15 World’s Largest Heavy Equipment Companies

 

15 World’s Largest Heavy Equipment Companies in 2023

 

15 World’s Largest Heavy Equipment Companies- In the Year of 2023, there are 15 world’s largest heavy equipment companies according to the Annual Report in 2023. Commonly in real life, heavy equipment companies are the companies which manufacture, sell, rent, or service large machinery and vehicles utilized in some sectors including construction, mining, agriculture, forestry, and others. Functionally, these companies produce equipment designed to perform heavy-duty tasks that are beyond the capability of manual labor or smaller machines for example Earthmoving Equipment (Excavator, Bulldozer, Backhoe Loader, Motor Grader), Material Handling Equipment (Crane, Forklift, Telehandler), Road Construction Equipment (Asphalt Paver and Road Roller), Mining Equipment (Dump Truck and Drilling Rig), Agricultural Equipment (Tractor, Combine Harvester), and Demolition Equipment (Wrecking Ball Crane, Hydraulic Breaker). Without the presence of these companies, large-scale development and industrial progress and working would be slower, inefficient, and labor-intensive.

 

In terms of financial and business performance, these 15 world’s largest heavy equipment companies have billions of US Dollars of total assets and successfully gained billions of US Dollar (USD) of net income according to the annual report of 2023. Basically, all of the data was obtained from the annual report of the company. In these articles, we showed the rank in the 2 tables. The first one was composed of total assets and total liabilities, and these showed the financial position of the heavy equipment companies. The second one showed the total revenue and net income, and it exhibited the business performance of the company.

 

 

The Rank of 15 World’s Largest Heavy Equipment Companies Based on Total Assets in 2023

 

Rank	Name of Heavy Equipment Companies	Total Assets	Total Assets	Total Liabilities	Total Liabilities
		(Origin Currency)	(in US Dollar)	(Origin Currency)	(in US Dollar)
1	Deere & Company	USD 104 billion	USD 104 billion	USD 82.2 billion	USD 82.2 billion
2	Caterpillar	USD 87.4 billion	USD 87.4 billion	USD 67.9 billion	USD 67.9 billion
3	Volvo Construction Equipment	SEK 439 billion	USD 43.5 billion	SEK 280 billion	USD 27.7 billion
4	Komatsu	JPY 5.63 trillion	USD 38.2 billion	JPY 2.60 trillion	USD 17.6 billion
5	Kubota Corp	JPY 5.35 trillion	USD 36.3 billion	JPY 2.94 trillion	USD 19.9 billion
6	XCMG	RMB 162 billion	USD 22.68 billion	RMB 103 billion	USD 14.4 billion
7	Kobelco Steel	JPY 2.9 trillion	USD 19.7 billion	JPY 1.79 trillion	USD 12.1 billion
8	Doosan Corporation	KRW 28.2 trillion	USD 19.4 billion	KRW 17 trillion	USD 11.7 billion
9	Zoomlion	RMB 130 billion	USD 18.2 billion	RMB 71 billion	USD 9.9 billion
10	Liebherr	EUR 16.4 billion	USD 17.7 billion	EUR 7.5 billion	USD 8.1 billion
11	Sandvik	SEK 174 billion	USD 17.2 billion	SEK 86.5 billion	USD 8.56 billion
12	CNH Global	EUR 14.6 billion	USD 15.7 billion	EUR 6.2 billion	USD 6.7 billion
13	Hitachi Construction Machinery	JPY 1.83 trillion	USD 12.4 billion	JPY 1.17 billion	USD 7.9 billion
14	Hyundai Heavy Industries	KRW 17.1 trillion	USD 11.7 billion	KRW 11.9 trillion	USD 8.2 billion
15	Sany Heavy Equipment	RMB 34.8 billion	USD 4.8 billion	RMB 23.3 billion	USD 3.2 billion
Source: annual Report, 2023
Origin Currency - Currency officially Used in Annual Report in 2023
US Dollar- Converted Currency from Origin Currency to US Dollar Based on Currency Rates
Currency Rates
	1 Korean Won (KRW) = 0.00069 US Dollar (USD)
	1 Japanese Yen (JPY) = 0.0068 US Dollar (USD)
	1 Renminbi (RMB) = 0.14 US Dollar (USD)
	1 Euro (EUR) = 1.08 US Dollar (USD)
	1 Pound sterling (GBP)= 1.29 US Dollar (USD)
	1 Swedish Krona (SEK) = 0.099 US Dollar (USD)

 

                  The data of total assets and total liabilities above were obtained from the balance sheet of the annual report in 2023. Functionally, the balance sheet basically showed the financial position of the company at the specific time while doing the business. Structurally, the balance sheet consists of assets (a physical and non-physical company resources), liabilities (the company's obligation or debt), and equity (the net worth difference between total assets and total liabilities).

 

The Rank of 15 World’s Largest Heavy Equipment Companies Based on Net Income in 2023

 

 

Rank	Name of Heavy Equipment Companies	Total Revenue	Total Revenue	Net Income/Loss	Net Income/Loss
		(Origin Currency)	(in US Dollar)	(Origin Currency)	(in US Dollar)
1	Caterpillar	USD 67 billion	USD 67 billion	USD 10.3 billion	USD 10.3 billion
2	Deere & Company	USD 61.2 billion	USD 61.2 billion	USD 10.1 billion	USD 10.1 billion
3	Komatsu	JPY 3.86 trillion	USD 26.2 billion	JPY 0.393 trillion	USD 2.6 billion
4	CNH Global	EUR 1.79 billion	USD 1.9 billion	EUR 2.1 billion	USD 2.2 billion
5	Kubota Corp	JPY 3 trillion	USD 20 billion	JPY 0.26 trillion	USD 1.7 billion
6	Volvo Construction Equipment	SEK 104 billion	USD 10.3 billion	SEK 16.9 billion	USD 1.67 billion
7	Sandvik	SEK 126 billion	USD 12.4 billion	SEK 15.3 billion	USD 1.5 billion
8	J.C. Bamford Excavators Limited (JCB)	USD 8.65 billion	USD 8.65 billion	USD 1.07 billion	USD 1.07 billion
9	XCMG	RMB 92.4 billion	USD 12.9 billion	RMB 5.3 billion	USD 0.74 billion
10	Hitachi Construction Machinery	JPY 1.4 trillion	USD 9.5 billion	JPY 0.093 trillion	USD 0.63 billion
11	Zoomlion	RMB 47 billion	USD 6.5 billion	RMB 3.8 billion	USD 0.5 billion
12	Liebherr	EUR 15.3 billion	USD 16.5 billion	EUR 0.36 billion	USD 0.38 billion
13	Sany Heavy Equipment	RMB 20.2 billion	USD 2.8 billion	RMB 1.8 billion	USD 0.25 billion
14	Doosan Corporation	KRW 19.1 trillion	USD 13 billion	KRW 0.272 trillion	USD 0.18 billion
15	Kobelco Steel	JPY 404 billion	USD 2.7 billion	JPY 9.1 billion	USD 0.06 billion
16	Hyundai Heavy Industries	KRW 11.9 trillion	USD 8.2 billion	KRW 0.021 trillion	USD 0.014 billion
Source: annual Report, 2023
Origin Currency - Currency officially Used in Annual Report in 2023
US Dollar- Converted Currency from Origin Currency to US Dollar Based on Currency Rates
Currency Rates
	1 Korean Won (KRW) = 0.00069 US Dollar (USD)
	1 Japanese Yen (JPY) = 0.0068 US Dollar (USD)
	1 Renminbi (RMB) = 0.14 US Dollar (USD)
	1 Euro (EUR) = 1.08 US Dollar (USD)
	1 Pound sterling (GBP)= 1.29 US Dollar (USD)
	1 Swedish Krona (SEK) = 0.099 US Dollar (USD)

 

The table above comprises the total revenue and net income variables and all of the data were obtained from the income statement of the Annual Report in 2023. Basically, in the income statement or commonly known as profit and loss statement (P&L), the business performance of the company at a specific time can be seen and the level of profitability of the company’s business can be detected.

 

Brief Description of 15 World’s Largest Heavy Equipment Companies in 2023

 

 

 

1. Deere & Company           

 

Historically, Deere & Company is popular with some agricultural heavy equipment products and this company has manufactured agricultural equipment since 1837 initiated by John Deere. Along with business development with total employees reaching 75,800 people as of 2024, to date, Deere and Company's business is focused through the following four business segments including production and precision agriculture (PPA), small agriculture and turf (SAT), construction and forestry (CF), and financial services (John Deere Financial or FS). Here is the primary business focus of Deere & Company including.

1. Production and precision agriculture (PPA)

In this segment, Deere & Company has manufactured some products including large and certain mid-size tractors, combines, cotton pickers and cotton strippers, sugarcane harvesters and sugarcane loaders, soil preparation, tillage, seeding, application, and crop care equipment.

 

2. Small agriculture and turf (SAT)

Some of the products from Deere & Company are certain mid-size, utility, and compact utility tractors, self-propelled forage harvesters, hay and forage equipment, rotary mowers, utility vehicles, riding lawn equipment and commercial mowing equipment, golf course equipment.

 

3. Construction and forestry (CF)

In this segment, the products of Deere & Company are backhoe loaders, crawler dozers and loaders, skid steers, scraper systems, four-wheel-drive, loaders and compact, track loaders, excavators and compact excavators, equipment used in timber harvesting, road building and road rehabilitation equipment, articulated dump trucks and motor graders.

 

4. Financial services

Some of the financial services provided by Deere & Company are retail notes, revolving charge accounts, wholesale receivables, leases, extended warranties.

 

As of 2024, there are some subsidiary companies owned and managed by Deere & Company including Nortrax (Construction, Forestry, Mining, & Utility Equipment based on Ontario, Canada), Vapormatic (an parts and accessories for various tractor based in Exeter, United Kingdom), Hagie (Sprayer Companies), Monosem (a company specializing in the design and manufacture of precision planters and related agricultural equipment), Blue River Technology (robotics, machine learning, and computer vision company in agricultural equipment), Harvest Profit (farm management software company), Navcom Technology (GNSS (Global Navigation Satellite System) company), OnGolf (software company in golf industry), Lesco (turf care products, including fertilizers, herbicides, insecticides, and fungicides company), Unimil (agriculture parts and equipment company), John Deere Financial, Bear Flag Robotics.

In terms of financial aspects according to the balance sheet and income statement, the Deere & Company has a total asset of around USD 104 billion and Its total liabilities amount to USD 82.2 billion. In terms of business performance aspects, the Deere & Company successfully generated total revenue of USD 61.2 billion and after accounting for all expenses, the company achieved a net income of USD 10.1 billion.

2. Caterpillar

 

Founded on April 15^th and headquarters in Irving, Texas, U.S.A, 1925, by C.L. Best and Benjamin Holt, Caterpillar becomes one of the world’s leading manufacturers of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. As of 2024, total employees of Caterpillar reached 112,900 people. Specifically, in the construction industries, there are some portfolio products from Caterpillar including asphalt pavers, motor graders, track-type tractors (small, medium), backhoe loaders, pipelayers, track excavators (mini, small, medium, large), cold planers, road reclaimers, compactors, skid steer loaders, wheel excavators, compact track loaders, telehandlers, wheel loaders (compact, small, and medium), forestry machines, track-type loaders, and material handlers.

In the financial aspects, according to the balance sheet of the annual report in 2023, The Caterpillar holds total assets of USD 87.4 billion and Its total liabilities stand at USD 67.9 billion. In the business performance reporting period of 2023, the company generated total revenue of USD 67 billion. After deducting expenses, The Caterpillar successfully gained a net income of USD 10.3 billion.

 

3. Volvo Construction Equipment

Volvo Construction Equipment was founded in 1832 in Eskilstuna, Sweden. Operationally, Volvo Construction equipment still has a head office in Eskilstuna, Sweden with more than 16,400 people and has presence in 180 countries. Operationally, Volvo Construction owns and manages 3 brands including Volvo, Shandong Lingong Construction Machinery (SDLG) (Volvo Construction has 70% of ownership in SDLG), and Rokbak. Commonly, some heavy equipment products from Volvo are wheel loaders, hydraulic excavators, articulated haulers, motor graders, soil and asphalt compactors, pavers, backhoe loaders, skid steers, and milling machines.

Financially in 2023, according to its annual sheet, The Volvo Construction Equipment holds substantial total assets, totaling SEK 439 billion, equivalent to USD 43.5 billion. Against these assets, the Volvo Construction Equipment carries liabilities of SEK 280 billion, or equivalent to USD 27.7 billion. Based on the business performance from the income statement of the annual report in 2023, The Volvo Construction Equipment's revenue stream is robust, generating SEK 104 billion, or equivalent to USD 10.3 billion. After deduction from all expenses and interest rates, Volvo Construction Equipment successfully gained a net income of SEK 16.9 billion, which is equivalent to USD 1.67 billion.

 

4. Komatsu   

 

Historically, Komatsu was founded by Metro Takeuchi in 1921 and still has a central office in Tokyo Japan and has employed 65,738 people as of 2024. Along with business development, Komatsu has 67 production locations, 78 sales offices and 90 parts, training, and remanufacturing offices across the country. Commonly, some of the products manufactured and marketed by Komatsu including Blasthole drills, Crushing, Dozers, Draglines, Electric rope shovels, Entry development, Excavators,  Forestry, Forklifts, Hard rock continuous miners, Longwall, Motor graders, Room and pillar, Shaft sinking equipment, Trucks, Underground hard rock bolters, Underground hard rock drills, Underground hard rock haulage, Wheel loaders, Metal forming, Rental equipment, Used equipment, Technology for site optimization and others.

Financially in 2023, according to its balance sheet of annual report, The Komatsu reported a total asset value of JPY 5.63 trillion or equivalent to USD 38.2 billion and total liabilities amounting to JPY 2.60 trillion or equivalent to USD 17.6 billion. In terms of business performance in 2023 from the income statement of the annual report, its total revenue reached JPY 3.86 trillion or equivalent to USD 26.2 billion, while the net income stood at JPY 0.393 trillion or equivalent to USD 2.6 billion.

 

5. Kubota Corp          

 

Historically, Kubota was founded in 1890 by Gonshiro Kubota. As of 2023, along with business development, Kubota has employed 52,608 people and has presence in over 120 countries. Operationally, the production tractors of Kubota have reached 5.6 million units worldwide and global engine production of 30 million units.

Financially, in the reporting period of 2023 from the balance sheet of the annual report, Kubota holds total assets of JPY 5.35 trillion or equivalent to USD 36.3 billion and Its total liabilities amount to JPY 2.94 trillion or equivalent to USD 19.9 billion. During the year 2023, Kubota generated total revenue of JPY 3 trillion or equivalent to USD 20 billion, demonstrating solid business performance. After accounting for all expenses, the company achieved a net income of JPY 0.26 trillion or equivalent to USD 1.7 billion.

  

6. XCMG       

  

Xuzhou Construction Machinery Group or commonly known as XCMG is a Chinese heavy equipment company which has a head office in Xuzhou, China founded in 1943. Along with business development, XCMG has 40 branches and offices, 300 distributors, 500 contractors, and sells products in over 190 countries and regions worldwide. Commonly, there are some machinery products manufactured and marketed by XCMG, namely Hoisting Machinery, Earthmoving Machinery, Mining Machinery, Road Building Machinery, Sanitation Machinery, Concrete Machinery, Piling Machinery, Trenchless Machinery, Coal Mining Machinery, Underground Mining Machinery, Drilling Machinery, Tunneling Machinery, Agricultural Machinery.

Financially in the year 2023, according to its balance sheet, annual report, the XCMG holds total assets of RMB 162 billion or equivalent to USD 22.68 billion, meanwhile, its total liabilities amount to RMB 103 billion or equivalent to USD 14.4 billion. In terms of business performance of 2023, The XCMG generated total revenue of RMB 92.4 billion or equivalent to USD 12.9 billion. After accounting for all expenses, XCMG achieved a net income of RMB 5.3 billion or equivalent to USD 0.74 billion.

 

7. Kobelco     

Kobelco Steel was founded on September 1, 1905. Along with business development, Kobe Steel has 201 subsidiaries and 50 partnership companies across Japan, Asia, Europe, the Middle East, and the US. Furthermore, the main production facilities are located in Kakogawa Steel Works and Takasago Works. As of March 2024, Kobelco has employed 38,050 people. Commonly, Kobelco is also known for its machinery products including Standard Compressors, Rotating Machinery, Tire and Rubber Machinery, Plastic Processing Machinery, Advanced Technology Equipment, Rolling Mill, Press Machine, Ultra High-Pressure Equipment, and Energy & Chemical Field.

In terms of financial aspects of 2023, Kobelco holds total assets of JPY 2.9 trillion or equivalent to USD 19.7 billion. Meanwhile, its total liabilities amount to JPY 1.79 trillion or equivalent to USD 12.1 billion. Related to business performance in 2023 according to the income statement of the annual report, Kobelco generated total revenue of JPY 404 billion or equivalent to USD 2.7 billion. After deducting expenses, Kobelco achieved a net income of JPY 9.1 billion or equivalent to USD 0.06 billion.

 

8. Doosan Corporation  

     

Founded in 1896 by Seung-Jik Park, Doosan is one of the world's largest heavy equipment companies which has 41,400 employees in 38 countries. Financially, in the year 2023, according to the balance sheet of annual report, the Doosan Corporation holds total assets of KRW 28.2 trillion or equivalent to USD 19.4 billion. Meanwhile, its total liabilities amount to KRW 17 trillion or equivalent to USD 11.7 billion. In terms of business performance based on income statements, the annual report, The Doosan Corporation generated total revenue of KRW 19.1 trillion or equivalent to USD 13 billion. After deducting from all expenses, Doosan Corporation achieved a net income of KRW 0.272 trillion or equivalent to USD 0.18 billion.

 

9. Zoomlion  

Zoomlion Heavy Industry Science and Technology Co., Ltd. is a Chinese heavy manufacturing company founded by Zhan Chunxin on September 28, 1992, which is still headquartered in Changsha, Hunan, China. Commonly, the Zoomlion's heavy equipment includes construction equipment (truck-mounted pumps, truck mixers, trailer pumps, placing booms, and batching pumps), cranes (truck cranes, all-terrain cranes, crawler cranes, and tower cranes, suitable for infrastructure, petrochemical), earthmoving machinery (Produces excavators, bulldozers, loaders, and road machinery like motor graders and road rollers), aerial work platforms (scissor lifts, boom lifts, and spider lifts), agricultural machinery (wheeled tractors, combine harvesters, sugarcane harvesters, and grain dryers), planting and cultivation equipment (rice seedling transplanters, tillers, and balers), material handling and forklifts, foundation and mining equipment (Piling Machinery), mining equipment (open-pit mining machinery, including drills, dump trucks, and excavators), and emergency equipment (fire rescue vehicles, forest emergency equipment, and fire robots).

 

Financially, in the year 2023, according to the balance sheet of annual report, The Zoomlion demonstrates a strong financial position with total assets of RMB 130 billion, equivalent to USD 18.2 billion. Meanwhile, its liabilities stand at RMB 71 billion, or equivalent to USD 9.9 billion. In terms of business performance in 2023 according to the income statement, annual report, The Zoomlion's revenue generation reached RMB 47 billion or equivalent to USD 6.5 billion. Overall, Zoomlion achieved a net income of RMB 3.8 billion or equivalent to USD 0.5 billion.

 

10. Liebherr  

Liebherr is a German Swiss heavy and domestic appliances equipment manufacturer based in Bulle, Switzerland, and has its main production facilities and origins in Germany. Historically, this company was founded in 1949 by Hans Liebherr and Along with business development, this company has a worldwide workforce of over 53,000 people. Commonly, in the heavy equipment industries, there are some products of Liebherr including Construction Machinery (excavators (crawler, wheeled, and mining), bulldozers, wheel loaders, dump trucks, crawler tractors and loaders, concrete mixers and pumps, tower cranes and mobile cranes), mining equipment (Hydraulic mining excavators, Mining trucks, Crawler tractors and dozers, Drilling rigs), cranes (Mobile cranes (all-terrain, rough terrain, and truck-mounted), tower cranes (top-slewing and fast-erecting), crawler cranes, maritime cranes (port, offshore, and ship cranes)), Aerospace & Transportation Systems (Aircraft landing gear and hydraulic systems, Rail vehicle components and systems), Maritime Equipment (Offshore cranes, Ship cranes, Port handling equipment), refrigeration & freezing (household refrigerators and freezers, commercial refrigeration (supermarket freezers, beverage coolers, etc.), Wine coolers and storage solutions), machine tools & automation (gear cutting machines, automation systems, material handling systems), concrete technology (concrete batching plants, truck mixers, concrete pumps), components (diesel and gas engines, hydraulic components, electric drive systems, bearings and slewing rings).

According to its balance sheet of annual report on 2023, The Liebherr has reported total assets of EUR 16.4 billion or equivalent to USD 17.7 billion and total liabilities of EUR 7.5 billion or equivalent to USD 8.1 billion. In terms of business performance of 2023, Liebherr successfully gained total revenue amounting to EUR 15.3 billion or equivalent to USD 16.5 billion, and the net income stood at EUR 0.36 billion or equivalent to USD 0.38 billion.

 

11. Sandvik   

Founded in 1862 by Göran Fredrik Goransson, Sandvik AB still became one of the world's largest heavy equipment companies focusing on products and services for mining, rock excavation, rock drilling, rock processing (crushing and screening), metal cutting and machining.

Financially, according to the balance sheet of the annual report in 2023, The Sandvik reported total assets of SEK 174 billion or equivalent to USD 17.2 billion and total liabilities of SEK 86.5 billion or equivalent to USD 8.56 billion. In terms of business performance based on income statements in 2023, Sandvik gained total revenue of SEK 126 billion or equivalent to USD 12.4 billion with the net income of SEK 15.3 billion or equivalent to USD 1.5 billion.

 

12. CNH Global  

       

CNH is a leading global equipment and services company engaged in the design, production, marketing, sale, and financing of agricultural and construction equipment which has global headquarters in Basildon, United Kingdom. Along with business development, CNH Global has 42 manufacturing plants, 49 research & development centers, and employs more than 40,000 people. Operationally, CNH Industrial heavy equipment products are sold globally through several brands in two operating segments, namely agriculture and construction sectors. The agricultural heavy equipment brands owned by CNH are Case IH, New Holland, Steyr, meanwhile the construction heavy equipment brands owned by CNH Global are Case Construction Equipment and New Holland Construction.

Financially, according to the balance sheet of the annual report in 2023, CNH Global reported has total assets of EUR 14.6 billion or equivalent to USD 15.7 billion and total liabilities of EUR 6.2 billion or equivalent to USD 6.7 billion. In terms of business performance of 2023, CNH Global successfully gained total revenue of EUR 1.79 billion or equivalent to USD 1.9 billion, while the net income stood at EUR 2.1 billion or equivalent to USD 2.2 billion.

 

13. Hitachi Construction Machinery        

Hitachi Construction Machinery was established on October 1, 1970, and still has a primary office in Taito-ku, Tokyo, Japan. Along with business development, Hitachi Construction Machinery has employed 26,230 people. Operationally, the manufacturing sites of Hitachi Construction Machinery located in Tsuchiura Works, Kasumigaura Works, Hitachinaka-Rinko Works, Hitachinaka Works, Ryugasaki Works, and Banshu Works. In the heavy equipment industries, there are some portfolio products of Hitachi Construction Machinery including Compact (Mini Excavators, Mini Wheel Loaders), Construction (Hydraulic Excavators, Wheel Loaders, Compaction Equipment), Mining (Large Hydraulic Excavators / Ultra-large Hydraulic Excavators, Rigid Dump Trucks).

 

Financially, in the year of 2023, according to the balance sheet and income statements of the annual report, Hitachi Construction Machinery has reported total assets of JPY 1.83 trillion or equivalent to USD 12.4 billion and total liabilities of JPY 1.17 trillion or equivalent to USD 7.9 billion. In terms of business performance, Hitachi Construction Machinery gained total revenue of JPY 1.4 trillion or equivalent to USD 9.5 billion, and the net income stood at JPY 0.093 trillion or equivalent to USD 0.63 billion.

 

14. Hyundai Heavy Industries        

HD Hyundai Heavy Industries Co., Ltd. Its shipbuilding and heavy equipment manufacturer headquarters in Dong-gu, Ulsan, South Korea established March 23, 1972. As of 2023, the total employees of Hyundai Heavy Industries reached 15,000 people.

 

Financially, in the year of 2023, The Hyundai Heavy Industries has reported total assets of KRW 17.1 trillion or equivalent to USD 11.7 billion and total liabilities of KRW 11.9 trillion or equivalent to USD 8.2 billion. Meanwhile, in terms of business performance according to its income statements, Hyundai Heavy Industries has successfully gained total revenue of KRW 11.9 trillion or equivalent to USD 8.2 billion, while the net income stood at KRW 0.021 trillion or equivalent to USD 0.014 billion.

 

15. Sany Heavy Equipment          

   

Sany Heavy Industry Co., Ltd is a Chinese heavy equipment manufacturing company headquartered in Changsha, Hunan. Historically, Sany Heavy Industry was founded in 1989 by Liang Wengen, Tang Xiuguo, Mao Zhongwu, Yuan Jinhua. Operationally, as of 2024, there are portfolio products in heavy equipment industries including Concrete Machinery (Truck-mounted Concrete Pump, Trailer Pump, Line Pump, Placing Boom, Truck Mixer, and Batching Plant), Excavator (Mini Excavator, Small Excavator, Medium Excavator, Large Excavator, Long-reach Excavator, Wheel Excavator, Wheel Loader, and Backhoe Loader), Crane (Truck Crane, All-terrain Crane, Rough-terrain Crane, Truck-mounted Crane, Crawler Crane, Tower Crane, Loader Crane, Port Machinery), Port Machinery (Reach Stacker, Forklift Truck, Empty Container Handler, Telehandler, Material Handler, Portal Slewing Crane, Customized Container Cranes, Electric Terminal Tractor), Road Machinery (Roller, Motor Grader, Paver, Milling Machine, Asphalt Batching Plant), Mining & Tunneling (Roadheader, Coal Cutter, Drag Conveyor), Truck (Off-highway Mining Truck, Dump Truck, Semi-trailer Tractor, Light Truck) and others.

In terms of business and financial conditions based on the annual report of 2023, Sany Heavy Equipment has reported total assets of RMB 34.8 billion or equivalent to USD 4.8 billion and total liabilities of RMB 23.3 billion or equivalent to USD 3.2 billion. In terms of business performance of 2023, Sany Heavy Equipment gained total revenue of RMB 20.2 billion or equivalent to USD 2.8 billion, furthermore the net income stood at RMB 1.8 billion or equivalent to USD 0.25 billion.

 

16. J.C. Bamford Excavators Limited (JCB)    

      

J.C. Bamford Excavators Limited (JCB) is a heavy equipment manufacturer based in Rocester, Staffordshire, England. Historically, this company was founded by Joseph Cyril Bamford on October 23, 1945. As of 2023, there are some heavy equipment products manufactured by J.C. Bamford Excavators Limited including Backhoes, Excavators, Dumpster, Forklift trucks, Loaders, Telescopic handlers, Tractors, Diesel engines, Diesel generators, Axles and Gearboxes.

Financially, in the year 2023, in terms of business performance according to its income statements, J.C. Bamford Excavators Limited (JCB) successfully gained total revenue of USD 8.65 billion, while the net income stood at KRW 0.021 trillion or equivalent to USD 1.07 billion.

 

 

The Rank of 15 World’s Largest Heavy Equipment Companies Based on Total Assets in 2023

 

The Rank of 15 World’s Largest Heavy Equipment Companies Based on Net Income in 2023

 

 

Bibliography of 15 World’s Largest Heavy Equipment Companies in 2023

 

 

Caterpillar. 2024. Annual Report 2023. Accessed via https://www.caterpillar.com/en/investors/reports/annual-report.html  on March 3rd, 2025.

Deere & Company. 2024. Annual Report 2023. Accessed via https://investor.deere.com/home/default.aspx  on March 3rd, 2025.

Komatsu. 2024. Annual Report 2023. Accessed via https://www.komatsu.jp/en/ir/library/annual  on March 3rd, 2025.

CNH Global. 2024. Annual Report 2023. Accessed via https://www.cnh.com/investor-relations  on March 3rd, 2025.

Kubota Corp. 2024. Annual Report 2023. Accessed via https://www.kubota.com/ir/  on March 3rd, 2025.

Volvo Construction Equipment. 2024. Annual Report 2023. Accessed via https://www.volvogroup.com/en/investors.html  on March 3rd, 2025.

Sandvik. 2024. Annual Report 2023. Accessed via https://www.home.sandvik/en/investors/  on March 3rd, 2025.

JCB. 2024. Annual Report 2023. Accessed via https://www.jcb.com/en-gb/news/2024/09/profits-grow-at-jcb-as-market-outlook-becomes-more-uncertain  on March 3rd, 2025.

XCMG. 2024. Annual Report 2023. Accessed via https://www.linkedin.com/pulse/xcmg-2023-annual-report-what-achievements-did-we-make-last-3olyc/  on March 3rd, 2025.

Hitachi Construction Machinery. 2024. Annual Report 2023. Accessed via https://www.hitachicm.com/global/en/sustainability/download/  on March 3rd, 2025.

Zoomlion. 2024. Annual Report 2023. Accessed via https://en.zoomlion.com/investor/Investor.htm  on March 3rd, 2025.

Liebherr. 2024. Annual Report 2023. Accessed via https://www.liebherr.com/en-int/group/annual-reports/annual-report-2023/financial-statements-3935250  on March 3rd, 2025.

Sany Heavy Equipment. 2024. Annual Report 2023. Accessed via https://www.sanyglobal.com/publications/  on March 3rd, 2025.

Doosan Corporation. 2024. Annual Report 2023. Accessed via https://www.doosan.com/en/ir/report/  on March 3rd, 2025.

Kobelco. 2024. Annual Report 2023. Accessed via https://www.kobelco.co.jp/english/ir/library/annualreport/  on March 3rd, 2025.

Hyundai Heavy Industries. 2024. Annual Report 2023. Accessed via http://english.hhi.co.kr/IR/highlight  on March 3rd, 2025.