by The Global U.S. Heavy Duty Construction Equipment Market is estimated to be valued at US$ 79.09 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Heavy construction equipment involve various types of vehicles and machinery used in construction work. These machinery find wide application in construction of buildings, roads, bridges etc. These equipment provide high power and strength for heavy lifting and material handling at construction sites.
Market key trends:
One of the key trends witnessed in the market is increasing demand for construction equipment aided by rising infrastructure development activities. There has been significant investments by both government and private sectors in development of roads, highways, rail networks, metros, airports and other infrastructure projects globally. This in turn is fuelling demand for heavy duty construction machinery such as excavators, loaders, backhoes, cranes etc. Furthermore, rapid urbanization around the world has increased the needs for housing, commercial buildings and other civil structures thereby augmenting growth of the construction equipment market. However, volatile prices of raw materials and high equipment cost remain a challenges for market players.
SWOT Analysis
Strength: The U.S. Heavy Duty Construction Equipment market benefits from high demand from infrastructure development projects. Constructions of roads, bridges, dams and other civil works require heavy machinery.
Weakness: Fluctuating raw material prices can impact the profit margins of heavy equipment manufacturers. High initial investment required for purchasing these heavy machineries also acts as a barrier.
Opportunity: Growing public-private partnerships for infrastructure projects present an opportunity to equipment manufacturers. Rising needs for modernization and upgrading of aging infrastructure will drive future equipment replacements.
Threats: Strict emission standards mandated by environmental agencies increases the production costs. Trade barriers and taxes imposed by the government can impact import-export of heavy equipment.
Key Takeaways
The Global U.S. Heavy Duty Construction Equipment Market is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period, due to increasing government investments in public infrastructure projects. Mega infrastructure projects such as high-speed railroads, roads, bridges are driving the demand for heavy equipment such as earthmoving, material handling, road construction and material manufacturing equipment.
Regional analysis: The western region of the U.S. dominates the heavy construction equipment market owing to large infrastructure projects in states like California and Washington. Central U.S states are also growing rapidly due to construction of new railroads, highways to connect with West and East coasts. The southern U.S. is another major market led by Texas, Florida with strong demand from oil & gas industry and real estate construction.
Key players operating in the U.S. Heavy Duty Construction Equipment market are Atlas Copco, Caterpillar, Inc., CNH Industrial N.V., Deere & Company, Doosan Infracore, Hitachi Construction Machinery Co. Ltd., Hyundai Construction Equipment Americas, Inc., J C 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 market is concentrated in nature with top players accounting for majority of market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
