11 Largest Heavy Equipment Manufacturers in the World

1.  Caterpillar Inc. (NYSE:CAT)

Revenue (FY2023): $67,100,000,000 

Topping the list, Caterpillar Inc. is the biggest heavy equipment manufacturer in the world as of 2024. Caterpillar Inc. was founded in 1925 when the Holt Manufacturing Company and the C. L. Best Tractor Co. merged to form a new company. Two years later, in 1927, the company introduced its first model — the Model Twenty Tractor. Now nearly a century later, Caterpillar Inc. is the leading company in the heavy equipment industry with more than 300 products.

In 2023, the company posted record sales and revenue of $67.1 billion, which was up by 13% compared with $59.4 billion in 2022. Moreover, adjusted profit per share increased from $13.84 in FY 2022 to $21.21 in 2023. The Chairman and CEO of Caterpillar, Jim Umpleby, said, “I’m very proud of our global team’s strong performance as they achieved the best year in our 98-year history, including record full-year sales and revenues, record adjusted profit per share and record ME&T free cash flow.”

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