North America Construction Equipment market
is currently growing at a steady pace. Due to the strong economic growth, a
growing elite population, increased foreign investment, and other favorable
factors, it is anticipated to follow the same market trend in the upcoming
years also.
North America Construction Equipment Market Overview
The North American construction equipment
market is a significant segment of the regions’ economy, driven by the
construction industry's demand for various machinery and equipment. This market
comprises a wide range of construction equipment used for infrastructure
development, residential and commercial construction, and industrial projects. The
North American construction equipment market has been witnessing steady growth
over the years. The market size is influenced by factors such as population growth
urbanization, infrastructure development, and government initiatives to enhance
public facilities. Investments in infrastructure projects, including highways,
bridges, airports, and public transportation systems, drive the demand for
construction equipment. The growth of the real estate sector and urbanization
fuels the need for construction equipment to support residential and commercial
construction projects. Advancements in construction equipment technology such
as GPS tracking telematics and automation improve productivity, efficiency, and
safety, thereby boosting market growth. Aging equipment and the need for
enhanced capabilities drive the replacement and upgradation of existing
machinery, further contributing to market expansion. The trend of renting or
leasing construction equipment instead of purchasing is growing as it offers
cost savings flexibility and access to the latest equipment without heavy
upfront investments, further driving the market of construction equipment in
North America.
North America Construction Equipment Market Drivers
The mining industry in the North America
region plays a significant role in driving the demand for construction
equipment. The region is rich in natural resources including oil and gas and
precious metals and minerals such as copper iron and diamonds. The mining
industry requires heavy duty equipment that can handle harsh environments and
heavy loads. To the benefit, construction equipment manufacturers are
responding to this demand by producing specialized machinery for the mining
industry. Due to this, the growth of the mining industry in the North America
region is expected to continue to drive the demand for construction equipment
in the coming years. Governments in the North America region are taking various
initiatives to promote the construction equipment industry. Some governments in
the region are offering tax incentives and subsidies to companies to encourage
investment in the construction equipment industry. These incentives and
subsidies include tax holidays, reduced tariffs on imported equipment, and
financial assistance. These initiatives create a favorable environment for the
industry to thrive, providing opportunities for equipment manufacturers and
suppliers to expand their operations and meet the growing demand for
construction equipment. Replacement demand is a significant driver of the
construction equipment market in the North America region. The region has a
large fleet of construction equipment that requires periodic replacement due to
aging wear and tear, and technological obsolescence. Construction companies in
the region are increasingly replacing their old and outdated equipment with new
and advanced machinery to improve efficiency and productivity. Furthermore, old
and outdated equipment are more prone to breakdowns and requires more
maintenance, increasing operating costs. Replacing old equipment with new
models can significantly reduce maintenance costs and improve equipment
reliability. Technological advancements in construction equipment have a
significant impact on market growth. Innovations and advancements in
construction equipment features capabilities and systems, driving the demand
for newer machinery. For example, the integration of GPS tracking systems
allows real time monitoring of equipment location and usage, optimizing fleet
management and logistics. Telematics systems collect data on equipment
performance, fuel consumption, and maintenance needs, enabling predictive
maintenance and reducing downtime. Automation technologies, such as
remote-controlled or autonomous machinery, enhance precision and reduce the
need for manual labor resulting in increased productivity and efficiency. These
technological advancements attract customers who seek equipment with improved
capabilities, increased efficiency, and enhanced safety features. As a result,
the market experiences growth due to the demand for technologically advanced
construction equipment.
North America Construction Equipment Market Trends
The utilization of construction equipment in
the North America region varies depending on several factors such as specific
industrial segment, the level of infrastructure development, the nature and
complexity of the projects, and the availability of skilled labor and economic
conditions. Adopting innovative flexible ways for project execution is highly
demanded due to the increasing use of technology in various industries. The requirement of construction equipment is
not only limited to constructing infrastructure or buildings, rather they are
used in diverse fields like mining agriculture prefabricated houses, etc.
Furthermore, the nature and complexity of the projects would also affect
equipment utilization. Green building practices are becoming increasingly
popular in the construction industry, including the North America region. These
practices aim to reduce the environmental impact of buildings, both during
their construction and throughout their lifespan, by using sustainable
materials, efficient design, and renewable energy sources. In the North America
construction equipment market, there are multiple companies offering
ecofriendly building materials and equipment. In addition, many construction
equipment manufacturers are incorporating green technology into their products.
For instance, there are now electric and hybrid construction vehicles available
which offer reduced emissions and lower operating costs. Overall, the adoption
of green building practices in North America construction equipment market is a
positive trend, as it can lead to reduced environmental impact, lower operating
costs, and improved health and wellbeing for building occupants. Digitization
and automation are two key trends that are driving innovation and growth in the
North America construction equipment market. The adoption of digital technologies
and automation solutions is enabling companies in the construction industry to
improve productivity, reduce costs, and enhance safety. One of the key
technologies driving digitization in the construction industry is Building
Information Modelling (BIM). BIM is a digital representation of a building or
structure that provides information about its design, construction, and
maintenance. BIM technology allows construction companies to create digital
models of their projects, which can be used to optimize the construction
process, reduce waste, and improve collaboration between project stakeholders.
North America Construction Equipment Market Challenges
The North America construction equipment
market is highly competitive with both global and local players operating in
the market. The competition is based on several factors, including product
quality, brand recognition, price, distribution network, and after-sales
service. Global players dominate the North America construction equipment
market, including Liebherr, Caterpillar, Komatsu, Volvo, and Hitachi. These
companies have a strong brand presence and a wide range of product offerings,
including excavators, bulldozers, loaders, and cranes. The construction
industry in the region is subject to increasingly stringent environmental
regulations. Manufacturers and suppliers must comply with these regulations
which can increase costs and limit the use of certain types of equipment. Maintenance
and service of construction equipment are crucial for optimal performance,
minimizing downtime and extending equipment lifespan. However, equipment
maintenance can be challenging due to various factors. Inadequate
infrastructure, especially in remote or challenging worksites, can make it
difficult to access service facilities or obtain spare parts promptly. Limited
availability of skilled technicians can also hinder timely maintenance and
repairs. Extreme weather conditions can further impact equipment performance
and maintenance schedules. High equipment utilization rates may result in
shorter maintenance. The construction equipment market is highly competitive,
with numerous manufacturers and suppliers striving for market share. Intense competition
can lead to pricing pressures and reduced profit margins. Established players
often have strong brand recognition and customer loyalty, making it challenging
for new entrants to gain a foothold in the market. In order to attract and keep
clients, businesses must pay extensively in marketing, distribution networks,
and after-sales services, which raises operational costs.
Market Recent Developments
- Flexcavo, a
construction technology firm with headquarters in Berlin, raised USD 8
million in funding in February 2022, for its fleet of construction
equipment. Additionally, the initial use of the projected money will be to
purchase a recently built rental park in Maisach, Munich. Additionally,
manufacturers JCB and Wacker Neuson have already planned around 150 new
pieces of construction machinery and equipment for a 4,500 square meter
site.
- With a
partnership with the top manufacturer of construction equipment, Xuzhou
Construction Machinery Group Co., Ltd. (XCMG), CanLift Equipment Ltd., a
provider of aerial equipment and material handling, has expanded its
product line and now has the exclusive right to sell all XCMG earthmoving
equipment in Ontario.
- This
collaboration opens the door to further collaborations within the construction
machines sector.
Market Segmentation
The North America Construction Equipment market
is segmented based on type, power output, application, end user, and country.
Based on type, the market is segmented into loader, forklift, excavator,
dozers, and others. Based on power output, the market is segment into
<100hp, 101-200hp, 201-400hp, and >400hp.Based on end user, the market is
segmented into Oil & Gas, Construction, Infrastructure, Manufacturing, and Others
Based on country, the market is segmented into United States, Canada, and Mexico.
Company Profiles
Caterpillar, Inc., Kobelco Construction
Machinery Co., Ltd. Komatsu Ltd., Liebherr-International AG, Ltd., Terex
Corporation, Volvo Group, Zoomlion Heavy Industry Science & Technology Co.,
Ltd., Hitachi Construction Machinery Co., Ltd. are some of the major players in
the North America construction equipment market.
Download Free Sample Report
|
Attribute
|
Details
|
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Base Year
|
2022
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Historic
Data
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2018 – 2021
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Estimated
Year
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2023
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Forecast
Period
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2024 – 2028
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Quantitative
Units
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Revenue in USD Billion, Volume in Thousand Units, and CAGR for
2018-2022 and 2023-2028
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Report
Coverage
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Revenue forecast, volume forecast, company share, competitive
landscape, growth factors, and trends
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|
Segments
Covered
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By Type
By Power Output
By Application
By End User
By Country
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Country Scope
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United States, Canada, Mexico.
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Key
Companies Profiled
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Caterpillar,
Inc., Kobelco Construction Machinery Co., Ltd. Komatsu Ltd.,
Liebherr-International AG, Ltd., Terex Corporation, Volvo Group, Zoomlion
Heavy Industry Science & Technology Co., Ltd., Hitachi Construction
Machinery Co., Ltd.
|
|
Customization
scope
|
10% free report
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& segment scope.
|
|
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purchase options
|
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Format
|
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Report Scope:
In this report, North America Construction Equipment market has been segmented
into the following categories, in addition to the industry trends which have
also been detailed below:
·
Construction Equipment Market, By Type:
- Loader
- Forklift
- Excavator
- Dozers,
- Others
·
Construction Equipment Market, By Technology:
- <100hp
- 101-200hp
- 201-400hp
- >400hp
·
Construction Equipment Market, By Application:
- Material
Handling
- Excavation
& Demolition
- Recycling
& Waste Management
- Tunnelling
- Others
·
Construction Equipment Market, By End User:
- Oil &
Gas
- Construction
- Infrastructure
- Manufacturing
- Others
·
Construction Equipment Market, By Country:
- United
States
- Canada
- Mexico
Competitive Landscape
Company Profiles: Detailed
analysis of the major companies present in North America Construction Equipment
market.
Available Customizations:
With the given market data, TechSci Research
offers customizations according to a company’s specific needs. The following
customization options are available for the report:
Company Information
·
Detailed analysis and profiling of additional
market players (up to five).
The North America Construction Equipment Market
is an upcoming report to be released soon. If you wish an early delivery of
this report or want to confirm the date of release, please contact us at [email protected]