North America construction equipment market is Expected to Reach $79.7 Billion by 2031—Allied Market Research

WILMINGTON, DELAWARE, UNITED STATES, April 19, 2024 /EINPresswire.com/ -- North America is a big market for different types of construction equipment owing to various development projects. Many key players in the market offer various types of construction equipment product and services. Thus, the report is bifurcated on the basis of products, and services under solutions type. Among these, the services segment is expected to grow with a higher CAGR during the forecast period.

The North America construction equipment market size was valued at $51.6 billion in 2021 and is projected to reach $79.7 billion by 2031, registering a CAGR of 4.4% from 2022 to 2031.

𝐆𝐞𝐭 𝐈𝐧𝐬𝐢𝐝𝐞 𝐒𝐜𝐨𝐨𝐩 𝐨𝐟 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 -𝐡𝐭𝐭𝐩𝐬://𝐰𝐰𝐰.𝐚𝐥𝐥𝐢𝐞𝐝𝐦𝐚𝐫𝐤𝐞𝐭𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡.𝐜𝐨𝐦/𝐫𝐞𝐪𝐮𝐞𝐬𝐭-𝐬𝐚𝐦𝐩𝐥𝐞/𝐀𝟑𝟎𝟒𝟓𝟑

𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐭𝐚𝐭𝐢𝐜𝐬
The market is mainly driven by the rise in the number of residential and commercial buildings due to urbanization, increased investment in infrastructure development, and growth in the popularity of robust and compact equipment. However, strict government regulations against carbon emissions negatively impact the growth of the market. Technological advancements in construction equipment, on the other hand, are expected to provide growth opportunities to the market.

Moreover, under equipment type, the construction equipment is also bifurcated on the basis of its size and capacity, which includes heavy construction equipment and compact construction equipment. Out of these, heavy construction equipment accounted for a major market share in 2021 owing to their utilization in major operations and higher prices of heavy equipment.

Moreover, compact construction equipment market is expected to witness a higher CAGR during the forecast period. Compact construction equipment does not necessitate certified & skilled workers and is considerably easier to operate unlike heavy machinery. Furthermore, lower costs of compact equipment boost their adoption in end-user industries.

Moreover, construction equipment is of various types, such as wheel bulldozers, front loaders, dump trucks, backhoe loaders, graders, crawler dozers, compactors, excavators, forklifts, concrete mixer truck, and others. Among these, the excavator segment accounted for the highest market share. This is attributed to its versatility which increases its scope of usage. In addition, forklifts segment is expected to grow with a significant CAGR.

𝐌𝐚𝐤𝐞 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐄𝐧𝐪𝐮𝐢𝐫𝐲: 𝐡𝐭𝐭𝐩𝐬://𝐰𝐰𝐰.𝐚𝐥𝐥𝐢𝐞𝐝𝐦𝐚𝐫𝐤𝐞𝐭𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡.𝐜𝐨𝐦/𝐩𝐮𝐫𝐜𝐡𝐚𝐬𝐞-𝐞𝐧𝐪𝐮𝐢𝐫𝐲/𝐀𝟑𝟎𝟒𝟓𝟑

𝐈𝐦𝐩𝐚𝐜𝐭 𝐀𝐟𝐭𝐞𝐫 𝐂𝐎𝐕𝐈𝐃-𝟏𝟗

Various companies in the North America construction equipment market had to stop their business during the pandemic lockdown. This break directly impacted the sales of construction equipment manufacturers. In addition, the lack of manpower and raw materials constricted the supply of raw materials for manufacturing various construction equipment; and negatively influenced the growth of the market. However, after two years of the COVID-19 outbreak and the introduction of vaccinations, the severity of the pandemic has significantly reduced and there is a rapid recovery of the key players in the market. Contrarily, emerging cases of COVID-19 especially in China may have a short-term negative impact on the market.

𝐓𝐨𝐩 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:
Competitive analysis and profiles of the major players in the construction equipment end-user, such as Astec, Inc., Caterpillar Inc., Deere and Co, Hyundai Doosan Infracore North America, LLC, Hitachi America, Ltd., Komatsu Ltd., Liebherr USA Co., SANY America, Inc., Terex Corporation, and Volvo Group are provided in this report.

𝐀𝐧𝐚𝐥𝐲𝐬𝐭 𝐑𝐞𝐯𝐢𝐞𝐰

The North America construction equipment market has witnessed significant growth in the past few years, owing to surge in construction and infrastructure development in the region, especially in the U.S. and Canada. Furthermore, rise in population and urbanization is also a major driving factor to the North America construction equipment market growth.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐅𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧: 𝐡𝐭𝐭𝐩𝐬://𝐰𝐰𝐰.𝐚𝐥𝐥𝐢𝐞𝐝𝐦𝐚𝐫𝐤𝐞𝐭𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡.𝐜𝐨𝐦/𝐫𝐞𝐪𝐮𝐞𝐬𝐭-𝐟𝐨𝐫-𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧/𝐀𝟑𝟎𝟒𝟓𝟑

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

𝐂𝐨𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧 𝟒.𝟎 𝐌𝐚𝐫𝐤𝐞𝐭 - 𝐡𝐭𝐭𝐩𝐬://𝐰𝐰𝐰.𝐚𝐥𝐥𝐢𝐞𝐝𝐦𝐚𝐫𝐤𝐞𝐭𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡.𝐜𝐨𝐦/𝐜𝐨𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧-𝟒-𝟎-𝐦𝐚𝐫𝐤𝐞𝐭-𝐀𝟏𝟎𝟐𝟐𝟗

𝐌𝐨𝐝𝐮𝐥𝐚𝐫 𝐂𝐨𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 - 𝐡𝐭𝐭𝐩𝐬://𝐰𝐰𝐰.𝐚𝐥𝐥𝐢𝐞𝐝𝐦𝐚𝐫𝐤𝐞𝐭𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡.𝐜𝐨𝐦-𝐦𝐨𝐝𝐮𝐥𝐚𝐫-𝐜𝐨𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧-𝐦𝐚𝐫𝐤𝐞𝐭-𝐀𝟎𝟓𝟗𝟕𝟒

David Correa
Allied Market Research
+ +1 5038946022
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn