The U.S. heavy duty construction equipment market consists of heavy-duty vehicles and machinery that are used across several industries such as construction, manufacturing, mining, and forestry. Some key heavy-duty equipment includes excavators, loaders, dump trucks, and graders. These equipment help in earthmoving, hauling, lifting heavy objects, digging, and various other operations more efficiently as compared to manual labor. The construction equipment rentals market is also growing due to the advantages it provides such as lower upfront costs, budget-friendly payments, and access to the latest equipment models.
The Global U.S. Heavy Duty Construction Equipment Market is estimated to be valued at US$ 83.84 Mn in 2024 and is expected to exhibit a CAGR of 6.0% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the U.S. Heavy Duty Construction Equipment are Atlas Copco,
Caterpillar, Inc., CNH Industrial N.V., Deere and 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.
U.S. heavy duty construction equipment market share is being driven by the growing demand from construction, mining, and industrial sectors. Rapid urbanization and increasing infrastructure development projects are further augmenting the demand.
The heavy duty construction equipment market is expanding globally with companies focusing on developing economies through partnerships and acquisitions. The equipment rentals market in North America and Asia Pacific is witnessing high growth.
Market Key Trends
One of the key trends gaining traction is automation in heavy-duty construction equipment. Equipment manufacturers are integrating robotics, artificial intelligence, telematics, and other advanced technologies to enhance safety, productivity, and reduce operational costs. For example, autonomous excavators and loaders can work continuously without the need for an operator. This improves efficiency on construction sites.
Porter's Analysis
Threat of new entrants: High capital requirements and government regulations create barriers for new companies.
Bargaining power of buyers: Large buyers can negotiate lower prices due to bulk purchasing. Bargaining power of suppliers: Suppliers have some pricing power due to differentiation of components.
U.S. heavy duty construction equipment market challenges and opportunities highlight that there are no major product substitutes available.
Competitive rivalry: Intense competition exists among established industry players.
Geographical regions
U.S. heavy duty construction equipment market reveals that the Western and Midwestern regions of the United States account for the highest value concentration of the market. This is due to ongoing infrastructure projects such as highway construction, roadworks, and energy development activities that generate significant demand. States like California, Texas, Ohio, Illinois and Pennsylvania witness strong sales for heavy earthmoving, material handling and cranes equipment used in major civil works.
The Southern region of the United States is projected to experience the fastest growth in the heavy duty construction equipment market during the forecast period. This is attributed to large infrastructure spending underway for expansions of ports, airports as well as industrial and commercial construction projects across states like Florida, Georgia and Virginia. The increasing commercial and residential real estate activities are also augmenting construction equipment procurement.
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Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.
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