N. Thomas Linebarger
Chairman and Chief Executive Officer at Cummins
Thank you, Jack, and good morning, everybody. Before I jump into our results, though, I do want to welcome Chris Clulow to our Investor Relations function. So yes, he is our Corporate Controller, but he is replacing Jack as the Head of the Investor Relations function soon. And so Chris has been with the company for 18 years. He's gained valuable leadership experience and roles across the finance organization. During his career journey, Chris has served as the Controller of the Engine and Components businesses while also playing a key role in development and strategy.
Chris has served as the Corporate Controller for the last five years and has a deep understanding of our business and our financial performance. He'll be a terrific addition to the Investor Relations team and will continue Jack's efforts to improve communications with investors, to make sure that you have the insights and understanding you need of our business and our financial condition and to work with our managers across the company to ensure that they understand what investors expect of us. I'm grateful to Jack for his contributions to Investor Relations and excited for him about his new opportunity serving as the finance leader for our Filtration business.
Thank you, Jack, and welcome, Chris. Now I'll start with a summary of our fourth quarter and full year results and our market trends by region, and finish with a discussion of our outlook for 2022. Chris will then take you through more details of our fourth quarter and full year financial performance as well as our forecast for this year. Strong economic recovery, combined with high demand for our products, resulted in record full-year revenues in 2021. On the other hand, our industry continues to experience significant supply chain constraints, driving elevated manufacturing, logistics and material costs and resulting in margins below our expectations, particularly in the fourth quarter.
We've taken a number of actions to significantly improve our margins in 2022 and expect to generate strong incrementals through increased pricing as well as surcharges, combined with cost reduction initiatives in our supply chain and operations. Having effectively managed through a challenging 2021, we expect improved performance in 2022 and are well positioned to invest in future growth while continuing to return cash to shareholders. The decarbonization of our economy is critical to our way of life and our industry and -- excuse me, and all of us and it will -- and our industry will play a key role in the effort to decarbonize our economy.
Fortunately, decarbonization is also a growth opportunity for Cummins. We are confident in our ability to play a leading role in bringing lower carbon technologies to the commercial and industrial markets globally and to generate strong returns due to the unique capabilities that Cummins has built over many years. Specifically, we're a leader in key technologies for zero tail pipe emissions in commercial and industrial applications and are investing further to strengthen our position. We're also a leader in the transition technologies that will be needed in our industry for many, many years. Technologies that lower carbon emissions, while still offering customers economic solutions and hard-to-abate applications.
We also have existing relationships with leading OEMs and customers around the globe and are continually forming new partnerships with market leaders in a variety of industries. These relationships bring us visibility to opportunities and product plans. They drive economies of scale and production and service, and they provide the trust of those making key purchase decisions. We have a deep knowledge of our end markets and applications, each of which has unique technical and performance service -- and service demands. We know how to adapt existing and new technologies into our products -- into products, excuse me, that customers can actually use and operate economically.
We are building a combination of businesses that have both the capability to serve the industry and the agility necessary to quickly pivot our product offerings depending on changes in regulations or infrastructure, advancements in technology and end-user preference. We have invested significantly to attract and build the best talent and to create an environment for innovation and long-term success that will increase shareholder value. As a result of the successful execution of our strategy over many years, we are also in a very strong financial position, which allows us to make the sustained investments required to transition our industry to a zero carbon future, while navigating economic cycles and returning excess cash to shareholders.
We're excited to tell you more about our long-term strategy during our Analyst Day later this month. Revenues for the fourth quarter of 2021 were $5.9 billion, which is flat compared to the fourth quarter of 2020 as increased demand in many of our international markets was offset by a decline in North American sales as our customers work to clear their production backlog. EBITDA was $705 million or 12.1% compared to $837 million or 14.4% a year ago. EBITDA decreased as a percentage of sales due to the elevated material and supply chain costs we continue to experience.
These impacts were partially offset by lower product coverage costs. For the full year, Cummins sales were $24 billion, up 21% year-over-year and a record for our company. Our EBITDA margins were $3.5 billion or 14.7% of sales compared to $3.1 billion or 15.7% of sales in 2020. Higher supply chain and material expenses, as well as higher compensation expenses, more than offset the benefits of higher volume, higher joint venture income and lower product coverage expense compared to 2020.
Now I'll cover the full year trends across our key markets, beginning with North America before moving to our international regions. Our revenues in North America increased 17% in 2021, primarily due to higher demand across on-highway markets. Industry production of heavy-duty trucks increased 228,000 units, up 26% from 2020 levels, while our heavy-duty unit sales were 85,000, an increase of 37% from 2020.
The market size for medium-duty trucks was 115,000 units in 2021, an increase of 12% from 2020 levels, while our unit sales were 94,000, an increase of 21% from 2020. We shipped 159,000 engines to Chrysler for use in their Ram pickups in 2021, an increase of 27% from the previous year. Engine sales to construction customers in North America increased by 50% as nonresidential construction spending increased and rental companies increased capital spending.
Engine shipments to high-horsepower markets in North America increased by 13% from last year, with higher demand from agriculture, rail and mining segments, partially offset by decreased shipments to defense and marine customers. Power generation revenues increased 6% year-over-year, driven by higher demand for standby applications, again resulting from higher nonresidential construction spending. Our international revenues increased 27% in 2021 with higher demand in all markets. Full year revenues in China, including joint ventures, were $7.5 billion, up 8% compared to 2020.
The increased revenue was driven by record demand in the truck, construction and data center markets, particularly in the first half of the year. Industry demand for medium- and heavy-duty trucks in China was 1.6 million units, a decrease of 11%, driven by a decline in production in the second half of the year following a significant prebuy period, ahead of broad NS VI implementation in July. Our units sold, including joint ventures, were 249,000 units, a decline of 13%. The light-duty market in China decreased 4% from 2020 levels to 2.1 million units.
While our units sold, including joint ventures, were 150,000 units, a decrease of 21% as new regulations drove demand for smaller displacement engines. Industry demand for excavators set another record of 342,000 units in 2021, an increase of 4% from 2020 levels. Our units sold were 56,000 units, an increase of 5%. In our Power Systems markets, power generation sales in China increased 48% compared to 2020, driven by growth in key markets such as infrastructure, health care and mobile power applications, driven by the power shortage in the country. Industrial engine sales increased 18% from 2020, primarily driven by strong mining demand.
Full year revenues in India, including joint ventures, were $2 billion, up 68%. Industry truck production increased by 76% in 2021. Demand for construction equipment increased by 55%, and power generation revenues increased 38% as the broader economy in India recovered off a very low base in 2020. In Brazil, our revenues increased 46%, driven by higher demand in most end markets. Now let me provide our overall outlook for 2022 and then comment on individual regions and end markets. We are forecasting total company revenues for 2022 to increase 6% compared to 2021, driven by an increase in heavy-duty and medium-duty truck production in North America, Europe and India, offset by China, where we expect demand to moderate after a strong year in 2021.
We expect demand for construction equipment to increase in North America and Europe and decline in China from record levels experienced in 2021. We are forecasting higher demand in global mining, oil and gas and power generation markets and expect aftermarket revenues to increase by 10% compared to 2021. Industry production for heavy-duty trucks in North America is projected to be 250,000 to 260,000 units in 2022, a 10% to 15% increase year-over-year. In the medium-duty truck market, we expect the market size to be 120,000 units or between 120,000 and 130,000 units, a 5% to 10% increase from 2021.
We expect our deliveries in North America to continue to outpace the market as the engine partnerships we announced last year continue to phase in. Our shipments for pickup trucks in North America are expected to be down 5% compared to last year. In China, we project total revenue, including joint ventures, to decrease 10% in 2021. We project a 30% reduction in heavy- and medium-duty truck demand and a 5% reduction in demand in the light-duty truck market. Industry sales of excavators in China are expected to decline 30% from last year's record levels.
Despite the projected decline in China, we remain well positioned for continued outgrowth across our end markets in the region. Industry volumes of NS VI product will increase in 2022 as the new regulations are implemented more broadly. We first launched engines to meet standards similar to NS VI in the United States 10 years ago, and we have leveraged our knowledge in powertrain technologies along with China local customer and market requirements to develop a range of products for the Chinese markets that we expect to be highly competitive and well accepted by end users.
We continue to ramp production, expand our presence in automated manual transmissions and have launched new natural gas platform, which will play an increasingly important role as the region moves towards a lower emissions future. Finally, we continue to build momentum in the new power space, adding partnerships and in-country capabilities to establish a leadership position as the market develops. In India, we project total revenue, including joint ventures, to increase 10% in 2021. We expect industry demand for trucks to increase 20% this year.
We project our major global high-horsepower markets will improve in 2022. Sales of mining engines are expected to increase by 10% in 2022 with greater demand following continued strength in commodity prices. Demand for new oil and gas engines is expected to increase by 25% this year, albeit off a very low base, primarily driven by increased demand in North America. Revenues in global power generation markets are expected to increase 5%, driven by increases in nonresidential construction spending.
In New Power, we expect full year sales to be approximately $200 million. We have a growing pipeline of electrolyzers, which we expect to convert to backlog and be delivered over the course of the next 12 to 18 months. We will continue to deliver fuel cell systems for use in the European rail market and other adjacent markets as adoption gains momentum. We also expect to continue to provide fuel cells for truck applications this year as more end users try out the new technology. We are continually innovating across our broad portfolio of power solutions, from diesel and natural gas to hydrogen and other low carbon fuels to fuel cells and battery electric options.
We plan to provide our customers with the right technical solution for their application at the right time and to continue to be the leader in power for commercial and industrial equipment. We expect supply chain constraints to continue to impact our industry during the first half of 2022, driving inflation and elevated costs. We will continue to place a strong focus on managing costs and cash flow and are well positioned to generate attractive incremental margins as constraints ease across our markets.
In summary, we expect full year sales growth of 6% and EBITDA to be approximately 15.5% of sales. We are projecting EBITDA as a percent of sales to increase versus 2021, primarily due to strong truck production in North America, increased pricing and surcharges and the easing of supply chain costs. We anticipate profitability will be at the low end of our guidance range in the first half of 2022 as the industry continues to manage through supply constraints that are limiting production and adding incremental costs. We anticipate these costs will ease throughout the year, driving stronger performance in the second half of the year.
Now let me turn it over to Chris, who will discuss our financial results in more detail.
