Top Companies in Construction Equipment Industry

The construction equipment market is projected to grow from USD 148.02 billion in 2024 to USD 186.62 billion by 2030 at a CAGR of 3.9%. Growing infrastructure development and Increasing demand for sustainable construction solutions drive the demand for construction equipment.

The top companies in construction equipment industry include Caterpillar (US), Komatsu Ltd. (Japan), Deere & Company (US), Hitachi Construction Machinery Co., Ltd., and Xuzhou Construction Machinery Group (China). These major players have adopted various strategies such as new product developments, collaborations, strategic partnerships, and expansion efforts to maintain their presence in the competitive industry.

To know about the assumptions considered for the study download the pdf brochure

Top Companies in Construction Equipment Industry 

Caterpillar has actively worked on a mix of strategic moves, such as new product developments, expansions, and collaborations, to strengthen their position in the global construction equipment market. The primary strategy followed by Caterpillar was new product development. For instance, In June 2023, the company launched the Cat 995 Wheel Loader, which offers an increase of up to 19% in productivity compared to the previous model. Similarly, the company also launched the Cat D10 Dozer; this equipment meets the US EPA Tier 4 Final/EU Stage V and Tier 2 equivalent emissions standards. Furthermore, expansion and collaboration were two strategies that Caterpillar also focused on. In August 2024, the company expanded its Lafayette, Ind., engine facility and increased the capacity for new engines and aftermarket parts. The company has also collaborated with Luck Stone, a major producer of crushed stone, sand, and gravel, to deploy Caterpillar’s autonomous solution to Luck Stone’s Bull Run Plant in Chantilly, Virginia. With the adoption of the above-mentioned set of strategies, the company was able to remain dominant in the construction equipment industry.

Komatsu Co., Ltd. has focused on strategic moves such as new product developments, collaborations, and expansions to strengthen its position in the global construction equipment market. In August 2024, Komatsu and ABB Process Industries partnered to develop electric haulage, loading, and auxiliary equipment. The company strongly focuses on developing electric amphibious crawler dozers equipped with automatic controls and ICT functions. The company plans to launch this equipment at the 2025 Future Society Showcase Project in Osaka, Japan. Komatsu has also focused on upgrading its existing line of products. For instance, Komatsu Co., Ltd. upgraded its PC130LC-11 excavator with a more extended undercarriage design, which has increased its lifting capacity by up to 20% compared to the previous model. Leveraging this set of strategies, Komatsu remained dominant in the construction equipment industry.

Deere & Company strongly focuses on strategic moves such as new product developments, acquisitions, and expansions to strengthen their position in the global construction equipment market. The primary strategy followed by Deere & Company was new product development. For instance, in 2023, the company launched a series of excavators articulated dump trucks and displayed its electric/hybrid Backhoe loaders, wheel loaders, and excavators. The company introduced its first articulated dump truck models, the 410 and 460 ADTs, in 2023. Furthermore, acquisition and collaboration were two strategies that the company focused on. In 2023, Deere & Company acquired 3 Hitachi-Deere joint venture factories and started a new license and supply agreement with Hitachi Construction Machinery Co., Ltd. The company also introduced an innovation hub in Texas and the US. This expansion was focused on attracting new talent to work on solving problems and designing sustainable solutions for the construction industry.

Related Reports:

Construction Equipment Market by Equipment Type (Excavator, Loader, Dozer, Dump Truck, Compactor, Crane), Propulsion, Power Output, Engine Capacity, Application, Electric Construction Equipment, Battery Chemistry, & Region - Global Forecast to 2030

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets Inc.
1615 South Congress Ave.
Suite 103,
Delray Beach, FL 33445
USA : 1-888-600-6441
[email protected]