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The U.S. Heavy Duty Construction Equipment Market was valued at US$ 69.84 Mn in 2020 and is expected to exhibit a CAGR of 6.0 % over the forecast period to reach US$ 113.70 Bn by 2030

The market is segmented into by type, by application, by sales channel, and by end-use industry. The U.S. Heavy Duty Construction Equipment Market growth is majorly driven by increasing government investment in the construction industry

Moreover, owing to COVID-19, the construction industry is affected majorly, therefore demand for heavy equipment is expected to drop in 2020, but the market is expected to show steady growth for the next 3 years

The rental segment in the heavy construction equipment market is expected to grow as companies will rent the equipment than buying new equipment, which will help the market to remain steady.

The construction industry is one of the largest industries in the U.S. According to the data published by The Associated General Contractors of America (AGC), a U.S.-based trade association, in 2019, the construction industry had over 680,000 employers, and it employs over 7 million workers across the U.S. Furthermore, in 2019, the construction industry contributed around US$ 1.3 trillion to the U.S. economy, which was over 4.1% of the total U.S. GDP. Therefore, to promote industry growth, the U.S. government is significantly investing in the construction industry. For instance, in February 2018, the president of the U.S. announced US$ 1.5 trillion of investment in the construction industry including US$ 200 billion federal funding over 10 years from 2018. This investment is for the development of rural infrastructure and reconstruction of roads, bridges and airports, public hospitals, wastewater treatment systems, and others. For instance, according to Worldwide Market Reports’ analysis, the U.S. construction industry is expected to increase with a CAGR 5.2% during the forecast period 2020-27. Thus, increasing government and private investment in the construction industry is expected to drive the U.S. Heavy Duty Construction Equipment Market during the forecast period.

U.S. Heavy Duty Construction Equipment Market - Impact of Coronavirus (Covid-19) Pandemic

COVID-19 pandemic has a massive impact on the construction industry. The U.S. and other major markets are in a state of lock down as a measure to combat the pandemic which has halted all the ongoing construction projects.

This will lead to delay in construction projects across the U.S. Furthermore, construction projects in the U.S. will also slow down due to several factors such as supply chain disruption, economic uncertainty, and labor shortage. According to Associated General Contractors of America (AGC), in April 2020, around 45% of contractors in the U.S. are experiencing delays in terms of material shortages, equipment, and others.

Major challenge that the U.S. construction industry is facing is material supply chain disruption, as several U.S. contractors are dependent on international material suppliers. In the Q1 and Q2 of the 2020, production in factories stopped or slowed down. This lead to supply chain bottlenecks of materials which will delay ongoing construction projects and possibly increase material costs. According to WMR’s estimates, around 33% of the U.S. building  material imports come from China and the shutdown in China has impacted construction activity in the U.S. Delay in construction projects is one of the restraining factors that is negatively impacting the heavy-duty construction equipment market in the U.S.

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U.S. Heavy Duty Construction Equipment Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 70.39 Mn
Historical Data for: 2017 to 2021 Forecast Period: 2022 to 2030
Forecast Period 2022 to 2030 CAGR: 6.0% 2030 Value Projection: US$ 113.7 Mn
Geographies covered:
  • U.S.
Segments covered:
  • By Type: Earthmoving & Heavy Vehicles ( Excavators, Dumpers, Trenchers, Tunneling Equipment, Loaders (Skid Steer & Track), Backhoes, Articulated Haulers, Dozer, Roller, Tractor, Others), Concrete Equipment’s (Mixers, Paver, Concrete Pump, Others), Compaction Equipment ( Rammers, Rollers, Compactors, Material Handling, Cranes and Lifts, Forklifts, Telehandler, Others), Others (Drill, Hammers, Breakers, Generators, Sand Washers, Etc.)
  • By Application: Excavation & Demolition, Heavy Lifting, Material Handling, Recycling & Waste Management, Tunneling
  • By Sales Channel: Rental, OEMs
Companies covered:

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.

Growth Drivers:
  • Increasing Government Investment In The Construction Industry
  • Increasing Demand For Heavy Construction Equipment In Residential Building Construction
Restraints & Challenges:
  • Adoption Of Electric And Hybrid Vehicles

Figure 1 U.S. Heavy Duty Construction Equipment Market Share (%), By Application, 2021

U.S. Heavy Duty Construction Equipment  | Coherent Market Insights

Rental segment is expected to drive the market growth during the forecast period.

Among sales channel, rental segment is expected to hold dominant position in the U.S. heavy duty construction equipment market during the forecast period. Rental services is the most cost-effective option for construction equipment use in the construction industry. This is owing to the cost of various construction equipment being high and end users prefer rental services of component that is required for a particular period.

Various players in the heavy duty equipment market offer rental services of heavy duty construction equipment. For instance, Herc Rentals Inc., United Rentals (inc BlueLine), and H&E Equipment Services, etc. are some of the companies that offer rental services for construction equipment.

Construction equipment renting companies offer equipment on short-term and long-term renting or leasing options to their customers according to their requirements. Furthermore, companies are also providing equipment based on hourly, daily, and monthly basis, however, the consumers are charged more than the long term renting basis.

Figure 2: U.S. Heavy Duty Construction Equipment Market Value (US$ Mn) Analysis and Forecast and Y-o-Y Growth (%), 2017 - 2030

U.S. Heavy Duty Construction Equipment  | Coherent Market Insights

The U.S. heavy duty construction equipment market was valued at US$ 70.39 Mn in 2021 and is expected to reach US$ 113.70 Mn by 2030 at a CAGR of 6.0% between 2022 and 2030.

Major players operating in the U.S. heavy duty construction equipment market include AB Volvo, Atlas Copco, Caterpillar, Inc., CNH Industrial N.V., Deere & Company, Doosan Infracore, Hitachi Construction Machinery Co. Ltd., Hyundai Construction Equipment Americas, Inc., and others.

The U.S. heavy construction equipment market was valued at US$ 68.73 Bn in 2018 and is expected to exhibit a CAGR of 4.29 % over the forecast period to reach US$ 93.68 Bn by 2027. The market is segmented into by type, by application, by sales channel, and by end-use industry. The U.S. heavy construction equipment market growth is majorly driven by increasing government investment in the construction industry. Moreover, owing to COVID-19, the construction industry is affected majorly, therefore demand for heavy equipment is expected to drop in 2020, but the market is expected to show steady growth for the next 3 years. The rental segment in the heavy construction equipment market is expected to grow as companies will rent the equipment than buying new equipment, which will help the market to remain steady

Market Dynamics

Disposable income is rapidly increasing in the U.S., which is fuelling growth of housing market in the U.S. According to the U.S. Bureau of Economic Analysis, a U.S.-based government agency, disposable income of the people in the U.S. reached US$ 15,174 billion in January 2020, from US$ 11,608 billion in January 2010 with CAGR of 2.71% during 2010-20. According to The United States Census Bureau, in some regions such as Silicon Valley, where big tech companies are located such as Google Inc., Facebook Inc., and others, in 2018, average household income was US$ 125,987, which is almost twice the average U.S. household income which is US$ 61,937.

Furthermore, the U.S. residential construction market is also rapidly growing. According to Worldwide Market Reports’ analysis, the U.S. residential construction market is expected to reach US$ 207.21 billion by 2023. Thus, increasing disposable income coupled with growing residential construction market will drive the U.S. heavy construction equipment market growth over the forecast period.

Key features of the study:

  • This report provides in-depth analysis of the U.S. Heavy Duty Construction Equipment market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2022-2030), considering 2021 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by the leading  market players
  • It profiles leading players in the U.S. Heavy Duty Construction Equipment market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, market capital, key developments, strategies, and future plans
  • Companies covered as a part of this study 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.
  • Insights from this report would allow marketers and management authorities of companies to make informed decisions regarding future product launches, product upgrades, market expansion, and marketing tactics
  • The U.S. Heavy Duty Construction Equipment market report caters to various stakeholders in this industry including investors, suppliers, managed service providers, third-party service providers, distributors, new entrants, and value-added resellers
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the U.S. Heavy Duty Construction Equipment market

Detailed Segmentation

  • U.S. Heavy Duty Construction Equipment Market, By Type:
    • Earthmoving & Heavy Vehicles
      • Excavators
      • Dumpers
      • Trenchers
      • Tunneling Equipment
      • Loaders (Skid Steer & Track)
      • Backhoes
      • Articulated Haulers
      • Dozer
      • Roller
      • Tractor
      • Others
    • Concrete Equipment’s
      • Mixers
      • Paver
      • Concrete Pump
      • Others
    • Compaction Equipment
      • Rammers
      • Rollers
      • Compactors
      • Material Handling
      • Cranes and Lifts
      • Forklifts
      • Telehandler
      • Others
      • Others (Drill, Hammers, Breakers, Generators, Sand Washers, Etc.)
  • U.S. Heavy Duty Construction Equipment Market, By Application:
    • Excavation & Demolition
    • Heavy Lifting
    • Material Handling
    • Recycling & Waste Management
    • Tunneling
  • U.S. Heavy Duty Construction Equipment Market, By Sales Channel:
    • Rental
    • OEMs
  • Company Profiles
    • Atlas Copco *
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments/ Updates
    • 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.
    • United Rentals, Inc.

“*” marked represents similar segmentation in other categories in the respective section.

Frequently Asked Questions

The U.S. heavy duty construction equipment market is expected to reach US$ 113.70 million by 2030.
The market is expected to witness a CAGR of 6.0% during the forecast period (2022-2030).
Increasing government investment in the construction industry and increasing demand for heavy construction equipment in residential building construction.
The Excavation & Demolition segment held the largest market share among application in the market in 2021.
Key players operating in the market include National 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.

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