Top 10 Heavy Equipment Construction Machinery Manufacturers in the World

Top 10 Heavy Equipment Manufacturers in the World

The global heavy equipment market is expected to reach $231 billion by 2025, driven by growing demand for machinery in the construction, mining, and oil and gas industries.

The market shrank 5.5% to $191.5 billion in 2020 from a record high of $202.7 billion in 2019, according to the 2021 Yellow Board — an annual ranking of construction equipment companies.

Here are the top 10 heavy equipment manufacturers in the world

1/ Caterpillar Inc | USA

Caterpillar Inc | USA
Caterpillar Inc | USA

Caterpillar Inc. (often abbreviated as CAT) is an American Fortune 100 company that designs, develops, engineers, manufactures, markets, and sells machinery, engines, financial products, and insurance to customers through a worldwide dealer network. It is the largest manufacturer of construction equipment in the world. In 2018, Caterpillar was ranked 65th on the Fortune 500 list and 238th on the Global Fortune 500 list. Caterpillar stock is part of the Dow Jones Industrial Average.

Caterpillar Inc. traces its origins to the 1925 merger of Holt Manufacturing Company and C. L. Best Tractor Company, creating a new entity, Caterpillar Tractor Company, based in California. In 1986, the company reorganized as a Delaware corporation under the current name Caterpillar Inc. Its headquarters are located in Deerfield, Illinois; it announced in January 2017 that within that year it would move its headquarters from Peoria, Illinois, to Deerfield, Illinois, scrapping 2015 plans to build a new $800 million headquarters complex in downtown Peoria.

The company also licenses and markets a line of clothing boots and workwear under its Cat/Caterpillar name.Additionally, the company has been licensing the Cat brand of rugged mobile phones and rugged smartphones since 2012. Caterpillar machines and other branded products are recognizable by their “Caterpillar Yellow” livery and “CAT” logo.

2/ Komatsu | Japan

Komatsu | Japan
Komatsu | Japan

Komatsu Ltd is a Japanese multinational that manufactures construction, mining, forestry, and military equipment, as well as diesel engines and industrial equipment such as presses, lasers, and thermoelectric generators. Its headquarters are in Minato, Tokyo, Japan. The company is named after the city of Komatsu, Ishikawa Prefecture, where the company was founded in 1921. Worldwide, the Komatsu Group consists of Komatsu Ltd. and 258 other companies (215 consolidated subsidiaries and 42 companies accounted for using the equity method).

Komatsu is the world's second-largest manufacturer of construction and mining equipment after Caterpillar. However, in some regions (Japan, China), Komatsu has a larger share than Caterpillar. It has manufacturing operations in Japan, Asia, America, and Europe.

3/ XCMG | China

XCMG | China
XCMG | China

Xuzhou Construction Machinery Group Co., Ltd. (XCMG Group) is a Chinese multinational state-owned heavy machinery manufacturing company headquartered in Xuzhou, Jiangsu. Founded in 1989, XCMG currently ranks No. 1 in China's construction machinery industry, No. 3 in the world, No. 4 in China's top 100 machinery enterprises, and No. 409 in the world's top 500 brands. Recently, the company took over Schwing GmbH a German manufacturer of mobile and stationary concrete pumps and mixer trucks, headquartered in Herne, as well as the parent company of Schwing Stetter in Memmingen. The business group is the world's second-largest manufacturer of concrete pumps, behind Putzmeister, also a German manufacturer and subsidiary of the XCMG group.

XCMG Group's subsidiary, XCMG Construction Machinery Co. Ltd., was listed on the Shenzhen Stock Exchange SZSE: 000425 in 1996. With the largest scale, the highest technical level, and the largest export volume in the Chinese construction machinery industry, XCMG Group is an influential hundred billion-dollar enterprise.

XCMG products are sold in more than 180 countries and regions and cover 97% of the countries along with the Belt and Road initiative. The group holds a global sales network including over 20 manufacturing bases in China, 300 overseas distributors, over 2,000 service centers, 40 overseas offices, and over 30 overseas branches.

The group has R&D centers, manufacturing bases, or KD factories in more than 10 countries including Germany, the United States, Brazil, and India, and has acquired 3 European companies including Schwing. It is now the leading brand of concrete machinery in the developed markets of Europe and the United States. Meanwhile, XCMG's manufacturing base in Brazil has become a model of China-Brazil economic cooperation, as Brazil's XCMG bank is now the top foreign bank in China's manufacturing industry.

4/ Sany | China

Sany | China
Sany | China

Sany Heavy Industry Co., Ltd. (SSE: 600031) is a Chinese multinational heavy equipment manufacturing company headquartered in Changsha, Hunan. It is the 3rd largest heavy equipment manufacturer in the world and the first in its industry in China to enter the FT Global 500 and Forbes Global 2000 rankings. Its founder and main shareholder are Liang Wengen.

Sany is best known for its concrete machinery, for which it is ranked No. 1 in the world. It is also a major supplier of excavators, cranes, wheel loaders, and other heavy machinery.

Sany has a dozen industrial parks in China as well as manufacturing plants in Australia, Belarus, Brazil, Canada, Germany, India, Indonesia, Kazakhstan, Russia, Ukraine, and the United States. The company has approximately 90,000 employees worldwide.

5/ Zoomlion | China

Zoomlion | China
Zoomlion | China

Zoomlion Heavy Industry Science and Technology Co., Ltd. is a Chinese manufacturer of construction machinery and agricultural machinery. Its headquarters are in the Zoomlion Science Park in Changsha, Hunan, China. Zoomlion is the largest construction machinery company in China and the fifth-largest in the world.

Founded in 1992 as Changsha Hi-tech Development Area Zoomlion Construction Mechanical Industry Company, one of its first products was concrete pumps. The company originated from a subsidiary founded in 1956 in Beijing, under the first Ministry of Machinery Industry, Ministry of Construction, Enterprise Central Work Committee.

6/ Deere & Company | USA

Deere & Company | USA
Deere & Company | USA

John Deere is the brand name of Deere & Company, an American company that manufactures agricultural machinery, heavy equipment, forestry machinery, diesel engines, and transmissions (axles, transmissions, gearboxes) used in heavy equipment and lawn care equipment. In 2019, it was ranked 87th in the Fortune 500 America rankings and 329th in the world rankings. The company also provides financial services and other related activities.

Deere & Company is listed on the New York Stock Exchange under the symbol DE. The company's slogan is (Nothing Runs Like a Deere) and its logo is a leaping deer, with the words (JOHN DEERE) underneath. Various logos incorporating a leaping deer have been used by the company for over 155 years. Deere & Company is headquartered in Moline, Illinois.

Deere & Company ranked No. 84 in the 2020 Fortune 500 list of America's largest corporations. Their different series of tractors include D-Series, E-Series, Specialty Tractors, Super Heavy Duty Tractors, and JDLink.

7/ Volvo CE | Sweden

Volvo CE | Sweden
Volvo CE | Sweden

Volvo Construction Equipment - Volvo CE - (originally Munktells, Bolinder-Munktell, Volvo BM) is a major international company that develops, manufactures, and markets equipment for the construction and related industries. It is a subsidiary and a business unit of the Volvo Group.

Volvo CE's products include a range of wheel loaders, excavators, articulated dumpers, graders, soil and asphalt compactors, pavers, backhoe loaders, skid steer loaders, and milling machines. Volvo CE has production sites in the USA, Brazil, Scotland, Sweden, France, Germany, Poland, India, China, Russia, and South Korea.

Volvo CE sells machines under three brands: Volvo, SDLG, and Terex Trucks.

8/ Hitachi Construction Machinery | Japan

Hitachi Construction Machinery | Japan
Hitachi Construction Machinery | Japan

Hitachi Construction Machinery Co., Ltd. is a Japanese construction equipment company engaged in the manufacture, sale, and service of construction machinery, transportation machinery, and other machinery and apparatus. It is a subsidiary of the Hitachi group.

Hitachi Construction Machinery Co., Ltd. was established in 1970 and participated in the production of the first mechanical excavator in Japan. The company has now become a major manufacturer of construction equipment in the world and is listed on the Nikkei 225.

9/ Liebherr Group | Germany

Liebherr Group | Germany
Liebherr Group | Germany

Liebherr is a German-Swiss multinational equipment manufacturer based in Bulle, Switzerland, with its main production facilities and origins in Germany.

Liebherr consists of more than 130 companies organized into 11 divisions: earthmoving, mining, mobile cranes, tower cranes, concrete technology, maritime cranes, aerospace and transport systems, machine tools and automation systems, and household appliances, and components. It employs more than 42,000 people worldwide and had a turnover of nine billion euros in 2017. In 2007, it was the largest crane company in the world.

Founded in 1949 by Hans Liebherr in Kirchdorf an der Iller, Baden-Württemberg, Germany, the company is still wholly owned by the Liebherr family. Isolde and Willi Liebherr, daughter, and son of Hans, are respectively Managing Director and Chairman of Liebherr-International AG, based in Bulle, Switzerland, and several other family members are actively involved in running the business. In 2005, Forbes magazine listed them as billionaires. In 1974, the Franklin Institute awarded Hans Liebherr the Frank P. Brown Medal.

10/ Doosan Infracore | Korea

Doosan Infracore | Korea
Doosan Infracore | Korea

Doosan Group is a South Korean multinational conglomerate. In 2009, the company was placed in the Fortune Global 500 index. It is the parent company of Bobcat and Škoda Power. The Doosan Group is the oldest continuously operating company in South Korea and ranked among the top 10 heavy equipment manufacturers in the world in 2018.

The Doosan Group was founded in 1896. The company started as Park Seung Jik Store in 1896 in Baeogai (now Jongno 4-ga, Seoul). Since then, Doosan has grown into a multinational conglomerate, with a particular focus on the consumer goods, manufacturing, logistics/trade, and construction sectors.

The company's acquisitions include Doosan Heavy Industries & Construction (formerly Korea Heavy Industries and Construction, a heavy industry company specializing in power and desalination plants) in 2001, Koryeo Industrial Development in 2004, and Doosan Infracore (formerly Daewoo Heavy Industries & Machinery, a South Korean chaebol and automobile manufacturing company found in 1967) in 2005.

In 2006, Doosan acquired boiler engineering company Mitsui Babcock UK (renamed Doosan Babcock) and Kvaerner IMGB, Romania's largest casting and forging company. In 2007, Doosan acquired construction machinery company Bobcat USA, the world's largest supplier of small construction equipment. The Doosan Group has become the world's seventh supplier of construction machinery. Doosan currently has 41,400 employees in 38 countries.

In 2011, Doosan renewed its license agreement with Wärtsilä - Sulzer for the construction of large marine propulsion engines, of which it is one of the world leaders.

On January 1, 2018, Doosan Engineering & Construction and Bobcat were separated into independent companies, ending a seven-year relationship. In July 2021, Doosan Infracore was acquired by Hyundai Heavy Industries, which paid approximately $722.45 million for a 30% majority stake in the company. Doosan Infracore will become a subsidiary of the new Hyundai Genuine group.