Source: Caterpillar

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New construction equipment is more readily available as production has stabilized since 2021 and 2022. Nearly 135,000 new pieces of construction equipment were financed in the United States in 2023, according to Fusable’s latest EDA equipment finance data, a 2.7% increase from the 131,262 new machines financed in 2022.

While 2023 sales started off slower than 2021 and 2022, 2023 saw more units per month sold from August through December than the previous two years. Texas, Florida and California had the most buyers of new financed equipment during the year.

Accounting for 21.5% of total sales, Caterpillar maintained its position at the top of the charts, while Kubota held on to its second-place position. Bobcat edged out Deere to move into the No. 3 spot, and Komatsu held onto its fifth-place ranking year-over-year. There was no movement in positions 6-10, held by Case CE, Takeuchi, Volvo CE, New Holland and Sany.

Here are the top construction equipment manufacturers in the U.S. in 2023 by new financed sales:

EDA tracks new and used financed sales of compact utility loaders, skid steers, compact track loaders, mini and full-sized excavators, standard and LGP dozers, wheel loaders, backhoes, articulated haul trucks, single- and double-drum vibratory compactors, motor graders, scrapers and tracked and wheeled pavers and concrete pavers.

The data is compiled from state UCC-1 filings on financed construction equipment. All figures include sales, lease and rental. EDA continually updates this data as information comes in from each state. As such, these numbers may have fluctuated since this data was pulled in mid-February.

Top Types of Construction Equipment

When looking at top equipment types, in terms of new machines financed, less expensive compact equipment – such as compact track loaders, skid steers and mini excavators – tends to dominate the list.

Depending on machine type, financed machines represent 40% to 75% of the total number of machines of that type sold in the United States. While machines can also be bought by cash or letter of credit, buyers of higher-ticket items such as large dozers generally tend to finance these machines.

Here are the top equipment types, in terms of number of new machines financed, in 2023:

Top Financed New Construction Equipment in the U.S. in 2023

Following suit, nine of the top 10 financed new machines in the U.S. overall were compact or mini track loaders:

Cat 259D3 compact track loader

Kubota SV97-2 compact track loader

Bobcat MT100 mini track loader

Deere 333G compact track loader

Deere 325G compact track loader

Bobcat T66 compact track loader

Bobcat T770 compact track loader

Cat 289D3 compact track loader

Kubota SVL75-2 compact track loader

Kubota KX040-4 mini excavator

Caterpillar announced an overhaul of its compact track loader lineup in October 2023, with the new 255 replacing the 259D3 and the 265 replacing the 279D3 and 289D3.

Kubota also rolled out its new SVL75-3 at ConExpo 2023. The model, which replaced the SVL75-2, hit dealer lots in May. While sales are catching up to the previous generation, they were not enough to make our top 10 in 2023.

As such, we expect to see these new models make their list debuts in 2024.

Most Popular Construction Equipment Sold by Region and State

When it comes to buying new equipment, many contractors have brands they’re loyal to – whether it’s for their entire fleet or by product line. But sometimes, an uncertain economy or change in dealer relationships can spur a move. To dig in a little deeper, let’s take a look at the most popular models – in terms of unit sales – by region and state.

Before we dive in, here are some things to consider when looking at the data. In less populous states, such as Alaska and Maine, financed sales can swing based on just a few deals. Sales also tend to vary based on the types of industry and infrastructure needs in the area.

For purposes of this report, we follow the U.S. Census Bureau’s divisions.

Overall East and South Central Region Winners: Kubota SVL97-2, Cat 259D3, Deere 333G

Overall Midwest Region Winners: Cat 259D3, Bobcat T66, Bobcat T770

Overall Northeast Region Winners: Bobcat MT100, Cat 259D3, Kubota KX040-4

Overall South Atlantic Region Winners: Kubota SVL97-2, Cat 259D3, Bobcat MT100

Overall West Region Winners: Bobcat MT100, Cat 259D3, Kubota KX040-4

Top Construction Equipment Manufacturer By State:

Kubota had the most new units financed in 20 states, edging out Cat, who took the top spot in 19 states (and the District of Columbia). Rounding out the remaining 11 states were Bobcat (7), Deere (3) and Case (1).