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:
The U.S. Heavy Duty Construction Equipment Market size comprises machinery and heavy vehicles used in construction activities such as earthwork, road building, material handling, and transportation at construction sites. Major heavy duty construction equipment includes excavators, loaders, backhoes, compactors, cranes, forklifts, dump trucks, and bulldozers. These heavy duty machines are specifically designed to work in difficult terrain conditions and operate hazardous material for transportation and lifting. They provide higher productivity and efficiency for activities such as land clearing, excavation, hauling, lifting, and moving heavy material at construction sites.
Market key trends:
Increasing infrastructure development projects is one of the key trends driving the growth of the U.S. heavy duty construction equipment market. Governments across various states in the U.S. are investing heavily in projects around transportation, energy and utilities, public infrastructure, and buildings. Massive investments are being made for the development of roads, bridges, rail networks, power generation plants, water supply networks, and commercial and residential buildings. This has significantly increased the demand for heavy duty construction machinery such as excavators, loaders, cranes, and transport vehicles for various infrastructure development activities. Additionally, rapid urbanization and rising construction of smart cities are also augmenting the need for efficient heavy duty equipment in the U.S. construction industry.
Porter’s Analysis
Threat of new entrants: The U.S. heavy duty construction equipment market requires high investment for R&D, manufacturing facilities and brand establishment which poses challenges for new players to enter.
Bargaining power of buyers: The presence of numerous construction equipment manufacturers gives buyers options to choose from, thus increasing their bargaining power.
Bargaining power of suppliers: Key raw materials include steel and electronic parts which have few global suppliers, increasing their bargaining power over equipment manufacturers.
Threat of new substitutes: There exist no close substitutes for heavy duty equipment used for large infrastructure projects.
Competitive rivalry: The market is highly competitive with the presence of global giants and regional players competing on the basis of product quality, pricing and brand image.
Key Takeaways
The U.S. Heavy Duty Construction Equipment Market is expected to witness high growth, exhibiting a CAGR of 6.0% over the forecast period 2023 to 2030, due to increasing infrastructural investments in sectors like transportation, energy and construction.
The South Western region of the U.S. dominates the heavy duty construction equipment market with states like Texas, California and Florida boasting of major ongoing and upcoming infrastructure projects. Rapid urbanization and economic growth in the region drives the demand.
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. Most companies focus on product innovation and expansion of service networks to consolidate their market presence.
