The 10 largest heavy construction equipment manufacturers.

The global heavy equipment market soared to record heights last year, driven by rising demand for machinery from construction, mining, and oil and gas industries.

The market rose 20.8% to $232.7 billion in 2021, from $191.5 billion in 2020 – surpassing the previous record of $202.7 billion in 2019, according to the 2022 Yellow Table – an annual ranking of heavy machinery companies.

Here are the world’s top 10 construction equipment manufacturers:

Caterpillar Inc., which is headquartered in Illinois, USA., is the world’s largest construction equipment supplier, commanding a market share of 13.8%.

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 to Caterpillar Inc.

The company sold $32 billion worth of machines in 2021, up from $24.8 billion in 2020. Caterpillar sales stood at $32.9 billion in 2019.

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 $25.3 billion worth of equipment in 2021, up from $19.9 billion in 2020 and $23.3 billion in 2019.

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

Xuzhou Construction Machinery Group (XCMG) is a Chinese maker of civil engineering machines. It 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.

In 2021, XCMG sold $18.1 billion worth of equipment, up from $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.

Sany Heavy Industry Co., Ltd., ranks fourth in the list of world’s largest construction equipment companies and the first of its industry in China to feature in the FT Global 500 and the Forbes Global 2000 rankings.

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 2021, the company sold $16.0 billion worth of construction equipment, up from $14.4 billion in 2020 and $10.95 billion in 2019.

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 185 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.

In 2019, Deere & Company was listed 97th in the Fortune 500 America’s ranking. The firm employs 67,000 workers, half of whom are based in the U.S. and Canada.

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

The company acquired Wirtgen Group in 2017.

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 specializes in construction equipment and offers products in over 140 countries. The machinery offered includes compactors, pavers, and loaders.

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

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

Volvo CE sold $10.7 billion worth of equipment in 2021, up from $8.8 billion in 2020, when it was ranked seventh, and $9.38 billion in 2019.

Chinese firm Zoomlion, which was ranked fifth in the 2021 Yellow Table of the world’s top 10 heavy equipment companies – from position 10 and 13 in 2020 and 2019 respectively, has dropped to position seven.

The company manufactures a range of heavy machinery including excavators, bulldozers, access equipment, concrete-related products and drilling rigs.

In 2008, Zoomlion acquired CIFA, one of the world’s biggest concrete machinery manufacturers, in a transaction recorded as the largest ever European acquisition by a Chinese company at the time.

Zoomlion, which was founded in 1992, sold $10.4 billion worth of heavy machinery in 2021, up from $9.4 billion in 2020, and $6.27 billion in 2019 on strong performance in the Chinese market.

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 a wide range of 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 $9.4 billion worth of machinery in 2021, up from $7.8 billion in 2020.

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

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.

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 $8.8 billion worth of heavy equipment in 2021, an increase from $8.5 billion in 2020 – and a marginal decline from $8.99 billion in 2019.

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 $7.2 billion worth of equipment in 2021, up from $4.5 billion in 2020 – breaking into the top-ten rank for the first time in history.

This growth is not surprising considering that in 2021 the company acquired 14 businesses as part of an aggressive strategy to grow its revenues.

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