While growth slowed compared to the past five years, the family-owned group demonstrated the strength of its decentralised structure, with standout performance in mobile cranes, mining, and gear technology, en route to a record year despite a generally sluggish construction equipment market.

鈥淭he Liebherr Group once again achieved record revenue 鈥� marking a new all-time high,鈥� the company said in its annual report.

Here鈥檚 four things we learned from the full-year results.

1) Liebherr鈥檚 diversification cushions construction sector slumps

Dr Willi Liebherr, left, administrative board member with Liebherr-International AG, and Dr Andrew Forrest, right, executive chair of Fortescue, sign a contractual agreement between the two companies at MINExpo 2024 in Las Vegas, US. (Image: Liebherr)

鈥淏usiness developed very differently in the various product segments,鈥� Liebherr said. 鈥淭hanks to the group鈥檚 diversification and decentralisation, it was possible to offset these downward trends through the successful marketing of other products.鈥�

Liebherr鈥檚 construction and mining machinery division generated 鈧�9.9 billion in 2024, up 3.5% year-on-year.

That growth came despite headwinds in the construction sector, particularly in Germany, where housing starts and equipment demand have dropped. Sales in the European Union, traditionally Liebherr鈥檚 largest market, saw revenue fall 3.5% year on year to 鈧�6.3 billion.

But the group鈥檚 diversified product portfolio offered a cushion; the mobile and crawler crane segment alone grew 13.4% to 鈧�3.9 billion, led by strong demand in the US, South Korea and the UK. In mining, another bright spot for Liebherr, revenue surged 14.7% to 鈧�1.7 billion. Figures were driven by high demand in Indonesia and Australia, including a with Perth-based Fortescue, a metal-mining firm in Western Australia.

The positivity in mining and mobiles/crawlers helped bolster otherwise tepid and downright cold construction segments last year for Liebherr. Earthmoving, concrete technology, and tower cranes all posted declines of 2.2%, 21.2%, and 38.2%, respectively.

Regarding the stark decline in tower cranes, Liebherr said, 鈥淕ermany and the Netherlands, in particular, experienced a significant decline in revenue. The markets in non-EU countries and North America also experienced a downward trend. The US, in particular, recorded a massive slump in sales.鈥�

Those losses were partially offset by gains in deep foundation machinery (up around 鈧�4 million) and stable material handling machine sales, especially in North America and Asia.

2) Liebherr R&D focused on autonomy, AI, alternative energy

Liebherr trials its L 566 H hydrogen-powered wheel loader at its Bischofshofen facility in Austria. (Image: Liebherr)

Liebherr invested 鈧�666 million in research and development (R&D) last year, with its largest efforts targeting electric, hybrid and hydrogen drive systems, digitalisation and autonomy.

The company premiered the L 566 H, the world鈥檚 first wheel loader powered by a hydrogen combustion engine and delivered the prototype of a hydrogen-powered T 264 mining truck. It also began series production of the LPO 100 mobile energy storage system and introduced the battery-electric LTC 1050-3.1E hybrid crane.

鈥榃orld鈥檚 first鈥� large wheeled loader with hydrogen engine Liebherr has presented its large wheeled loader with a hydrogen engine and the opening of the first hydrogen filling station in the state of Salzburg

Autonomy research accelerated, too. Liebherr鈥檚 mining segment launched its IoMine platform, which services autonomous operations.

鈥淚oMine 鈥� the mining product segment鈥檚 expanded technology portfolio 鈥� was launched in the fiscal year and includes semi- and fully-autonomous products such as the Autonomous Haulage Solution, Fleet Management System and Machine Guidance System,鈥� Liebherr noted.

In deep foundation, the company optimised automated functions for soil compaction, while its tower crane business launched sway control technology and new operating systems across multiple models.

鈥淚n order to ensure safety, efficiency and user experience in applications such as semi-autonomous or autonomous machines, Liebherr researched different machine-based learning algorithms,鈥� the company added. 鈥淭hese aim to make intelligent decisions and predictions, so that machines can perceive their environment and identify obstacles and people.鈥�

As part of its digitalisation strategy, Liebherr also expanded its MyLiebherr online platform and used-equipment marketplace, enhanced remote service tools and created a new centre of excellence for artificial intelligence. 

3) Regional glance: Australia and US lifted the load for Liebherr

A Liebherr crawler works the US Route 191 realignment project in Utah, US. (Image: Liebherr)

While the EU declined, other regions helped balance the global revenue mix.

Revenue from Asia and Oceania rose 21.8% to 鈧�2.72 billion, driven largely by Australia and Japan. North America, led by the US and Canada, grew 5% to 鈧�2.57 billion.

South America and Central America slipped 6.3% to 鈧�503 million, while the Africa, Near and Middle East region posted a 9.4% increase, with South Africa and Saudi Arabia big drivers of that growth.

Perhaps in response to its strong year in North America, Liebherr also announced investments to strengthen its regional presence, including a new logistics centre planned in Mississippi, US, and upgrades to its mining truck facility in Virginia, US.

4) Cautious outlook for 2025 despite solid order book

Cranes on-site during construction of the 1915 脟anakkale Bridge in T眉rkiye. (Image: Adobe Stock)

Liebherr expects moderate growth in 2025 but sees continued volatility in some construction-related segments. The company said it 鈥渆xpects moderate growth in 2025 with lateral movement in the distribution of sales.鈥�

The group cited weak demand in European housing markets and high-cost pressures across the industry, as reasons to remain cautious.

鈥淭he European construction industry continues to face difficult times, not least due to high interest rates and energy prices as well as rising staffing costs,鈥� Liebherr noted.

Additional macroeconomic risks include prolonged downturns in Germany, tightening monetary policy and ongoing geopolitical instability. Liebherr said, 鈥淕eopolitical tensions and global trade barriers will be the main drivers of developments in the coming months.鈥�

But the company鈥檚 decentralised model, financial independence, and regional diversification remain key advantages. There should be positives this year, as the company said its deep foundation segment forecast is showing revenue growth in 2025, supported by civil builds in Africa and Asia.

Liebherr to 鈥榮hape the future鈥� at Bauma More than 70 exhibits in four separate booths

鈥淕rowth in the Africa, Near and Middle East region was also dynamic, primarily due to large infrastructure projects,鈥� Liebherr explained. 鈥淩evenue growth was also recorded in Central and South America. The Asia and Oceania region developed positively, largely due to Hong Kong.鈥�

In South Africa, engineering consultancy T3 Projects acquired three Liebherr cranes: LTM 1300-6.3, LRT 1100-2.1, and LRT 1130-2.1. The units will be used to support complex construction endeavors, particularly in mining operations.

In Pakistan, Liebherr collaborated with China-based Shanghai Electric on the Thar Block-1 coal mine, a key component of the China-Pakistan Economic Corridor (CPEC). And in T眉rkiye, Liebherr鈥檚 357 HC-L tower cranes played a pivotal role in constructing the 1915 脟anakkale Bridge, a 4,608m-long span connecting Europe with Asia within the country. It is the longest suspension bridge in the world. Liebherr cranes operated at heights of 318m on the project.

Bottom line

Liebherr鈥檚 2024 results reflect a company leaning into its strengths, as it prepares to showcase 70 products on its 14,000m² outdoor and indoor exhibition areas at the Bauma show in Munich, Germany (7-11 April).

Despite a rough construction environment in Europe, its strategic bets on mining, electrification, and autonomous systems may be paying off.

With continued investment in R&D and expanding international operations, Liebherr hopes to position itself to ride out near-term volatility while advancing toward its stated goal of a more sustainable, tech-enabled construction future.

Liebherr crawler cranes used for US Route 191 realignment Densification鈥檚 compaction of the realignment site was the first phase of the project and laid the groundwork for the improved highway.