The U.S. Heavy Duty Construction Equipment Market was valued at US$ 69.84 Million in 2020 and is expected to surpass US$ 113.7 Million by 2030, registering a CAGR of 6.0% during the forecast period (2022-2030), according to the U.S. Heavy Duty Construction Equipment Market Report, 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, and Others), Compaction Equipment (Rammers, Rollers, Compactors, Material Handling, Cranes and Lifts, Forklifts, Telehandler, and Others), Others (Drill, Hammers, Breakers, Generators, Sand Washers, Etc.) by application (Excavation & Demolition, Heavy Lifting, Material Handling, Recycling & Waste Management, and Tunneling), by Sales Channel (Rental and OEMs), published by Coherent Market Insights.

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 Coherent Market Insights’ 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.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/us-heavy-duty-construction-equipment-market-5002

Browse 60 market data tables and 40 figures on “Heavy Construction Equipment Market - U.S. forecast to 2030”.

Key Trends and Analysis of the U.S. Heavy Duty Construction Equipment Market:

  • Excavation & Demolition held dominant position in the U.S. Heavy Duty Construction Equipment Market in 2020, and is expected to retain its dominance throughout the forecast period. Earthmoving and heavy construction equipment are essential for all construction jobs of almost any size, from home building to large-scale commercial and civil projects. These equipment include excavators, dumpers, loaders, and trenchers among others. Moreover use of these equipment for construction helps in increasing the speed of construction activities. Rise in construction activities across the U.S. is expected to drive demand for these equipment over the forecast period. For instance, according to the U.S. Department of Commerce US$ 1,306,855 Mn were spent in 2019 over construction of private and public infrastructure across the 50 states of the U.S. Furthermore, in 2020, owing to COVID-19, many governments and private businesses, operating in construction industry, are working on a limited capacity or have ceased operations completely. This could negatively impact the market growth in 2020.
  • Among application, Material Handling segment is fastest growing segment during the forecast period. Material handling equipment includes cranes and lifts, forklifts, and telehandler, which are used to carry heavy load of steel, cement, or other material used in construction activities. Material handling is an important process in construction as large volume of material is to be stored, lifted or moved from one place to other during construction of any project.
  • Major players operating 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.

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