The high cost of construction equipment is a major impediment to the growth of the US construction equipment market. For example, the typical cost of a bulldozer, which is widely used in construction, ranges from $30,000 to $200,000+. Due to the high cost, contractors choose to lease construction machinery or buy used machinery rather than acquiring new ones, which stifles the expansion of the industry.
/EIN News/ — New Delhi, Aug. 30, 2022 (GLOBE NEWSWIRE) — The US construction equipment market is growing at a high CAGR owing to increasing construction activities for infrastructure development along with stringent government regulations requiring high levels of safety and security throughout construction activities. construction.
A recent study conducted by the strategic consultancy and market research firm, BlueWeave Consultingrevealed that the United States construction equipment market is expected to grow at a CAGR of 6% during the forecast period 2022-2028. The growing demand for construction equipment in this region is fueled by the increase in construction activities for infrastructure development as a result of public and private investments. Additionally, the increased demand for residential facilities is emerging as a significant driver for the construction equipment industry in the United States. However, the high cost of construction equipment can be a huge restraining factor in the growth of the market.
Increase building maintenance and renovation activities
As the number of commercial and residential buildings in the United States increases, so does the need for regular maintenance to keep them safe for living and working. and underutilized parts in order to profit from it. As a result, the demand for construction machinery is increasing, driving the overall market growth.
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Growing demand for diesel equipment propels US construction equipment market
The construction equipment market in the United States is segmented into diesel and CNG/LNG/RNG, based on the type of propulsion. The diesel category accounts for the majority of market share. Because diesel has a high compression ratio, it is more efficient. Moreover, it can be used both as a light oil and as a heavy oil. Diesel fuel is also less volatile and has a higher heat energy content. Over the projected period, however, the CNG/LNG/RNG type of propulsion is expected to develop at the fastest rate.
US Construction Equipment Market – By Application
Based on application, the US construction equipment market is segmented into infrastructure, commercial, and residential. Due to the huge government and private investments in infrastructure development in the country, the category of infrastructure applications holds the largest market share. However, due to the increase in the construction of commercial facilities such as hotels, restaurants, and offices, the commercial segment is gaining momentum.
Please see the press release: https://www.blueweaveconsulting.com/press-release/united-states-construction-equipment-market-to-grow-at-6-cagr
Impact of COVID-19 on the construction equipment market in the United States
Following the outbreak of the COVID-19 pandemic, the construction equipment industry in the United States has been one of the hardest hit. Due to the increasing burden of tariffs affected by COVID-19 and the adoption of social distancing norms, all construction activities have been entirely suspended. Additionally, during the lockdown, manufacturing of construction equipment was hampered, resulting in substantial losses for producers. The market, on the other hand, is expected to rise steadily if the country’s lockdown is lifted.
The major players in the construction equipment market in the United States are Kobelco Construction Machinery, Komatsu Ltd., Terex Corporation, Hyundai Heavy Industries, SANY Group, Caterpillar Inc., Hitachi Construction Machinery, John Deere, Volvo Construction Equipment and others leading actors.
The construction equipment market in the United States is highly consolidated and concentrated among established multinational companies. Companies are constantly launching new products with advancements and innovations. Moreover, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also important in this market.
Don’t miss the US construction equipment market business opportunity. Consult our analysts to gain crucial insights and facilitate the growth of your business.
The report’s in-depth analysis provides insights into the growth potential, upcoming trends, and statistics of the United States Construction Equipment Market. It also highlights the factors driving the forecast of the total market size. The report promises to provide U.S. construction equipment market recent technology trends and industry insights to help decision makers take sound strategic decisions. In addition, the report also analyzes market growth drivers, challenges, and competitive dynamics.
- In March 2022, Alta Equipment Group Inc., a material handling and construction equipment company, announced that it had awarded the Arizona sales and service territory to Nikola Corporation, an American manufacturer of zero-emission heavy-duty vehicles.
|Years considered||Historical data – 2018-2021|
|Base year – 2021|
|Forecast – 2022 – 2028|
|Facts Covered||Revenue in billions of dollars|
|Product Service/Segmentation||By equipment type, by equipment category, by propulsion type, by application, by power output|
|Key players||Kobelco Construction Machinery, Komatsu Ltd., Terex Corporation, Hyundai Heavy Industries, SANY Group, Caterpillar Inc., Hitachi Construction Machinery, John Deere, Volvo Construction Equipment and other leading players.|
By type of equipment
- Articulated dump truck
- asphalt paver
- Backhoe loader
- crawler bulldozer
- Crawler excavator
- Crawler loader
- Mini excavator
- motor grader
- motor scraper
- road roller
- Rigid dump truck
- RTLT mast
- Choose and transport cranes
By equipment category
- earthmoving equipment
- Handling equipment
- Heavy construction vehicles
- Other categories
By engine type
By output power
- 100–200 HP
- 201–400 HP
- >400 HP
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