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Top 10 construction equipment industry stories of 2022

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It was a busy year in the construction equipment industry, with quite a few surprise announcements by major manufacturers.

Caterpillar stunned many with the news it would move its corporate headquarters out of Illinois. The company also joined other equipment OEMs in announcing new all-electric machines. So did Bobcat, which launched the world’s first battery-powered compact track loader.

Following the Hyundai acqusition of Doosan Infracore in 2021, it was announced in 2022 that Doosan would be getting a new name. We also had major announcements from John Deere, Wacker Neuson, Hitachi and an innovative new engine platform from Cummins.

The year proved to be another frustrating one for all sides of the equipment industry, as supply-chain troubles continued to keep manufacturers from meeting demand. 2022 also saw the largest rise in trench-collapse deaths in recent years.

So here’s a list of the top 10 construction equipment industry stories for 2022 in descending order, as determined by the number of views on equipmentworld.com. (We also provided links in case you want to read more.)

10. OSHA Cracks Down After “Alarming” 22 Trench Deaths in First Half of 2022

The first six months of 2022 were particularly deadly for workers in trenches, with 22 fatalities, and more have been reported since. The U.S. Occupational Safety & Health Administration said it was alarmed at the spike, which surpassed all worker trench deaths in 2021.

Deere Ptier Excavator

9. Deere Releases First Excavators with New Naming: 350 P-Tier, 380 P-Tier

John Deere launched the first excavators under its new Performance Tiering strategy – the mid-sized 350 P-Tier and 380 P-Tier. Deere first rolled out the new naming strategy in 2021 on its midsize wheel loaders. Under the new tiering system, Deere dropped the letter at the end of the model’s name that signified the machine’s generation. In place of that letter is one of three letters meant to signify its performance and technology tier: a G, P or X.

Cat 320 Electric Excavator 633ba40bcce84

8. Caterpillar to Unveil 4 Prototype Electric Machines

Caterpillar announced it will unveil four new prototype battery electric machines. Models are the 320 electric medium-sized excavator, the 950 GC electric medium-sized wheel loader, the 301.9 electric compact excavator and the 906 electric compact wheel loader.

7. “It’s a Perfect Storm.” Will the Equipment Market Ever Settle Down?

Supply-chain constraints, labor shortages and surging demand, the construction equipment industry is “a machine that’s low on oil and almost out of it,” said Benjamin Duyck, director of market intelligence for the Association of Equipment Manufacturers, in February. With new machine availability so constrained, not only are contractors finding machines any way they can get them, they are also keeping what they’ve got. 2023 appears to be headed in a similar direction; check out our report on AEM’s most-recent survey by clicking here.

Hitachi Zx210 Lc 6 Grade Guidance 5 61e070cf2d0a3

6. Hitachi Ltd. to Sell Stake in Hitachi Construction Machinery

Hitachi Ltd. is selling half of its 51 percent stake in Hitachi Construction Machinery to trading firm Itochu Corp and investment fund Japan Industrial Partners, according to a report by Reuters and other media outlets.

5. After 97 Years, Caterpillar Relocating Headquarters Out of Illinois

Four years after moving its corporate headquarters from Peoria to Deerfield, Illinois, Caterpillar is moving again – this time to Texas. The company announced June 14 that it will relocate its global headquarters to one of its offices in Irving in the Dallas-Fort Worth area. Its headquarters will be leaving a state where it has been based since the Caterpillar Tractor Company was formed in 1925 and moved its headquarters from California to Peoria.

4. Doosan Will Be Renamed Following Hyundai Acquisition, VP Says

Doosan Infracore plans to rebrand in 2023 with a new name, it was announced in 2022 following the company’s acquisition by Hyundai Heavy Industries in 2021. The new name will be announced at next year’s ConExpo, says Todd Roecker, vice president growth initiatives for Doosan Infracore North America. A team of Doosan and Hyundai representatives based in South Korea have begun the rebranding process.

3. Behind the Deere-Wacker Neuson Deal: What’s Next for the Partners?

After John Deere and Hitachi ended their 30-year excavator partnership in 2021, Deere entered a cooperative agreement with Wacker Neuson in 2022 for the manufacturing and development of compact excavators for the North American market. Under the new agreement, Wacker Neuson will manufacture excavators less than 5 metric tons at its facilities in Wisconsin and Austria. Deere will manufacture 5- to 9-metric-ton excavators. The excavators will be distributed under the John Deere brand via Deere’s global dealer network.

2. A Closer Look at the World’s First All-Electric CTL: Bobcat’s T7X

Bobcat rocked the equipment industry in 2022 when it unveiled the world’s first all-electric compact track loader. The company’s T7X concept CTL outperforms its diesel counterpart and in the process uses no hydraulic or engine oil, no DEF and, of course, no diesel fuel, the company says.

Cummins Fuel Agnostic 620e59b302972

1. One Engine, Many Fuels: Cummins’ New Simple Solution to Cut Carbon

Cummins announced a new engine platform that will help its truck and equipment manufacturer customers and equipment owners transition to alternate and low-carbon fuels without the complexity. Below the headgasket on all the new engines, the components are nearly identical. But above the headgasket, the components vary depending on what type of fuel is designated. The engines will be able to run on diesel, natural gas, gasoline, propane or hydrogen. The company calls the engines “fuel agnostic.”

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Cat’s Next Generation 255 and 265 Get More Power, Lift Height

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Caterpillar is bidding farewell to its 259D3, 279D3 and 289D3 compact track loaders with the introduction of its new, next-generation 255 and 266 models.

The completely redesigned models debuted at media and customer events at Caterpillar’s Edwards, Illinois, Demonstration and Learning Center last week. The 255 and 265 offer improved engine performance, more lift height, a roomier cab and more standard technology than their predecessors.

“We kept the DNA of the D3 series while reimagining the possibilities of loader performance using voice of customer feedback to lead the way,” says Trevor Chase, product application specialist for Caterpillar. “Both next-generation models leverage the many benefits offered by the vertical lift design. The new Cat 255 replaces the 259D3, while the 265 replaces both the 279D3 and 289D3 machines.”

The CTLs are the last of Cat’s building and construction products to get the next-generation treatment and simplified nomenclature. The first number (2) represents the skid steer loader and compact track loader machine family; the middle number (5 or 6) designates the machine size; and the ending number (5) is the compact track loader identifier. Skid steers will be identified by a 0 end number. Additional new models will roll out in the coming months, the company says.

Caterpillar 265 compact track loader carrying a blockCaterpillarMore power and torque

Cat equipped the 255 with a C2.8T engine and the 265 with a C2.8TA engine, both at 74 horsepower. This gives the new machines a significant boost in torque – 13% for the 255 and 43% for the 256 – over their D3-Series predecessors. The engine and cooling package are mounted lower in the frame for added visibility out the rear window and stability while lifting heavy loads.

Customers attest that the added lift height makes truck loading easier. The 255 offers 10 feet 4 inches of lift height, while the 265 can reach 11 feet high.

“The lift height has made a big difference when loading trucks,” said Derrick Roger, owner of Coast to Coast Lawnscapes, who spent several months testing the 255. “You can get on top of that truck now and empty the bucket; whereas, before you would have to shake the bucket to try to get the material to fall out.”

The 255 delivers 36% more tilt breakout, 26% higher lift breakout force and a 24% increase in rated operating capacity (ROC). The 265 also delivers 19% higher tilt breakout force and 22% higher lift breakout force.

Standard hydraulic pressure has been increased to 3,500 psi, allowing the 255 and 265 to operate all Cat Smart Attachments with the standard auxiliary hydraulics provided.

If demanding attachments require additional hydraulic flow, customers can have their Cat dealer activate the high flow functionality on the machine or remotely via software update. This makes it possible for the CTLs to hit 30 gallons per minute of flow at the standard system pressure.

A High Flow XPS factory option increases auxiliary hydraulic system pressure to 4,061 psi for both models, while also increasing the hydraulic flow to 30 gallons per minute for the 255 and 34 gallons per minute for the 265.

The torsion suspension undercarriage delivers better operator comfort, track wear and material retention, plus the stiffer design results in smoother graded surfaces, Cat says. A new 12.6-inch bar-tread narrow track option is available on the 255.

A more spacious cab

Cat says it has increased the cab width by 2.75 inches without making the machines wider and the footwell-to-ceiling height by 1.8 inches. The larger cab gives operators an additional 1.5 inches of hip room and 1.1 inches more width between the joysticks.

A range of new mechanical and air-ride suspension seat options are available, including a ventilated and heated seat. A new automatic temperature control allows operators to set a specific temperature. Relocated vents help cool or heat the machine quickly.

The standard package includes the same 5-inch LCD monitor as the D3 Series CTLs, which offers Bluetooth connectivity and functionality for the rearview camera feed, creep, job clock, and maintenance reminders.

Customers can upgrade to a new 8-inch advanced touchscreen monitor, like the display found in Cat’s next-generation mini excavators and small loaders. It delivers advanced radio control and supports the 270-degree multicamera option. The advanced monitor pairs with the advanced joysticks for integrated control of all machine functions and adjustments.

“You can adjust the movement – or the aggressiveness or the conservativeness – of how your tracks and lift arms work through your advanced touchscreen display,” Dante Thomas, skid steer and CTL marketing manager, said. “And you can control of all of your display functions from the advanced joysticks. There are buttons with enter and select functions on those joysticks that you’re able to change any functionality that is possible.”

Cat also redesigned the entry, making the 255 and 265 easier to enter and exit. The cab door can be opened even when the lift arms are not fully lowered to the frame stops. It can be removed without tools in less than one minute.

Advanced technologies

Calling the 255 and 265 “one of the most attachment-friendly machines on the market,” Thomas says both the standard and advanced monitors can run Cat Smart Attachments, such as the dozer and grader blades and backhoe.

“It has attachment recognition that when you plug the attachment into the machine, it recognizes which attachment is connected. It adjusts your joystick pattern, so it gives you intuitive and simple control,” says Thomas.

The available Cat Product Link Elite system tracks machine hours, location, asset utilization, provides fault code details and delivers advanced monitoring and machine health, that is remotely accessible via VisionLink. In addition, Product Link Elite provides remote flash and troubleshooting capabilities and quickly enables the remote activation of the SEA High Flow feature.

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Quick Data: 2023 Top-Selling Wheel Loaders and Auction Trends

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Quick Data is a snapshot of new and used wheel loader sales trends from Randall Reilly’s EDA equipment financing data, TopBid auction price service and EquipmentWatch market trend reports.

Demand for wheel loaders has softened with new and used financed wheel loader sales down year-over-year from August 1, 2022 to July 31, 2023 according to Randall Reilly’s EDA equipment financing data.

Financed new wheel loader sales dropped 10%, while used financed wheel loader sales fell by 15% compared to the same period last year.

Cat (22.4%), Deere (21.0%) and Komatsu (12.4%) held their positions year-over-year as the top three sellers of new financed wheel loaders. Top models sold included the Deere 544 P-Tier (401), Deere 624 P-Tier (380) and the Komatsu WA270-8 (364).

[Watch: “A Really Solid Machine” – Test Run of Komatsu’s WA475-10 Wheel Loader]

Cat (28.5%) and Deere (22.9%) also snagged the No. 1 and 2 positions for the highest number of financed used units sold, with Case (14.7%) claiming the third spot. On the date we examined the data, the top-selling models were the Case 321F (340), Cat 926M (164) and the Case 621G (159). 

During this period, there were more buyers of new loaders in Florida (955) than in any other state. Buyers of new wheel loaders were also prevalent in Texas (893) and Illinois (665). Those states were also top buyers of used financed machines, with 712 units sold in Texas, 413 in Florida, and 412 in Illinois.

EDA data is compiled from state UCC-1 filings on financed construction equipment. EDA continually updates this data as information comes in from each state.

[Related Content: A Rundown of the Latest Wheel Loaders for 2023]

Used Wheel Loader Market

Used wheel loader prices rose 10.1% for the 12-month period from August 1, 2022 to July 31, 2023, according to Randall Reilly’s EquipmentWatch market trend data.

The average price for a used wheel loader was $137,465 in July 2022 compared to $151,367 in July 2023. The average age of used wheel loaders fell slightly during the period, dropping from 8.8 years to 8.3 years.

EquipmentWatch Used wheel loader price and age chartEquipmentWatchThe average age and price were calculated on 153,356 resale listings during the period in the EquipmentWatch database.

Over the last 12 months, prices for used wheel loaders have in general increased, with the largest gains in October 2022 (6.5%) and February 2023 (2.9%).

EquipmentWatch defines fair market value (FMV) as the monetary value of an asset that can be expected in a transaction with a single seller and single buyer, neither of whom is under any compulsion or time restriction to complete the transaction. FMV for heavy equipment is most closely associated with the private resale market, as opposed to the public auction market.

Wheel Loader Auction Prices

Caterpillar also dominated the auction charts, accounting for 18 of the top 20 wheel loaders sold in terms of price for the 12-month period of September 1, 2022 to August 31, 2023. Deere and Komatsu were the only other manufacturers to appear on the list.

The top auction price spot went to a 2021 Cat 966M with 2,188 hours. It sold for $400,000 at a Ritchie Bros. auction in Orlando, Fla., on September 21, 2022. The second-highest price paid was $315,000 for a 2019 Cat 980M with 7,836 hours at another Ritchie Bros. sale in Atlanta, on December 1, 2022. Rounding out the top three was a 2018 Deere 944K with 8,941 hours. It sold for $290,00 at a J.M. Wood Auction Co. sale in Montgomery, Ala., on March 21, 2023.

In total, there were 358 wheel loaders sold at auctions tracked by Top Bid during this time, with an average price of $99,747. (This does not include any units sold for less than $5,000.)

EDA, Top Bid and EquipmentWatch are owned by Randall Reilly, parent of Equipment World.

[Related Content: Heavy Equipment Auctions Set for Second Half of 2023

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Video: A closer look at Rokbak articulated dump trucks

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Volvo Construction Equipment bought Terex’s off-road truck line in 2014, and six years later, it rebranded its articulated haulers under the Rokbak name.

On this episode of The Dirt, we hear from Paul Douglas, Volvo vice president of rigid haulers, who explains the differences between the old Terex line and the Rokbak trucks. He also gives a hint at some of the new things coming from Rokbak, including redesigned cabs and replacing the current trucks with new models. There’s also the possibility of a new size truck to hit the market.

Rokbak, as with other construction equipment brands, is working toward a zero-emissions future. On this episode, he explains where the articulated dump truck market is heading in terms of alternative fuel. He adds that customers will see big changes in emissions and engines in the next five years, with the ultimate goal of reaching zero emissions within 10 years.

So to learn more about Rokbak and what the brand has in store for the future, check out this episode of The Dirt.  

Equipment World serves up weekly videos on the latest in construction equipment, work trucks and pickup trucks – everything contractors need to get their work done. Subscribe and visit us at equipmentworld.com!

In This Episode:

  • 00:00 – Rokbak Articulated Haulers
  • 00:30 – Is Rokbak More Reliable Than Terex?
  • 03:22 – Brand New Cab
  • 06:10 – More Changes to Upcoming Rokbak Trucks
  • 09:20 – What Will Rokbak Do in the Next 2-5 Years?
  • 11:24 – What Alternative Fuel Will Rokbak Haulers Use in the Future?
  • 14:53 – Final Thoughts

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