Liebherr Group, the Swiss-German industrial giant, has just wrapped up its most lucrative year yet, with 2024 revenues soaring to €14,622 million, a 4.1% increase from the previous year. This marks the company’s highest-ever revenue, although the growth rate is somewhat tempered compared to the average of the past five years. The company’s performance is a mixed bag, reflecting both the resilience and the challenges faced by the global equipment manufacturing sector.
In seven of its 13 product segments, Liebherr saw sales increases, with mobile cranes and aerospace components leading the charge. The mining and gear technology sectors also contributed significantly to the growth, thanks to robust order books. However, the construction industry, particularly in Germany, showed subdued demand, weighing down some of Liebherr’s product segments. Despite these headwinds, the company managed to offset declines with successful marketing strategies for other products.
The construction machines and mining sector, which includes earthmoving, material handling, deep foundation machines, and various crane technologies, grew by 3.5%, generating €9,891 million in revenue. Meanwhile, segments like maritime cranes, aerospace, and transportation systems saw a more pronounced growth of 5.5%, amounting to €4,731 million. This disparity highlights the varying trends across Liebherr’s diverse product portfolio and sales regions.
Liebherr’s net income for 2024 stood at €258 million, with an improving operating result, albeit a dip in the financial result compared to the previous year. The company’s workforce expanded, with 54,728 employees worldwide, up by 1,069 from the previous year. This growth underscores Liebherr’s commitment to innovation and expansion, despite the economic uncertainties.
The company’s investment in research and development reached €666 million, with a significant focus on alternative drive technologies, digitalisation, and autonomy. Liebherr’s open approach to technology is evident in its development of electric drives, alternative fuels, and hydrogen-based solutions. The unveiling of the L 566 H large wheel loader with a hydrogen combustion engine and the LTC 1050-3.1E hybrid crane are testament to this commitment. Liebherr’s partnership with Fortescue, involving the delivery of 475 zero-emission mining machines, including 360 autonomous, battery-electric trucks, is a bold step towards a zero-emission mining ecosystem by 2030.
In the realm of autonomy, Liebherr’s LiReCon teleoperation unit is ready for series production, and the company is set to unveil the ‘Liebherr Autonomous Operations’ system at Bauma 2025. This system promises completely driverless operation, a game-changer for monotonous and hazardous tasks. Liebherr’s foray into digital technology, with solutions like Liebherr Connect and a dedicated AI competence centre, further cements its position as a tech-savvy industry leader.
The news of Liebherr’s record-breaking year and its strategic investments in innovation and sustainability is likely to shape the development of the mining and construction sectors in several ways. Firstly, it sets a benchmark for other industry players, challenging them to up their game in terms of technological advancement and sustainability. Secondly, it underscores the growing importance of digitalisation and autonomy in these sectors, paving the way for more innovative solutions. Lastly, it highlights the potential of strategic partnerships, like the one with Fortescue, in driving the transition to zero-emission operations. As Liebherr continues to push the boundaries of technology and sustainability, the industry will be watching closely, ready to adapt and evolve in response to the challenges and opportunities that lie ahead.
