Caterpillar

Caterpillar has recently made significant progress in corporate development. On June 11, the company's Board of Directors announced a 10-cent increase in the quarterly dividend, representing a 7% raise, demonstrating confidence in future performance. Concurrently, Caterpillar announced it will host its 2025 Investor Day on November 4 in the Dallas area.

Regarding brand building, Caterpillar is celebrating its 100th anniversary, launching a centennial special edition publication and a series of celebratory events. The company released its 2024 Annual Report and 2024 Sustainability Report, showcasing its commitment to sustainable development.

Komatsu

Komatsu is facing significant challenges. CEO Takuya Ohmagari indicated potential price increases in the US market to counter tariff pressures. Operating profit for this fiscal year is expected to decline by 27% due to tariffs and a stronger yen, with an annual negative impact of 140 billion yen ($976 million).

In terms of business expansion, Komatsu completed the acquisition of six independent dealers from Core Machinery on June 9, converting them into Komatsu-owned dealers covering California and Arizona in the US Southwest. This acquisition will enhance Komatsu's product supply and customer service capabilities in the region.

Technologically, Komatsu introduced the world's first hydrogen-powered mining truck, the HD785, developed in collaboration with Germany's KEYOU, marking a significant step towards zero-carbon mining. The company also developed a new electric underwater bulldozer capable of operating at depths of 49 meters.

Volvo Construction Equipment (Volvo CE)

Volvo CE announced a global strategic investment in crawler excavator production across three locations: South Korea, Sweden, and the United States. The total investment amounts to approximately 2.5 billion Swedish Krona ($260 million), aimed at increasing global crawler excavator output.

The company continues to advance its new-generation product launch plan. In 2025, it will introduce five new-generation wheel loaders in the North American market, including the L150, L180, L200 High Lift, L220, and L260. These new products feature load-sensing hydraulic systems, offering faster cycle times and lower fuel consumption.

Liebherr

Liebherr achieved strong growth in 2023, with sales reaching 14 billion euros, an 11.5% increase year-on-year. Eleven of its 13 business divisions reported positive growth, performing well across Europe, North America, Asia, and other regions.

Updates on Domestic Chinese Construction Machinery Brands

Sany Heavy Industry

Sany Heavy Industry has made breakthrough progress in intelligent manufacturing. On June 18, at the renovation and expansion project site of the Suizhong-Panjin section of the Jingha Expressway, Sany's unmanned paving and compaction machine fleet demonstrated over 480 hours of continuous operation, attracting over 300 experts from across the country for observation.

Regarding international expansion, Sany stood out at the 4th China-Africa Economic and Trade Expo, exhibiting 17 products deeply adapted to the African market. Delegations from multiple African countries intensively visited Sany's industrial park, indicating the company's strong development momentum in Africa.

Zoomlion Heavy Industry Science & Technology Co., Ltd. (Zoomlion)

Zoomlion achieved a major breakthrough in new energy aerial work equipment. The company launched over 30 aerial work machinery products, including scissor lifts equipped with sodium-ion batteries making their first series appearance. The ZT72J-V, a 72-meter straight boom aerial work platform, became the world's tallest self-propelled aerial work platform.

In the mining machinery sector, Zoomlion released 11 new ultra-large mining machinery products in September, including behemoths like the 400-ton class excavator ZE4000G, completing the full spectrum coverage for 400-ton and below excavators.

XCMG Machinery

XCMG took significant steps in industrial consolidation. On April 18, it announced plans to acquire a 51% stake in Xuzhou XCMG Heavy-Duty Truck Co., Ltd. for 821 million RMB, aiming to build a competitive advantage in complete mining machinery product sets. This acquisition supports the strategic goal of ranking among the top three global open-pit mining machinery equipment manufacturers.

In terms of service capability, XCMG demonstrated strong emergency response, executing a critical 1,600 km rescue within 30 hours for a project in Sichuan, saving a customer 200,000 RMB in direct economic losses.

Internationalization progressed significantly, with international revenue accounting for 46.7% in the first three quarters of 2024. The company has over 5,000 overseas employees and a localization rate of approximately 90%.

Shantui Construction Machinery Co., Ltd. (Shantui)

Shantui achieved a historic breakthrough in AI technology application. On June 23, Shantui launched the world's first AI-powered bulldozer, a milestone product deeply integrating construction machinery with artificial intelligence. This product covers two major modules: the intelligent machine body and an AI smart assistant, featuring nine intelligent systems built around customer needs.

Simultaneously, Shantui completed a brand refresh, introducing a new logo with AI as the core design element, conveying its determination towards intelligent transformation.

Overall Industry Dynamics

Market Performance

On June 24, the construction machinery sector performed well overall. The Construction Machinery ETF (159542) rose 1.43%, and the Construction Machinery ETF (560280) rose 2.01%. Major construction machinery stocks generally increased: Sany Heavy Industry rose 1.64%, XCMG Machinery rose 1.83%, and Zoomlion rose 1.56%.

Technology Development Trends

The construction machinery industry in 2025 shows three accelerating trends: accelerated global expansion , accelerated intelligence , and accelerated greening . The penetration rate of electric loaders is rising rapidly, expected to exceed 35% in 2025, a significant increase from 20% in 2024.

Product Innovation

The 2025 TOP50 Annual Products list for construction machinery was released. The XCMG XLC18000M crawler crane won the Gold Award for Technological Innovation, and the SDLG E6690H excavator won the Gold Award for Market Performance. These award-winning products demonstrate the latest achievements in technological innovation and market application within the industry.

Conclusion

The global construction machinery industry is currently in a period of profound change. Foreign brands face challenges from geopolitics and cost pressures, while Chinese brands show strong performance in intelligence, electrification, and internationalization. The introduction of AI technology, the adoption of new energy products, and the deep exploration of overseas markets are redefining the competitive landscape of the construction machinery industry.