A study by Manufacturers’ News Inc, the world’s largest database of US manufacturers and suppliers, shows that there are 912 construction machinery manufacturers in the United States. What makes the demand for construction machines increase worldwide is the growing activity in the construction, mining, and oil and gas industries. Many construction machinery manufacturers have come into play to meet the rising demand for construction machinery, but only a few have been able to dominate the market.
This article will take a keen look at the top construction machinery manufacturers and the construction machines they produce. It will also discuss the demand, market share, and expected growth rate of the construction industry.
Overview of the construction industry market
The global demand for construction machines has steadily increased over the years. This has resulted in a similar expansion in the construction industry revenue. By 2030, the revenue is expected to be more than twice as high as it was in 2020. The main driving force for this growth is the increased initiative by governments to improve infrastructure and boost the population’s living standards.
In 2020, GlobeNewswire reported a revenue share of USD 11,561.40 billion. It is expected to hit USD 17,247.96 billion by 2029, registering a compound annual growth rate (CAGR) of 7.3%. The Asia Pacific region registered the most significant share (41%) thanks to its substantial presence of major manufacturers of construction machines.
Top construction machinery manufacturers
Caterpillar Inc. leads in manufacturing mining and construction machinery, industrial gas turbines, diesel-electric locomotives, off-highway diesel, and natural gas engines. The company is headquartered in Irving, Texas, U.S. Founded in 1925, it operates in more than 500 locations worldwide.
The business segments that Caterpillar operates through are; construction industries, energy & transportation, and resource industries. Some of the products include; 345C L Excavator, 797F Haul Truck, D11 Bulldozer, 930G Wheel Loader, and C280 Diesel/Gasoline Engine.
Innovativeness and advanced technology installed on the equipment have given Caterpillar a global presence. For the financial year ending on September 30, 2022, Caterpillar’s revenue hit USD 56.62 billion. The year-on-year increase rate was 16.98%, as indicated by Macrotrends.
Komatsu Ltd. has its headquarters in Minato, Tokyo, Japan. The company was founded in 1921 and named after the city of Komatsu, Ishikawa. It manufactures construction machines, as well as mining, industrial, forestry, and military equipment.
This multinational corporation offers high-quality and reliable products, including blast hole drills, dozers, electric rope shovels, excavators, draglines, motor graders, underground hard rock drills, and rock haulage.
As the company operates globally, 80% of its revenue is generated outside Japan. According to Macrotrends, its revenue is currently approx. USD 24.941 billion. This is a 21.18% increase compared to the revenue in 2021. For the last ten years, the year-over-year increase rate was 12.19%
Sany was founded in 1989 and later incorporated in 1994. Over the years, it has become one of the largest construction machinery manufacturers in the world. It is headquartered in Beijing, China.
The company also manufactures mining equipment, port machinery, renewable wind energy systems, and oil drilling machinery. Some specific products include truck-mounted concrete pumps, excavators, all-terrain cranes, reach stackers, motor graders, tunnel road headers, piling machinery, and off-highway mining trucks.
The connectivity of construction machines and the manufacturing of autonomous machines are the main objectives of this company. The revenue estimated in 2021 was USD 16.02 million with 6.82% year-on-year growth, as reported by SanyGlobal.com.
4. Hitachi Construction Machinery
Hitachi Construction Machinery is among the leading manufacturers of construction machinery. The company was founded in 1951 and is headquartered in Tokyo, Japan. Currently, Hitachi has a 79% overseas ratio as it operates internationally.
The construction and mining equipment have different technologies, providing efficiency and safety. Some products include mini excavators, hydraulic excavators, compaction equipment, wheel loaders, and rigid dump trucks.
As of March 31, 2022, Hitachi.com reported revenue of around JPY 1,025 billion. This is ascribed to the international surge in demand for construction machinery. Notably, most governments are investing in construction industries to improve infrastructure.
5. John Deere
John Deere is based in America and headquartered in Moline, Illinois. The corporation primarily deals in construction machinery & parts, forestry machinery, agricultural machinery, diesel engines, and drivetrains. It was founded in 1837 and has since spread its operations worldwide.
The heavy and compact construction machinery manufactured by this company includes; backhoes, dozers, excavators, articulated dump trucks, and crawler loaders. Most of these products have sophisticated technology. The brand also has plans to manufacture all-electric machinery in the future.
Macrotrends reported annual revenue of USD 44.024 billion in 2021. This represented a 23.87% increase from 2020, when the company saw a revenue of USD 35.54 billion. The growth is attributed to the increased demand for construction equipment.
6. Volvo CE
Volvo Construction Equipment supplies earthmoving, mining and demolition equipment. The company was founded in 1832 in Eskilstuna, Sweden, but its headquarters is in Gothenburg, Sweden. The company has around 265 dealers in approximately 180 countries in the world. The primary plants are in Sweden, Germany, the U.S., Brazil, France, Korea, India, and China.
The leading brands are Volvo, SDLG, Terex Trucks, and Rokbak. Some of the equipment Volvo manufactures are; wheel loaders, articulated haulers, excavation, and compact construction equipment.
Apart from construction machinery, the company also offers financing servicing and rental services. It also operates internationally, thus tapping into the global market. The net revenue as of 2021 was estimated to be SEK 92,031 million, according to Volvoce.com.
Zoomlion is one of the significant construction machinery manufacturers in China. It was founded in 1992 and has developed over the years to manufacture equipment worldwide. The company has 14 large technological and industrial parks in China and has operations in more than 100 countries around the world.
This company has several classes of products ranging from mobile cranes, concrete, tower cranes, earthmoving, foundation, MEWPs, and agriculture. The classes are further categorized according to functionality and innovation applied to the machines. For instance, ZRT400 is a rough terrain crane.
There are constant efforts by Zoomlion to provide technologies, products, and solutions that offer buyers value. This has generated a revenue of USD 6.56 billion in 2022, according to CompaniesMarketCap. In 2021, the company’s revenue was USD 10.36 billion, which increased from USD 9.52 billion in 2020.
8. Liebherr Group
Liebherr Group is headquartered in Bulle, Switzerland, and was founded in 1949. The company is among the largest manufacturers of construction machinery in the world. It has a global network that contains more than 140 companies from all continents.
Liebherr offers a wide range of products and services. The products are designed for efficiency and have advanced technology. These products include refrigeration equipment, maritime cranes, mobile & crawler cranes, aerospace, and transportation systems.
The company has continually employed innovativeness and committed to quality to safeguard construction workers and machinery operators. This has enabled the company to grow its market share internationally. In 2021, it recorded a total revenue of EUR 11,639 million, representing a 12.6% increase from 2020, as reported by Liebherr.com.
9. Hyundai Doosan Infracore
Hyundai Doosan Infracore was founded in 1896 and is headquartered in Seoul, South Korea. The corporation has expanded to gain a worldwide presence. Nowadays, it is among the world’s leading construction machinery manufacturers.
The equipment manufactured by this company ranges from medium to large, depending on functionality and capability. Examples include; excavators, wheel loaders, articulated dump trucks, and other small construction equipment.
It has also established distribution channels across the globe. From constant production, Hyundai Doosan Group makes both domestic and international sales. In 2021, the company had a peak revenue of USD 780 million, as reported by Zippia.
XCMG is a Chinese-based construction machinery company. In 1943, XCMG was founded, making the trailblazer its first construction equipment. Over the years, it has employed various technologies on the machinery. In 1982, the company developed China’s first full hydraulic single-cylinder vibratory wheel.
XCMG currently manufactures the following products; crawler excavators, wheel excavators, mixer trucks, loaders, dump trucks, truck-mounted cranes, and tractors. This corporation has gained the international eye with the innovations it applies to its machinery. XCMG operates in more than 2000 terminals worldwide.
In 2021, XCMG registered a revenue amounting to approx. USD 13.2 billion, with a year-on-year growth of 14.01%, according to Yahoo Finance.
Construction equipment manufacturers have gone a notch higher with the development of remote and fully autonomous equipment. Cutting technology has resulted in a competitive global market. However, buyers must acquire machinery that satisfies their construction plans and needs. The above guide has outlined the major players in the construction industry. To find the equipment they manufacture, visit Alibaba.com.