The US heavy construction equipment market was valued at US$ 38,382. 5 million in 2019 and is expected to reach US$ 52,477. 6 million by 2027; it is estimated to grow at a CAGR of 6. 2% during 2020–2027.
New York, March 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "US Heavy Construction Equipment Market Forecast to 2027 - COVID-19 Impact and Country Analysis By Type, Application, and Industry" - https://www.reportlinker.com/p06027875/?utm_source=GNW
Increase in infrastructural projects and development of urbanization are fueling the demand for construction equipment.Due to rising infrastructural projects, there is an increase in need for equipment integrated with sophisticated technologies to ensure a higher level of productivity.
As per the PwC report on “Global Construction 2030,” the construction output volume would reach US$ 15.5 trillion by 2030. Under this, China, the US, and India are projected to lead the growth of heavy construction equipment market. Moreover, in the US, a few states are witnessing an increase in construction-related projects, which is fueling the demand for heavy construction equipment. For instance, Illinois has granted US$ 39.5 million for 27 projects for building modern infrastructure and assist continued economic development throughout the state. The financial assistance would be utilized to fuel shovel-ready public works projects and long-term infrastructure upgrades around Illinois.
Technological advancements by various key players in the US heavy construction equipment market are projected to provide lucrative opportunities for widening the market growth potential.The construction industry in the US is witnessing technological evolution that is encouraging construction equipment manufacturers and tech giants to work on developing and rolling out autonomous machinery, robotics, and electromobility.
Integration of aforesaid technologies is expected to support agriculture, construction, transportation, and many other industries.In this aspect, construction equipment manufacturers are integrating advanced technologies to reduce overall operating cost while saving time and increasing productivity.
Also, roll out of electric excavators and robotic equipment in construction is anticipated to improve productivity of the construction industry while lowering human intervention. Hence, the integration of smart technologies into numerous industries is expected to benefit the growth of the US heavy construction equipment market during the forecast period.
The US heavy construction equipment market is segmented on the basis of type, application, industry, and country.By type, the market is segmented into road rollers, excavators, graders, dump trucks, loaders, and forklifts.
The market for the dump trucks segment is expected to grow faster over the forecast period.Based on application, the market is segmented into mining, excavation, earthmoving, lifting, material handling, and transportation.
In 2019, the mining segment held the largest market share.The US heavy construction equipment market, by industry, is segmented into construction, oil & gas, mining, manufacturing, and others.
The construction segment is expected to register the highest growth rate during the forecast period. Despite positive growth outlook, the ongoing COVID-19 outbreak is adversely affecting the country’s economy and hindering the business activities and company revenues in the heavy construction equipment industry in the US. AB Volvo, Caterpillar, John & Deere and company, Doosan, Hitachi, Hyundai, JCB, Komatsu, Liebherrr, and CASE Construction Equipment are among the key players that were profiled during this market study. In addition, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the US heavy construction equipment market and its ecosystem.
The overall US heavy construction equipment market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the US heavy construction equipment market with regard to all the segments.Also, primary interviews have been conducted with industry participants and commentators to validate data well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the US heavy construction equipment market.
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