When contemplating lucrative industries in the world today, there are a few that most people will immediately guess, such as technology, film or music. Construction most likely did not immediately spring to mind, although considering how many new houses are constantly being built, to say nothing of the high rises and schools and malls, maybe it should. There are many other industries that complement and contribute to the construction industry, heavy equipment manufacturing, for example. Although not yet confirmed, the global market for construction equipment was estimated at $145.5 billion dollars. Here are the top three major players in the construction equipment industry, the ones who control the dominant portion of that wealthy market.
- Caterpillar: No construction site in the United States would look quite complete without a giant yellow machine, all Hardox plates and cutting edges, and the CAT logo on the side. There has been bad news over recent years for this industry giant, though, due to its focus on earth moving equipment like bulldozers, loaders, and scrappers. This made Caterpillar particularly vulnerable to the weakening of the mining sector.
- Komatsu: This Japanese company has been expanding in response to a decreased demand it what used to be its primary market: China. This expansion has allowed the company to grow when it otherwise would have faced hard times.
- Volvo: Although most people in the United States would only associate this name with the famously safe sedans, they have a booming industry in heavy equipment. In an active strategy to increase market share, Volvo recently targeted road equipment as an area to advance, producing a number of new vehicles as a result. This new development brought in new buyers, who then purchased other equipment types, such as general construction or oil and gas, as well, leading to an overall boost in the company and its global rank.
Here in the United States, most of those employed in the heavy equipment repair industry will see a variety of these three companies, replacing wear plates with more Hardox plates. Not company names that everyone knows, but far reaching all the same.