Top 17 Capital Goods Companies to Watch in 2024

Capital Goods Company

Capital goods are physical products that businesses use to produce other goods, like tools, vehicles, or machinery.

Companies often get these by making, renting, or buying them from others.

There are many businesses that specialize in creating and distributing capital goods.

Capital goods companies play a key role in the global economy.

These firms produce the machinery, tools, and equipment that businesses use to create their products and services.

As we look ahead to 2024, several capital goods companies stand out for their innovation, market leadership, and strategic initiatives.

Let’s explore some of the most prominent and promising companies in this sector.

1. United Rentals Inc.

United Rentals Inc.

United Rentals Inc., founded in 1997, is a leading company in the construction and facilities services industry.

As the world’s largest equipment rental company, it operates in 49 states and every Canadian province. United Rentals provides rental equipment and services for construction and industrial needs.

Their customers include utilities, municipalities, homeowners, industrial companies, and construction firms.

They also sell new and used equipment and vehicles, along with offering vehicle servicing. The company earns over $6 billion annually.

  • Largest equipment rental company worldwide.
  • Offers over 3,300 classes of equipment.
  • Operates more than 1,200 rental locations.

2. 3M

Founded in 1902, 3M is a Minnesota-based conglomerate known for producing a wide range of consumer goods.

Its products include adhesives, laminates, abrasives, window films, and paint protection films.

With over 60,000 products in its portfolio, 3M also manufactures items under various brand names, including dental and orthodontic products, medical supplies, electronics components, automotive products, and healthcare software.

The company has offices in more than 87 countries. Common employee benefits at 3M include:

  • Known for constant innovation and a vast patent portfolio.
  • Offers products across multiple sectors including healthcare, consumer goods, and industrial.
  • Operates in over 70 countries worldwide.

3. Ford Motor Company

Ford Motor Company

Ford Motor Company, commonly known as Ford, is a major manufacturer of automobiles and transportation equipment, founded in 1903.

Its fleet division, Ford Commercial Solutions, offers technologies to enhance compliance and efficiency for clients in logistics and transportation.

Key products include in-vehicle coaching, telematics systems, and fuel cards. Ford’s annual revenue often exceeds $100 billion.

  • One of the oldest and most influential car manufacturers.
  • Leader in automotive technology and electric vehicles.
  • Manufacturing facilities in numerous countries.

4. Caterpillar Inc.

Caterpillar Inc., commonly known as Caterpillar or CAT, is a leading manufacturer of construction equipment, founded in 1925.

The company produces construction and mining equipment, gas engines, gas turbines, and diesel-electric locomotives.

CAT also makes protective gear and industrial-grade cell phones for manufacturing and production clients.

With offices and facilities in over 180 countries across all continents, CAT generates more than $40 billion annually.

It serves three main segments: construction industries, resource industries, and energy and transportation, and provides equipment for mining, paving, drilling, and hydraulics.

  • World’s leading manufacturer of construction equipment.
  • Extensive network of over 500 dealers.
  • Strong commitment to sustainable development.

5. General Electric

General Electric (GE)

General Electric (GE), founded in 1892, is a major manufacturing conglomerate headquartered in Boston and New York.

GE operates in several sectors, including aviation, power, renewable energy, and healthcare.

The company produces a diverse range of products such as aircraft engines, software, wind turbines, various types of energy, electric motors, and more. GE’s annual revenue regularly exceeds $75 billion.

  • Active in aviation, power, and healthcare.
  • Pioneers in developing new technologies and solutions.
  • Employs over 200,000 people globally.

6. ABB Limited

ABB Limited

ABB Limited, founded in 1988, operates in the energy, mining, and utility industries.

The company produces control room products, cable systems, circuit breakers, switches, and related electronic equipment, and also offers installation and repair services for its systems.

Headquartered in North Carolina, the United States is its largest market.

ABB Limited generates over $26 million annually and provides its employees with benefits such as health insurance, retirement plans, disability insurance, life insurance, vision insurance, and paid time off according to their website.

  • Leading provider of power and automation technologies.
  • Advanced solutions for industrial automation and robotics.
  • Strong focus on sustainable energy solutions.

7. Lockheed Martin

Lockheed Martin, founded in 1995, is a leading company in the aerospace and defense industry.

It specializes in producing strike weapons, fire sensors, air missiles, and various other defense systems.

As the largest defense contractor globally, Lockheed Martin primarily supplies equipment to the U.S. Department of Defense and other federal agencies.

The company operates in four business segments: rotary and mission systems, aeronautics, missiles and fire control, and space.

Lockheed Martin generates over $65 billion in annual revenue.

  • Top contractor for the U.S. Department of Defense.
  • A major player in NASA’s missions and commercial space ventures.
  • Invests heavily in R&D for cutting-edge defense systems.

8. Union Pacific

Union Pacific

Founded in 1862, Union Pacific is a major player in the transportation and logistics industry. It provides railroad and transport services for moving consumer and industrial goods.

Union Pacific connects 23 states across two-thirds of the Western United States, operating from major West Coast and Gulf Coast ports to eastern gateways.

Serving around 10,000 customers, the company also connects with rail systems in Canada and Mexico. Union Pacific generates over $10 billion in annual revenue.

  • Largest freight railroad network in the United States.
  • Extensive experience in freight transportation and logistics.
  • Committed to reducing environmental impact through efficient rail transport.

9. Illinois Tool Works

Illinois Tool Works

Founded in 1912, Illinois Tool Works (ITW) is a manufacturing company that designs and produces equipment and specialized goods for commercial clients.

With over 19,000 patents, ITW operates in several major business segments, including automotive products, food equipment, construction supplies, electronics, welding, polymers and fluids, and specialty products.

The company typically earns around $15 billion in annual revenue.

  • Serves specialized markets with precision-engineered products.
  • Operates a highly decentralized business model.
  • Strong focus on developing innovative solutions for customers.

10. Honeywell International

Honeywell International

Honeywell International, commonly known as Honeywell, is a manufacturing company that began in 1885 and was officially founded under its current name in 1906.

Honeywell produces a wide range of products for the aerospace, automotive, chemical, and industrial control sectors.

Its primary products include automotive items, specialty chemicals, plastics, and engineered materials.

The company generates over $32 billion in annual revenue.

  • Leading supplier of aerospace products and services.
  • Advanced solutions for industrial automation and control.
  • Operations in over 70 countries.

11. Raytheon Technologies

Raytheon Technologies

Founded in 1922, Raytheon Technologies is an engineering and manufacturing company that designs and builds aircraft, defense equipment, and intelligent technology for space exploration.

The company aims to develop environmentally friendly aviation technology, enhance defense capabilities, and advance scientific understanding of Earth and space.

Raytheon serves federal government agencies as well as commercial and business aviation companies.

The company generates annual revenue exceeding $50 billion.

  • Major contractor for defense and aerospace systems.
  • Leader in missile and radar technology.
  • Strong international market presence.

12. Northrop Grumman

Northrop Grumman, founded in 1994 by the merger of Northrop Aircraft and Grumman Corporation, is a leading company in the aerospace and defense industry.

It specializes in designing, developing, and manufacturing a range of defense products and equipment, including military aircraft, aerial vehicles, chain guns, autocannons, munitions, satellites, rocket launch systems, stealth bombers, and electronic systems.

Northrop Grumman operates in several sectors: aeronautics systems, defense systems, mission systems, and space systems, each headquartered in different locations across the United States.

The company focuses on developing new defense products and updating existing ones.

Northrop Grumman generates about $30 billion annually.

  • Key provider of defense technology and solutions.
  • Leading provider of cybersecurity solutions for government and commercial sectors.
  • Operations and customers worldwide.

13. Thermo Fischer Scientific

Thermo Fischer Scientific

Formed in 2006, Thermo Fisher Scientific is a biotech company that manufactures equipment, instrumentation, software, and consumables for healthcare and scientific research clients.

Its products include lab plasticware, diagnostic testing equipment, radiation monitors, food safety testing tools, gas analyzers, and material sampling tools.

With an annual revenue of around $40 billion, Thermo Fisher Scientific is a leader in biomedical manufacturing.

  • Leading provider of laboratory and scientific research equipment.
  • Offers cutting-edge tools for life sciences research.
  • Operations in over 50 countries.

14. Danaher Corporation

Founded in 1984,  is a biotechnology manufacturer that produces tools, equipment, and software for pharmaceutical, healthcare, food, and life science companies.

Throughout the 1990s, Danaher expanded into sectors like water quality and medical diagnostics, which remain core areas of focus.

Its products support product identification, quality control, clinical research, and drug and vaccine development. Danaher Corporation typically earns over $20 billion in annual revenue.

  • Produces high-precision tools and instruments.
  • Develops software for industrial and commercial applications.
  • Known for its commitment to the Danaher Business System, a model for continuous improvement.

15. Boeing

Boeing Company

Founded in 1916, Boeing is the world’s largest aerospace company, operating in the aerospace and defense industry.

It is organized into three business units: defense, space and security, commercial planes, and global services.

Boeing supports airlines and allied government customers in over 150 countries.

The company produces commercial aircraft, military aircraft, space satellites, electronic defense systems, launch systems, and weapons.

Boeing generates over $58 billion in annual revenue.

  • Leading manufacturer of commercial and military aircraft.
  • Key player in space exploration and satellite technology.
  • Operations in over 65 countries.

16. Siemens AG

Siemens AG Capital Goods Company

Founded in 1847, Siemens AG is a German multinational conglomerate that operates in various sectors, including industry, energy, healthcare, and infrastructure.

Siemens is known for its technological prowess and innovative solutions.

  • Leading provider of automation and digitalization solutions.
  • Significant player in the renewable energy sector.
  • Employs over 300,000 people worldwide.

17. Komatsu Ltd.

Komatsu Ltd. Capital Goods Company

Komatsu Ltd., established in 1921, is a Japanese multinational corporation that manufactures construction, mining, and military equipment.

The company is a major competitor to Caterpillar in the heavy equipment market.

  • Second largest manufacturer of construction and mining equipment after Caterpillar.
  • Focus on automation and efficiency in heavy machinery.
  • Operations in numerous countries with a significant international presence.

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