Now more than ever, the heavy equipment market has soared to record heights. This industry's market growth is also beneficial for businesses needing the best construction equipment supplier to grow their business and improve their profits.
For this reason, we've compiled a list of the leading equipment producers in the USA, advice on selecting the best equipment, and advantages of financing your purchases to assist you in making smarter purchasing choices.
The top heavy equipment suppliers
With sales of $24.82 billion in heavy equipment in 2020, Caterpillar is at the head of the pack. The sum of sales and other revenue was $41.7 billion.
In terms of market share, Caterpillar ranks first. It generated $54.7 billion in revenue in 2017 and had 16.4% of the market. The Fortune 500 corporation, founded in Deerfield, Illinois, has been in operation since 1925, has more than 500 facilities globally, and has made a name for itself as the North American and world leader in the construction sector.
Caterpillar offers a wide variety of products, including industrial machinery.
After Caterpillar, Komatsu Ltd was established in 1921 as Komatsu Iron Works and is now the second-largest manufacturer of mining and construction equipment worldwide. It has 81 production plants for mining, utilities, and construction equipment worldwide, 34 of which are in the Americas. Additionally, it conducts business throughout Oceania, Asia, Europe, Africa, and Japan.
Komatsu annual revenue for 2022 was $24.941B, a 21.18% increase from 2021. They specialize in manufacturing lasers, thermoelectric generators, press machines, mining, and military equipment. Bulldozers, dump trucks, hydraulic lifters, micro excavators, motor graders, and wheel loaders are among the construction machinery it offers. Energy, forestry, manufacturing, quarrying, surface and deep mining, and material handling are just a few of the sectors it helps.
The Chinese company is known as Xuzhou Construction Machinery Group, or XCMG for short ranked third globally in the construction equipment market and the first in China. In 2022, XCMG machinery reported operational solid and industry development achievements, defying market trends to achieve revenue of more than 100 billion yuan (USD 14.36 billion) for three consecutive years.
It was established in 1943 and is currently ranked 65th out of China's top 500 enterprises. It produced China's first truck crane, tower crane, and 10-ton steamroller. The company's primary specialties are mining equipment, excavators, road equipment, loaders, piling equipment, concrete equipment, and hoisting equipment.
Like XCMG, Sany is headquartered in China and generated $11.74 B in revenue in 2022. Established in 1989 and now has operations in various nations, including Germany, India, the US, and Latin America.
Cranes, pumps, mixers, excavators, dump trucks, wheel loaders, motor graders, telehandlers, forklifts, track loaders, articulated loaders, reach stackers, single drum loaders, backhoe loaders, aerial work platforms, and storage equipment are all part of Sany's product portfolio. It also manufactures equipment for firefighting and rescue operations, wind turbines, piling machinery, and petroleum drilling equipment.
5. John Deere
John Deere, an Illinois-based company, has been around for a very long time—since 1837, to be precise. The plant's characteristic primary hue is mentioned in "John Deere Greene," a number 5 country single by Joe Diffie from 1993. The net income attributable to Deere & Company was $7.131 billion, or $23.28 per share, in 2022, compared to $5.963 billion, or $18.99 per share, in fiscal 2021.
After Caterpillar, John Deere is the largest heavy machinery firm in the United States and a member of the Fortune 500. John Deere manufactures a variety of tools, including mowers, tractors, wheel loaders, harvesting equipment, dump trucks, diesel engines, and drivetrains for the agricultural, construction, and forestry industries. It is well-known for its agricultural equipment, particularly tractors.
6. Volvo CE
The majority of people undoubtedly identify Volvo with automobiles. You might thus be surprised to find that Volvo Construction Equipment ($8.85 billion in 2020) is the market leader in Europe and sixth globally in terms of sales of construction machines. The Swedish business is even older than John Deere, established in 1832. Sweden, Belgium, Brazil, China, India, Korea, the United States, the United Kingdom, and Volvo CE have production plants.
In addition to wheel loaders, articulated haulers, cranes, compactors for road construction, pipelayers, and demolition equipment, Volvo CE also manufactures hydraulic and excavation apparatus.
Hitachi, which generated $8.55 billion in revenue in 2021, was established in Japan in 1910. It collaborated with John Deere's construction and forestry division in 2002, which is now responsible for managing its sales, marketing, and other product support activities throughout the Western Hemisphere. Deere-Hitachi manufactures excavators in Sao Paulo, Brazil, and Kernersville, North Carolina. Hitachi offers small- and large-scale machinery (North America, Asia, Europe, Japan, and Africa).
Numerous hydraulic excavators are among the construction equipment produced by Hitachi, along with forestry tools, mechanical and hydraulic cranes, mining dump trucks, crawler dump trucks, wheel loaders, and haul trucks.
In 2020, the multinational German-Swiss manufacturer Liebherr generated revenues of $7.81 billion from its 13 product categories. Its current headquarters are in Bulle, Switzerland; Founded in 1949 in Germany. The founding, still-controlling Liebherr family, is honored in the company's name. Liebherr manufactures various home products in addition to construction and agricultural machinery.
Liebherr offers a wide range of cranes, from mobile cranes to towers to maritime cranes "of every sort and size." Additionally, it produces wheel loaders, crawler tractors and loaders, telescopic handlers, drilling rigs, dump trucks, and earthmoving and mining equipment. Transportation systems, aircraft, and concrete technology are more study areas.
Compact equipment is designed, produced, marketed, and distributed by the Bobcat Company for government, utility, industrial, mining, construction, rental, landscaping, agricultural, and grounds care. U.S. Bobcat, founded in South Dakota in 1947 and has three production sites in North Dakota, is the most prominent firm in the region. There are factories for Bobcat products worldwide in China, France, and the Czech Republic.
When Hyundai's heavy equipment division was established in 1972, it took pride in its pioneering spirit and commitment to creating effective machinery. Similar to Volvo, you wouldn’t picture them.
Hyundai provides specialized machinery such as material handlers with an outrigger and grappler for both on- and off-road operations and loaders, rollers, breakers, and excavators. One of Hyundai's ongoing objectives is to expand and fortify its dealer network, specializing in construction equipment.
Making the right decision for your business
The most important thing to consider with these providers is to match your purchase with your business's specific needs. Answer these questions: Why do you need this equipment? What kind of work do you need to do? For how long? How much are you willing to spend? What size do you need? Are you keeping all the maintenance and repair costs in mind? Where are you going to store this?
It is vital to know what you need and ensure it's the perfect match for the job so it is done correctly. Make sure you can afford all the costs that come with this purchase, and if you need any further financial guidance, make sure to contact us! One Park Financial is your one-stop shop for your small business's financial needs. Get pre-qualified today.
Disclaimer: The content of this post has been prepared for informational purposes only. It is not intended to provide and should not be relied on for tax, legal, or accounting advice. Consult with your tax, legal, and accounting advisor before engaging in any transaction.