Dublin, June 02, 2022 (GLOBE NEWSWIRE) — The report “US Heavy Duty Construction Equipment Market by Type, Application, and Sales Channel – Size, Share, Outlook, and Opportunity Analysis, 2022-2030” has been added to from ResearchAndMarkets.com offer.
The US heavy construction equipment market was valued at US$68.73 billion in 2018 and is projected to grow at a CAGR of 4.29% over the forecast period to reach US$93.68 billion by 2027.
The market is segmented by type, by application, by sales channel and by end-use industry. The growth of the US heavy construction equipment market is mainly driven by increasing government investment in the construction industry.
Additionally, due to COVID-19, the construction industry is heavily impacted, therefore, the demand for heavy equipment is expected to fall in 2020, but the market is expected to show steady growth over the next 3 years.
The rental segment in the heavy construction equipment market is expected to grow as companies will rent the equipment rather than buying new equipment, which will help the market to remain stable.
Disposable income is growing rapidly in the United States, which is fueling the growth of the US housing market. According to the US Bureau of Economic Analysis, a US-based government agency, the disposable income of people in the US reached $15.174 billion in January. 2020, compared to US$11.608 billion in January 2010 with a CAGR of 2.71% in 2010-20.
According to the United States Census Bureau, in some areas such as Silicon Valley, where major tech companies such as Google Inc., Facebook Inc. and others are located, in 2018 the average household income was $125,987 , nearly double. the average US household income of US$61,937.
Moreover, the residential construction market in the United States is also growing rapidly. According to Worldwide Market Reports analysis, the US residential construction market is expected to reach US$207.21 billion by 2023. Thus, the increase in disposable income coupled with the growth of the residential construction market will drive the US heavy construction equipment market growth over the forecast period.
Main characteristics of the study:
- This report provides an in-depth analysis of the US Heavy Construction Equipment market size (Million US$) and Compound Annual Growth Rate (CAGR%) for the forecast period (2022-2030), considering 2021 as base year.
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
- This study also provides key insights into the market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by major market players.
- It profiles leading players in the United States heavy construction equipment market based on the following parameters: company overview, financial performance, product portfolio, geographical presence, market capital, key developments, strategies and future plans.
- Companies covered in this study include Atlas Copco, Caterpillar, Inc., CNH Industrial NV, Deere & Company, Doosan Infracore, Hitachi Construction Machinery Co. Ltd., Hyundai Construction Equipment Americas, Inc., JC Bamford Excavators Ltd. (JCB), Komatsu America Corp., Liebherr Group, Sany Heavy Industries Co. Ltd, Terex Corporation, Ahern Rentals, Herc Rentals Inc. and United Rentals, Inc.
- The information in this report would enable marketers and managing authorities of companies to make informed decisions regarding future product launches, product upgrades, market expansion, and marketing tactics.
- The U.S. Heavy Construction Equipment Market report is targeted at various stakeholders in this industry including investors, suppliers, managed service providers, third party service providers, distributors, new entrants and resellers with added value.
- Stakeholders would have an ease in making decisions through various strategic matrices used to analyze the US heavy construction equipment market
- Caterpillar, Inc.
- CNH Industrial AG
- Deere & Company
- Infracore Doosan
- Hitachi Construction Machinery Co.Ltd.
- Hyundai Construction Equipment Americas, Inc.
- JC Bamford Excavators Ltd. (JCB)
- Komatsu America Corp.
- Liebherr Group
- Sany Heavy Industries Co.Ltd
- Terex Company
- Rentals in Ahern
- Herc Rental Inc.
- United Rentals, Inc.
US Heavy Construction Equipment Market, By Type:
- Earthmoving and heavy vehicles
- Tunneling equipment
- Loaders (Skid Steer & Track)
- Articulated dump trucks
- Concrete Equipment
- Concrete pump
- Compaction equipment
- Roller skates
- Material handling
- Cranes and Elevators
- Others (drill, hammers, hammers, generators, sand washers, etc.)
US Heavy Construction Equipment Market, By Application:
- Excavation & Demolition
- Lifting heavy loads
- Material handling
- Recycling and waste management
- dig a tunnel
US heavy construction equipment market, by sales channel:
For more information about this report visit https://www.researchandmarkets.com/r/gumlxg
US heavy construction equipment market