The global construction market is on the rise, with a growth prediction of roughly $234.6 billion by 2030. As the market expands, so does the demand for construction equipment and equipment rental. Leading the charge is Caterpillar, which sold around $37.5 billion of equipment in 2022. As construction projects increase in complexity and scale, finding reliable equipment suppliers is paramount. To help ensure the safety and efficiency of your projects, we’ve compiled the top construction equipment suppliers of 2024.
1. BigRentz
Founded in 2012, BigRentz is an online construction equipment rental network where construction pros can rent equipment like forklifts, bulldozers and cranes. Made up of 4,500+ rental partners and 12,000+ partner locations across the United States, it has become a go-to source for construction workers, equipment operators and contractors who need to rent construction equipment.
Types of Equipment
BigRentz offers boom lifts, forklifts, scissor lifts, cranes, dumpsters, mini excavators, skid steers, backhoes and generators for both large-scale commercial and smaller residential construction projects.
2. Caterpillar
Caterpillar leads the pack in heavy equipment manufacturing, selling $17.1 billion worth of equipment in 2023. Sales and other revenue combined totaled $67.1 billion. Caterpillar ranks number one in terms of market share. In 2017, it accounted for 16.4% of the market and pulled in revenue of $54.7 billion. In business since 1925, the Fortune 500 company, based in Deerfield, IL, has more than 500 locations worldwide and has established itself as the North American and global leader in the construction industry.
Types of Equipment
Caterpillar offers a variety of construction and mining equipment, from excavators and dozers for residential projects to industrial turbines and natural gas engines for large-scale commercial projects.
3. Komatsu
Following Caterpillar, Komatsu is the second-largest construction and mining equipment manufacturer. Founded as Komatsu Iron Works in 1921, the Japan-based manufacturer has 81 manufacturing facilities worldwide for construction, mining, and utility equipment, including 34 in the Americas. It also has operations in Japan, Asia, Europe, Africa and Oceania. In 2023, Komatsu’s equipment sales were valued at about $6.2 billion, with overall revenue reaching $26.2 billion — an increase of 5.14% compared to 2022.
Types of Equipment
Komatsu focuses on mining, military equipment, press machines, lasers, and thermoelectric generators. Its line of construction equipment includes bulldozers, dump trucks, hydraulic lifters, mini excavators, motor graders, and wheel loaders. It supports industries such as energy, forestry, manufacturing, quarrying, surface and underground mining, and material handling.
4. XCMG
Xuzhou Construction Machinery Group, or XCMG for short, is a Chinese corporation that ranks third worldwide in construction equipment sales. In 2023, XCMG’s main products held a 25.47% market share, up 1.93% from 2022. Founded in 1943, 15 of its equipment products now hold the highest market share in China, led by their milling machine and asphalt mixing station products. It developed China’s first tower crane, 10-ton steamroller, and 10-ton truck crane.
Types of Equipment
XCMG focuses on mining machinery, excavators, road machinery, loaders, piling machinery, concrete machinery, and hoisting machinery.
5. Sany
Like XCMG, Sany is based in China and has a global reach, with $11.04 billion in revenue in 2022. Founded in 1989, it has operations in places as diverse as Germany, India, the United States, and Latin America.
Types of Equipment
Sany’s line of equipment includes 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. It also makes wind turbines, piling machinery, petroleum drilling equipment, and equipment used in firefighting and rescue operations.
6. Zoomlion
Zoomlion, founded in 1992 and also based in China, reached a revenue of $6.58 billion in 2023. Focusing on solutions for construction, agriculture and infrastructure development, it has subsidiaries in East Asia, Southeast Asia, and Europe, and industrial parks in Belarus, Brazil, Germany, India, and Italy.
Types of Equipment
Zoomlion makes backhoe loaders, mixer trucks, compaction equipment/rollers, site dumpers, mobile and tower cranes, trucks, forklifts, scissor lifts, telescopic boom lifts, and drilling rigs, among other products.
7. John Deere
Based in Illinois, John Deere has been around for a long time, since 1837, to be exact. The company slogan is “Nothing runs like a Deere,” and plenty of them ran in 2023 when the company racked up $17.39 billion in net revenue and sales worldwide. A global Fortune 500 company, John Deere is the second-largest U.S. heavy machinery company after Caterpillar.
Types of Equipment
John Deere makes agricultural, construction, and forestry machinery; diesel engines; drivetrains; and a host of other equipment ranging from mowers to tractors, scrapers to wheel loaders, and harvesting equipment to dump trucks. It’s widely known for its agricultural machinery, especially its tractors.
7. Volvo
Most people probably associate the name Volvo with cars. So you might be surprised to learn that Volvo Construction Equipment holds a 4.3% market share among leading construction equipment manufacturers as of the most recent data from 2022. Even older than John Deere, the Swedish company was founded in 1832. Volvo CE has production facilities in Sweden, Belgium, Brazil, China, India, Korea, the United Kingdom, and the U.S.
Types of Equipment
Volvo CE’s product line includes hydraulic and excavation machinery, wheel loaders, articulated haulers, cranes, compactors for road construction, pipelayers, and demolition equipment.
9. Hitachi
Founded in Japan in 1910, Hitachi had $80.52 billion in annual revenue in 2023 and held 4% of the global market share among construction equipment suppliers in 2022. In 2002, Hitachi forged a partnership with the construction and forestry division of John Deere, which manages its sales, marketing, and many product support functions in the Western Hemisphere. Deere-Hitachi manufactures excavators in Kernersville, N.C., and Sao Paulo, Brazil. Hitachi provides small- and large-scale equipment throughout the world (North America, Asia, Europe, Japan, and Africa).
Types of Equipment
Hitachi construction machinery includes a wide variety of hydraulic excavators, along with forestry equipment, mechanical and hydraulic cranes, mining dump trucks, crawler dump trucks, wheel loaders, and haul trucks.
10. Liebherr
Founded in 1949 and headquartered in Bulle, Switzerland, Liebherr is a multinational German-Swiss manufacturer with a total of 13 product segments. In 2022, it racked up product sales of $13.5 million in 2022, surpassing its record year of 2019 for the first time. Its sales of construction and mining machines increased by 6.9% compared to 2021.
Types of Equipment
Liebherr has an extensive line of cranes “of every kind and size,” from mobile cranes to tower cranes to maritime cranes. It also manufactures earthmoving equipment, mining equipment, wheel loaders, crawler tractors and loaders, telescopic handlers, and drilling rigs. Other areas of focus include concrete technology, aerospace, gear technology and automation systems. Liebherr also makes refrigerators and other domestic appliances.
11. Develon
Formerly Doosan Infracore, Develon is a South Korean company and subsidiary of HD Hyundai’s construction equipment business. It was founded in 1937 as the first large-scale machine manufacturer on the Korean Peninsula. Focusing on the expansion of its compact and heavy equipment lines, it surpassed $3.75 billion in revenue in 2023.
Types of Equipment
Doosan offers a line of products including excavators of all sizes, wheel loaders, articulated dump trucks (ADTs), special applications machinery (customized for optimal various working conditions), and attachments.
Who Are the Largest Heavy Equipment Manufacturers in the World?
Caterpillar, Komatsu, and XCMG are the leading and largest construction equipment manufacturers in 2023, totaling a combined $75.5 billion in construction equipment sales. U.S.-based manufacturers, such as John Deere, contributed to 26% of total revenue across the globe, while those based in China, including XCMG and Sany, accounted for 18%. In the United States, Caterpillar also ranks first as the largest construction equipment manufacturer, with sales reaching close to $37.6 billion dollars in 2022. John Deere follows behind Caterpillar as the second-largest supplier, selling over $12.5 billion in 2022.
1. Stick to What You Know
While new models won’t be the same as old equipment, it’s important to consider which equipment operates similarly to what you’re used to and which has a steep learning curve. The more familiar you are with the equipment, the higher the productivity overall construction safety, which can lower the likelihood of accidents. The Occupational Safety and Health Administration (OSHA) provides training for heavy equipment operation.
2. Assess Your Project Needs
It’s important to understand the purpose of each piece of equipment, so you purchase equipment with the correct features. If you’re not sure which machine will work best, try renting equipment first.
3. Consider the Project Scope
Survey your project and see what kind of construction equipment you will need for the job. Depending on your budget and job specifications, you may need multiple pieces of equipment to execute everything you have planned.
4. Research Equipment Specifications
Once you know what equipment you’ll need, research and compare the specifications of different equipment models. Pay attention to factors like power, size, capacity and other features to ensure the model you choose is compatible with your project requirements.
5. Account for Parts and Maintenance
Make sure you have all the necessary parts to keep your equipment working properly. If your equipment fails on the job, it can result in injuries and missed deadlines. Proper equipment management, like changing parts during routine maintenance rather than after a breakdown, can save time and money while keeping everyone safer.
6. Rent Equipment To Test It Out
Before committing to purchasing a piece of equipment, rent different machines and test them to make sure they’re correct for the job. You might require something you hadn’t thought of or find that a certain piece of equipment isn’t quite what you needed after all. With countless construction equipment suppliers and pieces of equipment to choose from, arming yourself with knowledge is key. Read reviews, talk to other construction pros to uncover valuable insights, and, when in doubt, rent equipment before purchasing for a trial run.
