CHICAGO, Dec. 2, 2021 /PRNewswire/ -- The U.S. construction equipment market is expected to grow at a CAGR of 6.23% during the period 2021-2027
Key Highlights Offered in the Report:
- The US construction equipment market is estimated to reach revenues of USD 32.68 billion by 2027.
- The demand for construction equipment in the US is primarily attributed to the strong government support for technologically advanced equipment in manufacturing, energy and power, transportation, hybrid vehicles, and other industries.
- The US government has increased construction spending from USD 1,391 billion in 2019 to USD 1,469 billion in 2020 (6%) to aid the recovery of the US economy. Thus, investments in several infrastructure projects, such as INFRA Extra and Bipartisan Infrastructure Framework, are expected to spur the construction equipment market.
- Construction equipment, such as wheel loaders, backhoe loaders, excavators, motor graders, and all-terrain forklifts are used extensively by arms manufacturers and armed forces for military operations. In FY 2020, Foreign Military Sales (FMS) rose to USD 54 billion from USD 51 billion in FY 2019. Hence, growth in US arms exports is likely to boost the construction equipment market.
- The US government's focus on sustainable development has propelled the demand for aluminum in the country as the metal is extensively used in clean-air power technologies. In 2020, the production of primary aluminum in the US increased by 37.6% compared to the preceding two-year period. Several mining companies in the US are expected to capitalize on the growing usage of primary aluminum. This will drive the demand for construction equipment, such as excavators, wheel loaders, backhoe loaders, bulldozers, graders, and pavers which are extensively used in mining.
- The FDI inflows in the US increased from USD 4.44 trillion at the end of 2019 to USD 4.63 trillion at the end of 2020, which was a rise of USD 187.2 billion. Several tax reforms are expected to benefit the US corporations. For instance, an American company that makes a physical investment abroad will not have to pay a US tax on the first 10% return on foreign investment.
Key Offerings:
- Market Size & Forecast by Volume | 2021-2027
- Market Size & Forecast by Revenue | 2021-2027
- Market Dynamics - Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation - A detailed analysis by type and application
- Competitive Landscape - 10 key vendors, 5 other vendors, and 3 distributor profiles
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U.S. Construction Equipment Market - Segmentation
- The rapid increase in demand for earthmoving equipment in the US is attributable to several infrastructure projects introduced by the government, such as airport development projects. The earthmoving equipment segment is expected to grow at a CAGR of 6.37% by 2027.
- Several infrastructure renovations projects to rebuild bridges and roads are by the US government will improve the supply chain of vendors. The motor grader segment of the market is estimated to reach 2,474 units by 2027.
- The construction of several skyscrapers in the US will boost the demand for cranes as they are used to lift and move heavy construction materials. The segment is estimated to grow at a CAGR of 6.45% to reach USD 4,239.24 million by 2027
Market Segmentation by Type
- Earth Moving Equipment
- Excavator
- Backhoe loader
- Motor Grader
- Other Earth Moving Equipment
- Road Construction Equipment
- Asphalt Paver
- Road Roller
- Material Handling Equipment
- Crane
- Forklift and Telescopic Handler
- Aerial Platforms (Articulated Boom Lifts, Telescopic Boom Lifts, Scissors Lifts, etc.)
Market Segmentation by Application
- Construction
- Manufacturing
- Mining
- Others
U.S Construction Equipment Market - Dynamics
The growing demand for construction equipment in the US is attributable to favourable government policies, a two-fold surge in investment by foreign multinationals, and upcoming industrial development projects in the construction industry. several governments initiatives towards promoting infrastructure projects are driving the market growth. The US construction equipment market is expected to witness an incremental growth of 67,228 units between 2020 and 2027. Caterpillar collaborates with several local dealers and suppliers, such as Wagner Equipment and Cleveland Brothers, to deliver its products, services, and solutions, thereby the demand for construction equipment market is growing rapidly in the US. Caterpillar Inc, Komatsu Ltd, Hitachi Construction Machinery Americas Inc., Volvo Construction Equipment North America, Terex Corporation, Liebherr, Deere & Company, SANY America, Hyundai Construction Equipment Americas, Kobelco Construction Machinery U.S.A are some major vendors of construction equipment in the US market.
Key Drivers and Trends fueling Market Growth:
- Government Investments for Power Generation via Renewable Energy Projects
- Increase in Stainless Steel Production
- Upgrade of Mobile Crane Attachments
- Introduction of Innovative Technology
Why Should You Buy This Report?
This report is among the few in the market that offers outlook and opportunity analysis forecast in terms of:
- Volume (Unit sales)
- Type
- Application
- Value (USD)
- Type
- Application
- Gain competitive intelligence about the economic scenario, advantages in US major projects and investments, dynamics, and market share
- Examples of latest technologies
- Get presentation-ready format and easy-to-interpret data
- Enable decision-makers to make informed and profitable choices
- Gain expert quantitative and qualitative analysis on value/volume growth projections of the US construction equipment market share
- Complete supply chain analysis
- Get COVID-19 impact analysis of the market
Major Vendors
- Caterpillar
- Komatsu
- Hitachi
- Volvo Construction Equipment
- Terex Corporation
- Liebherr
- Deere & Company
- SANY Group
- Hyundai Heavy Industries
- Kobelco Construction Machinery
Other Prominent Vendors
- Manitowoc
- JLG industries
- ASTEC
- Kubota Corporation
- Bobcat
Distributors Profiles
- M&B Construction Equipment
- Lulich Implement
- Lindstrom Equipment
Explore our industrial machinery profile to know more about the industry.
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