The Chinese multinational moves ahead of big players in the market and establishes itself as one of the most renowned brands in the Yellow Table ranking of construction industry
Among heavy machinery manufacturers, LiuGong is the one that has grown the most in the last decade. With operations across 5 continents, the multinational celebrates now the 15th position in the Yellow Table’s annual, ranking by KHL magazine.. In the last year, the Chinese brand ranked 19th on the list and now, in the 2020 survey, it is already approaching the TOP 10, getting ahead of big players in the industry, such as CNH, Hyundai and Kobelco. This privileged result represents a major win for LiuGong, which, in recent years, has invested in an ambitious market expansion plan.
According to the Yellow Table, Chinese companies were the only ones in the construction industry to experience a significant growth in 2020. Off-Highway Research states that China achieved a 14% increase in sales of heavy machinery equipment, while all other major markets suffered a decrease. This allowed LiuGong to establish itself among the fastest-growing companies in recent years and to occupy a privileged position in the rankings.
In 2021, LiuGong’s global sales were $3.338 billion, according to the survey. This number represents a considerable change, compared to previous years, such as 2019, when the Chinese giant sold $2.765 billion. The multinational is referred to, in the annual ranking of Yellow Table, as one of the companies that has grown the most in the last 5 years, since the brand jumped from 31st position in 2017 to 15th in 2021. LiuGong expects those figures to continue to evolve in the coming years, as the brand’s new releases reach successful sales.
In Latin America, LiuGong has also experienced massive growth. The brand has established partnerships with renowned dealers in South American countries, which accounts for the exponential increase in the multinational’s sales. LiuGong recently launched a new Wheel Loader model, the 848H Sugarcane. Designed exclusively for the sugar-alcohol market, LiuGong’s new launch has been an absolute success in the heavy machinery industry.
All those good news mean that LiuGong is even more motivated to continue producing quality machinery and equipment that fully meet the needs of its customers, spread across 5 continents and more than 100 countries. The goal for next year is to reach – and maybe to surpass – top companies in the global construction market.
Source: https://digimag.international-construction.com/magazine/reader/215133