Recently, the UK-based KHL Group released its 2025 ICM20 "Top 20 Global Crane Manufacturers" ranking, based on each company's 2024 sales revenue. Overall, more than half (12 companies) of the top 20 saw their 2024 revenue decline compared to 2023, with a combined revenue decrease of $904 million. This marks the sixth time in the past decade that total revenue has declined year-on-year.
The total revenue of all companies in the ICM20 in 2025 is projected to be $32.664 billion, a decrease from $33.568 billion in 2024. However, in the long term, compared to total revenue in 2015, this year's ICM20 total revenue still represents a 30% increase. Continued global uncertainty, war, and terrorism have led to companies' reluctance to invest in construction projects and construction equipment.
Four Chinese companies are among the top 20: ZPMC, XCMG, Zoomlion, and Sany. However, due to the ongoing weakness in the Chinese market, three of these companies experienced a revenue decline.
Liebherr once again topped the list, having only missed this honor in two of the past 13 years. As the world's highest-grossing crane manufacturer, its revenue increased by 8% year-on-year. However, Liebherr predicts that revenue growth will slow in 2025.
Konecranes, in second place, also saw revenue growth of 6.6%, but the gap with the leader widened.
ZPMC, a Chinese port machinery manufacturer, managed to climb two places to third, despite a 3% revenue decline.
XCMG, despite a nearly 11% revenue drop, maintained its fourth-place position.
Manitowoc, ranked fifth, saw a 2.2% revenue decline but rose two places. Manitowoc stated that sales declined in Europe, the Middle East, and the Asia-Pacific region.
Zoomlion, despite a double-digit decline, held onto its sixth-place position for the third consecutive year.
Cargotec's ranking dropped from third to seventh due to a major business restructuring. At the beginning of 2024, Cargotec had three main business segments: Hiab, Kalmar, and MacGregor. The company had already planned to split into three independent companies at the beginning of the year. Now, Cargotec retains only the Hiab division, which has been renamed to reflect this restructuring. Its existing Moffet rear-mounted forklifts, Jonsered forestry cranes, and other brands still belong to Hiab.
Tadano, ranked eighth, saw a 4% increase in revenue. The company predicts that mobile crane sales will increase by 2.4% in 2025 compared to 2024, and total group revenue will increase by 16.6% to 340 billion yen, an increase of nearly 50 billion yen compared to 2024. Furthermore, Tadano Mirai's financial reports will also include contributions from the IHI crane business, which it acquired on January 7, 2025.
Sany Heavy Industry ranked ninth, the only Chinese company on the list to achieve revenue growth.
Several upcoming acquisitions this year could further reshape the ICM20 rankings.
Columbus McKinnon, ranked 11th, acquired Crosby earlier this year; the $1.1 billion in sales will significantly boost McKinnon's ranking.
Terex, ranked 14th, will drop out of the ICM20 rankings. The company recently completed the sale of its crane business to Italian tower crane manufacturer Raimondi, which may subsequently enter the ICM20 list.
Manitex, ranked 18th, made its final appearance on the list as an independent company. It has been acquired by Japanese crane manufacturer Tadano, and its business contributions will be included in Tadano's statistics from January 1, 2025.
Kobelco, ranked 16th, saw revenue growth after resolving its engine supply issues.
Hitachi Sumitomo, ranked 17th, experienced a revenue decline simply because its crane business contribution statistics are more accurate.
In addition, Link-Belt, Fassi, and Furukawa Unic all achieved revenue growth.
