manufacturers) in the Yellow Table declined. Sales but the industry waits to see the full impact of Covid-19
for the year 2019 continued this mini-trend, with
more growth. However, with the world currently A number of China-based OEMs have seen a in compact electric equipment which could prove
in the grip of the Covid-19 pandemic, next year’s remarkable rise up the table in the last few years. to be a shrewd move in the future. The second
table is almost certain to see a decline in sales. They have been helped by the country’s Belt and Japanese company in the top ten is Hitachi at
The headline figure from this year’s table is that Road Initiative but also by many of the companies number seven, with the firm dropping three
the combined sales of the 50 companies on the list recognising that to be successful in markets such places, followed by Liebherr which holds steady
is US$202.7 billion. This is a record-high, and the as Europe and North America the service and at number eight. The top ten is rounded off by
first time in the history of the Yellow Table that aftercare they provide needs to be commensurate Doosan at number nine before a new entry into
sales have topped the US$200 billion mark. with their Western counterparts. the top ten by Chinese firm Zoomlion, which saw
This figure of just under US$203 billion is a Volvo CE has dropped a place from number five sales increase impressively from US$4.3 billion to
10% increase from the last table, when combined to number six – the company is heavily investing US$6.2 billion. >
equipment sales for the top 50 OEMs in 2018 was
US$184 billion.
Even though this figure for 2019 is a record- By country
high, it is worth highlighting that the percentage Share of Yellow Table revenues
rate of growth is slowing. For example, the Yellow
Table in 2017 saw growth of 25.5% compared
T
to 2016; the Yellow Table in 2018 saw growth of he information below indicates that revenues have decreased – slightly – in Asia from last year’s
13.5% and for this year growth has slowed again 46.7% of the total amount generated to 45.4%. This is despite a strong rise in the table from some
to 10%. Chinese firms, in particular XCMG, Sany and Zoomlion who all saw their rankings increase.
The growth rate has been slowing and would North America sees a slight increase from 25% to 27.8%, helped by the strong showing of Caterpillar, the
have likely slowed again next year, if not world’s largest OEM by sales. Europe saw a marginal decline from last year’s percentage of 27.8% to 26.2%.
contracted; and that was in a ‘normal’ world. The Continent has two companies in the top ten: Volvo CE at six and Liebherr at eight.
With Covid-19, OEMs having to shut down or Please note that these figures represent the revenues of the companies listed on the Yellow Table, and are
reduce production at factories and governments therefore not representative of the revenues generated within the regions themselves or individual countries
advising citizens to self-isolate it is a not a question as a whole.
of if sales reduce next year; rather it is by how
much. Both Caterpillar and Volvo Construction US 24.6%
Equipment (Volvo CE) have released results from 24.6%
their first quarters of 2020: Cat saw sales down Japan 23.1%
27%, Volvo CE saw a drop of 17%. 25.3%
Returning to this year’s list, and Caterpillar China 17.7%
retain their position at the top of the table, with 16.0%
sales of US$32.8 billion. A disclaimer: last year, Sweden 9.6%
in error, the mining equipment figures for Cat 10.0%
By region
PERCENTAGE SHARE
were not included and so their overall figure was Germany 6.0%
underreported. 6.0%
Number two on the list is Komatsu, with the South Korea 4.5% RoW
company enjoying solid, if unspectacular growth. 5.2% 0.6%
However, it is behind this historical top two of the Finland 2.5%
Yellow Table where matters get really interesting. 2.8%
Last year John Deere jumped from number UK 2.7%
nine to number three, a quite spectacular rise. 3.0% Europe North America
Although Deere enjoyed good sales, the main France 2.3% 26.2% 27.8%
reason for this was the acquisition of the highly 2.6%
successful Wirtgen Group. On this year’s list John Italy 1.6%
Deere retains its position at number three – but 1.8%
only just. Austria 1.0%
Deere is only marginally ahead of Chinese 1.0%
company XCMG, which has risen from number
six last year to number four with sales of US$11.1 This year Asia
billion. XCMG are followed on the list by another Last year 45.4%
Chinese company, Sany, which also enjoys a rise
in the rankings; this time from number seven last
year to number five.
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NEWS REPORT
2020 Yellow Table
Construction Mini or Compact
Equipment midi or skid-
2019/ sales (US$ Share of Backhoe Excavators steer Powered Telescopic
2020 Change Company Country million) total Loaders (0 - 13 t) loaders Access Handlers Cranes
1 1 Caterpillar US 32,882 16.2%
2 2 Komatsu JP 23,298 11.5%
3 3 John Deere US 11,220 5.5%
4 6 2 XCMG** CN 11,162 5.5%
5 7 2 Sany** CN 10,956 5.4%
6 5 1 Volvo Construction Equipment SE 9,381 4.6%
7 4 3 Hitachi Construction Machinery JP 8,989 4.4%
8 8 Liebherr DE 8,565 4.2%
9 9 Doosan Infracore KR 6,689 3.3%
10 13 3 Zoomlion** CN 6,270 3.1%
11 12 1 Sandvik Mining and Rock Technology SE 5,934 2.9%
12 10 2 JCB** UK 5,500 2.7%
13 11 2 Terex US 4,353 2.1%
14 14 Epiroc SE 4,181 2.1%
15 16 1 Oshkosh Access Equipment (JLG) US 4,079 2.0%
16 15 1 Metso FIN 3,635 1.8%
17 17 Kobelco Construction Machinery JP 3,371 1.7%
18 22 4 Kubota JP 2,866 1.4%
19 21 2 Liugong** CN 2,820 1.4%
20 18 2 CNH Industrial IT 2,768 1.4%
21 19 2 Sumitomo Heavy Industries JP 2,671 1.3%
22 20 2 Hyundai Construction Equipment KR 2,450 1.2%
23 23 Manitou FR 2,346 1.2%
24 28 4 Wacker Neuson DE 2,131 1.1%
25 25 Palfinger AT 1,966 1.0%
26 29 3 Tadano JP 1,959 1.0%
27 27 Manitowoc US 1,834 0.9%
28 24 4 Lonking** CN 1,812 0.9%
29 26 3 Fayat Group FR 1,726 0.9%
30 30 Hiab FIN 1,513 0.7%
31 32 1 Astec Industries US 1,170 0.6%
32 33 1 Ammann** CH 1,073 0.5%
33 36 3 Takeuchi JP 1,020 0.5%
34 31 3 Shantui CN 927 0.5%
35 34 1 Sunward CN 905 0.4%
36 37 1 Skyjack** CA 834 0.4%
37 39 2 Bauer** DE 796 0.4%
38 35 3 Kato Works** JP 792 0.4%
39 38 1 Furukawa** JP 714 0.4%
40 40 Haulotte Group FR 685 0.3%
41 41 Foton Lovol** CN 678 0.3%
42 44 2 Sennebogen** DE 608 0.3%
43 42 1 Bell Equipment** ZA 596 0.3%
44 43 1 Aichi JP 573 0.3%
45 45 Yanmar** JP 496 0.2%
46 47 1 Merlo** IT 397 0.2%
47 50 3 BEML* IN 316 0.2%
48 46 2 XGMA CN 288 0.1%
49 49 Boart Longyear AUS 285 0.1%
50 NEW Hidromek** TR 247 0.1%
* - fiscal year, ended March 31st 2018 ** - estimate
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NEWS REPORT
Dozers/ Compaction/ Breakers
Concrete crawler road Excavators Wheeled Rigid Drilling/ & attach- Crushing &
Equipment loaders building Graders (13t+) Loaders ADTs Haulers foundations ments Screening Website
www.caterpillar.com
www.komatsu.com
www.deere.com
www.xcmg.com
www.sany.com.cn
www.volvo.com
www.hitachi-c-m.com
www.liebherr.com
www.doosaninfracore.co.kr
www.zoomlion.com
www.sandvik.com
www.jcb.com
www.terex.com
www.epiroc.com
www.jlg.com
www.metso.com
www.kobelco-kenki.co.jp
www.kubota.co.jp
www.liugong.com
www.cnh.com
www.shi.co.jp
www.hyundai-ce.com
www.manitou.fr
www.wackerneuson.com
www.palfinger.com
www.tadano.co.jp
www.manitowoc.com
www.lonkinggroup.com
www.fayat-group.com
www.hiab.com
www.astecindustries.com
www.ammann-group.ch
www.takeuchi-mfg.co.jp
www.shantui.com
www.sunward.cn
www.skyjack.com
www.bauer.de
www.kato-works.co.jp
www.furukawakk.co.jp
www.haulotte.com
www.lovol.com
www.sennebogen.de
www.bell.co.za
www.aichi-corp.co.jp
www.yanmar.co.jp
www.merlo.com
www.bemlindia.com
www.xiagong.com
www.boartlongyear.com
www.hidromek.com.tr
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NEWS REPORT
Top 10
Note-worthy Company shares Others 36.2%
One of the most note-worthy aspects of the
Yellow Table has to be China. The country now ■ Caterpillar 16.2%
has two companies in the top five of the list and ■ Komatsu 11.5%
three in the top ten; no country has a higher ■ John Deere 5.5%
representation in the top ten. ■ XCMG 5.5%
Construction equipment sales in China ■ Sany 5.4%
increased in 2019 – although not at the same ■ Volvo 4.6%
break-neck speed of previous years – and major ■ Hitachi 4.4%
OEMs from China have further intensified efforts ■ Liebherr 4.2%
to increase sales overseas. China-based companies ■ Doosan 3.3%
on the list provided sales figures of just under ■ Zoomlion 3.1%
US$36 billion, which equates to 17.7% of the
total. Last year Chinese companies contributed to
16% of the total. – more accurately, a re-entry. Turkish OEM
It is worth noting, of course, that China is still Hidromek has re-entered the list at number
behind the two traditional heavyweights when it 50 after dropping out last year following the
comes to construction equipment sales: the US economic turmoil that the country experienced ‘softening’ of sales. The question now is, by how
and Japan. It will be interesting to see how this and the plummeting value of the Turkish lira. The much are sales going to plummet? Covid-19 is a
develops over the next few years and decades. country has still not fully recovered economically, rapidly developing situation, and countries are at
Looking at individual companies, and the but the company has re-entered the Yellow Table. different stages in their battle with the pandemic.
biggest movement on the table was four places. In the last two quarters of 2020 it is hoped
Japan-based Kubota jumped from number 22 on Future outlook that life can return to some degree of normality.
last year’s list to number 18, and German-based Last year, when looking to the future, this section Whether there will be ‘pent up’ demand for
compact equipment specialist Wacker Neuson of analysis mentioned political uncertainties like construction equipment is up for debate and it
from 28 to 24. The biggest faller was China-based Brexit and Donald Trump. How – relatively – could be that sales remain static even when life
Lonking, manufacturers of roadbuilding and trivial they now seem in the wake of Covid-19. and businesses begin again. Much depends on
earthmoving equipment. The company fell from Even before Covid-19 it had been predicted government investment, as private financing is
24 to 28, effectively swapping places with Wacker. that the peak of construction equipment sales likely to be flat.
There was only one new entry onto the Table had been reached and that 2020 would see a While the big infrastructure projects already
approved or underway are unlikely to be cancelled,
Steady growth will governments around the world announce
bold new infrastructure spending plans to boost
Rise in sales continues, but sharp fall expected next year their economies? The answer to that could well
determine how large the decline is in the sales
figures of next year’s Yellow Table. iC
T
he peak of the current cycle of construction equipment sales was believed to have been in 2019 – this
was before Covid-19. Sales of construction equipment among the world’s top 50 OEMs have seen a
remarkable rise over the last few years; partly the reason that 2019 was seen as the peak.
In 2016 sales were US$130 billion – 2019 saw sales of US$203 billion. Even for a famously cyclical Methodology
industry, to see sales increase by over US$70 billion in the space of three years is staggering. This rise is
due to a number of factors: large-scale government infrastructure projects, the continued growth of the
Chinese market and Chinese OEMs, equipment coming to the end of its natural life and needing replacing, Positions in the Yellow Table are based on sales in
the development of emerging markets and OEMs providing good equipment, service and aftercare. the 2019 calendar year in US Dollars. Currencies
As has already been mentioned, next year will see a sharp decline in construction equipment sales. The have been converted to Dollars based on the
more interesting question is: what happens the year after that? And, if the market rebounds, by how much average exchange rate over the course of 2019 to
will it come back? try and ensure fairness. Data was gathered from
a variety of sources including audited accounts,
250 40% company statements and reputable third-party
sources.
30% In Japan, India and certain other countries, the
200 use of the fiscal year (ending 31 March) has made
20% it impossible to establish calendar year information.
In these cases, fiscal year results were used.
150 10%
In some cases International Construction has made
0% an estimate of revenues based on historical data
and industry trends. Where this has occurred,
100 -10% it has been clearly marked with two asterixs’.
While every effort has been taken to ensure
-20%
50 information in this report is accurate, International
-30% Construction does not accept any liability for
errors or omissions. If you would like to comment
0 -40% on the Yellow Table, or feel your company should
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 be included, please e-mail the editor at:
Revenues – US$ billion % Growth andy.brown@khl.com
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