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World’s Top 10 Construction Equipment Suppliers

The 10 largest construction equipment manufacturers in the world.

Updated

Caterpillar  wheel loader
Caterpillar sold $37.5bn worth of equipment in 2022. PHOTO | FILE

The global heavy equipment market sustained an impressive performance last year, driven by rising demand for machinery from construction, mining, and oil and gas industries.

The combined revenues of the world’s top 50 construction equipment manufacturers stood at $230.6 billion in 2022, a 0.4% drop from the record figure of $232.7 billion in 2021, according to the 2023 Yellow Table – an annual ranking of OEMs.

The revenues of American OEMs accounted for more than 26% of the total revenue of the Yellow Table, up from 21% in 2021.

On the other hand, China-based OEMs saw their share of revenue drop to 18%, which is understandable after a 2020 stimulus spending that grew the market by a record 30%.

That being said, here are the world’s top 10 construction equipment manufacturers.

1. Caterpillar Inc | USA

Caterpillar Inc., which is headquartered in Illinois, USA., is the world’s largest construction equipment supplier, commanding a market share of 16.3%.

The company manufactures, markets and sells construction and mining equipment, diesel and natural gas engines, industrial gas turbines, as well as diesel-electric locomotives.

The Caterpillar heavy equipment line includes over 300 machines among them excavators, hydraulic mining shovels, wheel loaders, compactors, backhoe loaders, and dozers.

Although most of Caterpillar’s heavy machinery are manufactured in the Midwest, some of the company’s other top manufacturing plants are located in China, Brazil, and Russia.

Caterpillar was founded in California on April 15, 1925. It was known as Caterpillar Tractor Company until 1986 when it rebranded as Caterpillar Inc.

The company sold machines worth $37.5 billion in 2022, up from $32 billion in 2021. Its sales stood at $24.8 billion in 2020.

2. Komatsu | Japan

Komatsu Limited is a Japanese firm that produces construction and mining equipment, as well as utility equipment (compact machines), industrial machinery, and forest machines.

Komatsu is the world’s second largest construction and mining equipment supplier, although in Japan and China the company has a larger market share than Caterpillar.

Komatsu is quite popular for its excavator range – from mini excavators to the more powerful large mining excavators.

Headquartered in Minato, Tokyo, Japan, the company is named after the city of Komatsu, Ishikawa Prefecture, where it was founded in 1921.

Komatsu sold $24.7 billion worth of equipment in 2022, a slight drop from $25.3 billion in 2021. The company’s revenue stood at $19.9 billion in 2020, and $23.3 billion in 2019.

Komatsu has manufacturing plants in Japan, United States, UK, Germany, China, India, Sweden, Russia, Italy, Brazil, Indonesia, Norway, Thailand, Canada, and Mexico.

3. XCMG | China

Xuzhou Construction Machinery Group is a Chinese maker of civil engineering machines.

The company produces road rollers, loaders, spreaders, mixing machines, cranes, fire extinguishing vehicles and fuel tanks for civil engineering machinery, among others.

XCMG is the largest construction equipment supplier in China.

XCMG 700-tonne excavator.
The XCMG 700-tonne excavator. PHOTO | COURTESY

In 2022, XCMG sold $13.4 billion worth of equipment, down from $18.1 billion in 2021 and $15.2 billion in 2020.

The company sold $11.2 billion worth of machines in 2019 – breaking into the top-three rank for the first time in history.

4. Deere & Company | USA

Headquartered in Moline, Illinois, Deere & Company is an American firm that manufactures agricultural, construction, and forestry machinery under the popular John Deere brand.

Deere & Company was founded 186 years ago in 1837 by American blacksmith and manufacturer John Deere. Its logo, which incorporates an image of a leaping deer, has been used by Deere & Company for more than 155 years.

Deere & Company sold $12.5 billion worth of equipment in 2022, up from $11.3 billion in 2021. Its revenue stood at $8.9 billion in 2020 when it was ranked sixth in this list.

Deere & Company acquired Wirtgen Group in 2017.

5. Sany | China

Sany Heavy Industry Co., Ltd., ranks fifth in the 2023 list of world’s largest construction equipment companies.

Based in Changsha, China, Sany is renowned for its concrete machinery, for which it is globally ranked number one. It is also a major supplier of excavators and wheel loaders.

Currently, Sany operates 25 manufacturing bases worldwide, with its overseas plants located in the United States, Germany, India, and Brazil.

In China, the company has built six industrial parks in Beijing, Changsha, Shanghai, Shenyang, Kunshan and Urumchi.

Sany products are globally recognized for their value and durability.

In 2022, the company sold $11.9 billion worth of heavy machinery, down from $16.0 billion in 2021 and $14.4 billion in 2020.

6. Volvo CE | Sweden

Volvo Construction Equipment, the heavy equipment arm of Swedish car maker Volvo, is one of the world’s most popular heavy equipment manufacturers.

The company develops, manufactures and sells equipment for construction-related industries, including trucks, mining and construction machinery.

Volvo CE offers a wide range of equipment including motor graders, back hoes, excavators, wheel loaders, pavers, asphalt compactors, and dump trucks among others.

RELATED: Equipment Sales Fall 7% on Weak Chinese Market

The company operates production facilities in Sweden, China, Germany, Scotland, United States, Brazil, India, Russia, Scotland, France, and Korea.

Volvo CE sold $9.9 billion worth of equipment in 2022, down from $10.7 billion in 2021. The company made $8.8 billion in 2020, when it was ranked seventh in this list.

7. Liebherr Group | Germany

Liebherr Group is a popular supplier of heavy equipment in Europe.

The company, which was established in 1949 by Hans Liebherr in Baden-Württemberg, Germany, produces excavators, cranes, wheeled loaders, telescoping handlers, and dozers.

Liebherr’s LTM 11200 is arguably the most powerful mobile crane ever built.

The German firm also boasts the longest telescopic boom in the world, which spans fully to 100 meters. The machine is set on a double cab truck and can lift 1200 metric tons.

The company, which is still owned entirely by the Liebherr family, sold $9.9 billion worth of machinery in 2022, up from $9.4 billion in 2021, and $7.8 billion in 2020.

Liebherr posted record-high sales of $11.6 billion in 2018.

8. Hitachi Construction Machinery | Japan

Hitachi Construction Machinery Company is a Japanese construction equipment supplier specializing in the production, sales, and servicing of a diverse range of construction and transportation machinery, as well as other machines and devices.

Founded in 1970 as a subsidiary of Hitachi Group, HCM has come a long way from its humble beginnings as an electrical repair shop that was started in 1910 by Namihei Odaira.

A Hitachi excavator
Hitachi sold $9.2bn worth of heavy equipment in 2022. PHOTO | COURTESY

Today, Hitachi (Japanese for ‘sunrise’) is known for its range of equipment such as excavators, crawler cranes, wheel loaders, light compaction equipment, and dump trucks.

HCM operates plants in North America, South America, Europe, and Asia.

The company sold $9.2 billion worth of heavy equipment in 2022, up from $8.8 billion in 2021, and $8.5 billion in 2020.

9. Sandvik | Sweden

Sandvik Mining and Rock Technology is a Swedish multinational majorly engaged in the manufacture and distribution of mining and construction equipment; metal cutting, stainless and special steel alloys, and industrial heating equipment.

Sandvik sold $7.8 billion worth of equipment in 2022, up from $7.2 billion in 2021. The company made $4.5 billion in 2020 – breaking into the top-ten rank for the first time.

Sandvik’s growth is not surprising considering that the company made 14 and 10 business acquisitions in 2021 and 2022, respectively as a strategy to grow its revenues.

10. JCB | UK

JCB entered the top ten list for the first time in several years last year after posting strong sales in the OEMs main market of India.

The OEM, which is investing heavily into hydrogen technology, sold $7.0 billion worth of construction equipment in 2022, up from $5.5 billion in 2021, and $3.9 billion in 2020.

Albert Andeso holds a degree in Civil Engineering from the University of Nairobi. He has extensive experience in construction and has been involved in many roads, bridges, and buildings projects.