A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the United States construction equipment market is estimated to grow at a CAGR of 6% during the forecast period of 2022-2028. The growing demand for construction equipment in this region is being fueled by increased construction activities for infrastructural development as a result of government and private investment. Furthermore, increased demand for residential facilities is emerging as a significant driver of the construction equipment industry in the United States. However, the high cost of construction equipment may act as a huge restraining factor for market growth.
Increasing Maintenance and Refurbishing Activities of Buildings
As the number of commercial and residential buildings in the United States grows, so does the need for regular maintenance to keep them safe to live and work in. As a result, building owners and contractors spend substantial sums on building upkeep as well as remodeling old and underutilized rooms in order to profit from them. As a result, construction machinery demand is increasing, boosting the overall market growth.
Rising Demand For Diesel Equipment Is Propelling The United States Construction Equipment Market
The United States construction equipment market is segmented into diesel, and CNG/LNG/RNG, based on the propulsion type. The diesel category accounts for the majority of market share. Because diesel has a high compression ratio, it is more efficient. Additionally, it may be used as both a light and a heavy oil. Diesel fuel is also less volatile and has a larger thermal energy content. During the projected period, however, the CNG/LNG/RNG propulsion type is expected to expand at the fastest pace.
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United States Construction Equipment Market – By Application
Based on application, the United States construction equipment market is segmented into infrastructure, commercial, and residential. Because of the considerable government and private investment in infrastructural development in the nation, the infrastructure application category has the biggest market share. However, owing to the increased building of commercial facilities such as hotels, restaurants, and offices, the commercial segment is gaining substantial traction.
Impact of COVID-19 on United States Construction Equipment Market
Following the COVID-19 pandemic outbreak, the construction equipment business in the United States was one of the most hit. Due to the rising weight of COVID-19-affected rates and the adoption of social distancing standards, all construction activities were entirely suspended. Furthermore, during the lockdown, construction equipment manufacturing was hampered, resulting in substantial losses for the producers. The market, on the other hand, is expected to rise steadily if the country’s lockdown is lifted.
Competitive Landscape
The leading market players in the United States construction equipment market are Kobelco Construction Machinery, Komatsu Ltd., Terex Corporation, Hyundai Heavy Industries, SANY Group, Caterpillar Inc., Hitachi Construction Machinery, John Deere, Volvo Construction Equipment, and other prominent players.
The United States construction equipment market is highly consolidated and concentrated among established multinational corporations. Companies constantly launch new products with advancements and innovations. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
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