North America Construction Equipment Market to be Led by Mining Equipment in the Forecast Years
Increasing construction
and mining activities are fueling the North America construction equipment
market during the forecast period.
According to TechSci Research report, “North America Construction Equipment Market –
By Country, Competition, Forecast & Opportunities, 2028F,” North
America construction equipment market includes construction and infrastructure
development, mining and quarrying activities, agriculture and forestry sectors,
industrial applications, technological advancements, emerging economies, and
regulatory and environmental factors. These drivers create demand for OTR tires
across various industries and regions, shaping the growth and opportunities in
the United States market. North America construction equipment market is
influenced by several market trends that impact its dynamics and shape the
industry. Understanding these trends is crucial for manufacturers, suppliers,
and industry stakeholders.
The growth of the construction equipment industry
is being driven by the quickly expanding urbanization in nations like the
United States and Canada. Public and private sector investments in the
construction sector are rising as a result of expanding employment prospects
and a trend toward metropolitan areas. The U.S. Commerce Department reports
that the country spent USD 412.5 billion on building during the first four
months of 2020. Market statistics are being positively impacted by the high
demand for buildings and infrastructure to be built more quickly to accommodate
the growing population. One of the main causes of the rising demand for
construction equipment is the North American continent's rapid growth of smart
cities. Regional construction equipment sales are being supported by government
programs like the Smart Cities Project, which is part of the U.S. Economic
Development Program. Another important element fostering the market expansion
of cranes and material handling equipment in North America is the growth of
mobile connection and the Internet. Demand is increasing across the telecom
sector as a result of government measures to build up telecommunications infrastructure
in rural communities. Smart homes and IoT applications, which are expected to
increase significantly over the next few years, require internet connectivity.
The use of modern cranes with built-in technology like telematics is being
driven by the installation and maintenance of telephone lines.
Additionally, under equipment type, the category
of construction equipment is divided into two groups based on size and
capacity, namely heavy construction equipment and compact construction
equipment. Because they are used in important operations and have greater
pricing than other types of equipment, heavy construction equipment held a
significant market share in 2021. Additionally, the market for small
construction equipment is anticipated to experience a higher CAGR during the
anticipated period. Unlike large machinery, which requires trained and
competent operators, compact construction equipment are much simpler to use.
Compact equipment are also more widely adopted in end-user businesses because
of its lower cost. Additionally, there are other types of construction
equipment, including wheel bulldozers, front loaders, dump trucks, backhoe
loaders, graders, crawler dozers, compactors, excavators, forklifts, concrete
mixer trucks, and others. The segment for excavators has the largest market
share of all of these. This is attributable to its adaptability, which broadens
the range of its application. Additionally, the forklift segment is anticipated
to rise with a sizable CAGR.
The market is primarily driven by an increase in
the number of residential and commercial structures as a result of
urbanization, higher investments in infrastructure development, and a rise in
the need for durable and portable equipment. However, strict government rules
against carbon emissions have a negative impact on the market's expansion. On the other hand, the market is expected to
experience expansion, thanks to technological developments in construction
equipment. The majority of these players have chosen tactics such as product
creation and launch, acquisition, business growth, and others. For instance,
Caterpillar Inc. introduced its new Cat D9 GC bulldozer in October 2020. This
bulldozer offers best-in-class ownership and operating costs while providing
dependable performance, operation, and maintenance.
Browse over xx market data Figures spread through xx
Pages and an in-depth TOC on " North America Construction Equipment Market."
The North America construction equipment market is
segmented By Type, By Power Output, By Application
and By End User. Based on Type the market is segmented into Loader, Forklift, Excavator, Dozers, Others.
Based on Power Output, the market is segmented into <100hp, 101-200hp, 201-400hp, >400hp. Based on Application
, the market is segmented into Material Handling, Excavation & Demolition,
Recycling & Waste Management, Tunnelling, Others. Based End User the segment is divided into Oil & Gas,
Construction, Infrastructure, Manufacturing, and Others.
Key market players in the United States tire
market include:
- Caterpillar, Inc.
- Komatsu Ltd.
- Liebherr-International AG
- Terex Corporation
- Volvo Group
- Zoomlion Heavy Industry Science & Technology
Co., Ltd.
- Hitachi Construction Machinery Co., Ltd. (Hitachi
ltd.)
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“An increase in the demand for agricultural
vehicles and construction & mining equipment will drive the market, and the
increasing infrastructure investments across the United States will also help
the North America construction equipment market to grow during the forecast
period.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“North America Construction Equipment Market By Type (Loader, Forklift,
Excavator, Dozers, Others), By Power Output (<100hp, 101-200hp, 201-400hp,
>400hp), By Application (Material Handling, Excavation & Demolition,
Recycling & Waste Management, Tunnelling, Others), By End User (Oil &
Gas, Construction, Infrastructure, Manufacturing, Others), By Country,
Competition, Forecast and Opportunities, 2028F,” has evaluated
the future growth potential of Construction
Equipment market in United States and provides statistics and
information on market structure, size, share and future growth. The report is
intended to provide cutting-edge market intelligence and help decision makers
take sound investment decision. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges and opportunities
present in North America construction equipment.
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