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 duty construction equipment includes bulldozers, loaders, excavators and other heavy vehicles used for infrastructure development and construction activities. These machineries improve productivity and efficiency of construction processes.
Market key trends:
Growth in infrastructure projects is a major trend fueling the U.S. heavy duty construction equipment market size. The U.S government is investing heavily in development of transportation and utility infrastructure. For instance, the Infrastructure Investment and Jobs Act (IIJA) approved funding of $1.2 trillion toward infrastructure development initiatives over the next five years. This expansion of infrastructure development activities is driving demand for heavy duty earth moving equipment such as excavators, loaders and bulldozers across the country.
SWOT Analysis
Strength: The U.S. Heavy Duty Construction Equipment Market has a large customer base. Developers in the infrastructure, commercial, and residential sectors drive demand for heavy construction equipment.
Weakness: Heavy equipment is capital intensive to purchase and maintain. High initial costs can be a barrier for small construction companies. Changing emission standards also increase costs.
Opportunity: Infrastructure development projects under the Biden administration will boost demand. The $1 trillion infrastructure bill provides opportunities for the market. Modernization of transportation and utility networks will require heavy machinery.
Threats: Economic downturns can negatively impact construction spending and equipment sales. Delays in large infrastructure projects pose risks. Trade policies and tariffs also introduce uncertainties.
Key Takeaways
The global U.S. Heavy Duty Construction Equipment Market is expected to witness high growth, exhibiting a CAGR of 6.0% over the forecast period, due to increasing infrastructure development in the United States. Major infrastructure initiatives such as the modernization of roads, bridges, and utilities will drive the need for heavy construction machinery.
Regional analysis: The central and western United States are expected to be the fastest growing regional markets. States such as Texas, California, and Pennsylvania are major consumers of heavy equipment due to large infrastructure projects and strong construction activity. Meanwhile, regions such as the Midwest and southeast will also see high demand supported by investment in transportation networks.
Key players: The top players in the U.S. Heavy Duty Construction Equipment Market include 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. These companies have a dominant market share and offer a wide range of heavy machinery solutions.
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