"Construction equipment" refers to a large category of powered tools, vehicles, and machinery that are utilized for the different jobs that are included in construction projects. This comprises trucks and concrete mixers for material transportation, as well as equipment for moving dirt and excavating, such bulldozers and excavators. Other essential construction equipment includes graders for leveling surfaces, pavers for laying concrete or asphalt, and cranes for lifting large objects.
United States Construction Equipment Market Driving Factors and Challenges
Driving Factors- Several major factors are driving the construction equipment industry in the United States. Increasing infrastructure investment is one important element. The need for equipment to construct and maintain infrastructure like roads, bridges, and public transit is greatly increased by government investment on these projects. A burgeoning construction industry, propelled by both residential and commercial construction endeavors, further drives the market by necessitating a more extensive array of equipment for diverse construction phases. Moreover, one of the drivers is the development of construction equipment itself. Construction organizations employ modern technology like automation and telematics as they increase productivity and safety on the jobsite. Lastly, the industry's increased focus on sustainability is encouraging the development of ecologically friendly machinery, opening up a new market for producers and maybe drawing in eco-aware consumers.
Challenges- It is difficult for the United States to manufacture, import, and export construction equipment as different countries have varied import duties in place to stop unfair trade practices and support domestic businesses. In order to reduce tariffs and other barriers to a free trade area or single market, countries typically establish bilateral trade agreements with other countries. This is helpful, but it can also raise competition internationally. Trade is more significantly impacted by international affairs. Trade agreements may be suspended if there are disputes with other countries, or in the worst case, restrictions may be imposed, severely limiting trade. As a result, the consequences of international trade laws and regulations erect obstacles in the way of the building industry's expansion.
Impact of COVID-19 on United States Construction Equipment Market
The COVID-19 epidemic has had a major effect on the United States market for construction equipment, causing supply chain interruptions, project delays, and a decline in demand. Equipment usage and rental prices have reduced as a result of construction activity being slowed down by lockdown measures and social distancing norms. Furthermore, the lack of clarity around the economic outlook has caused construction companies to make cautious investment decisions that have an impact on both equipment rents and purchases.
United States Construction Equipment Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as Atlas Copco, Caterpillar, Inc, CNH Industrial N.V, Deere & Company, Doosan Infracore, Hitachi Construction Machinery Co Ltd, J C Bamford Excavators Ltd (JCB), Komatsu America Corp, Liebherr Group, Sany Heavy Industries Co Ltd, Others.
United States Construction Equipment Market Segmentation:
By Equipment Type: Based on the Equipment Type, United States Construction Equipment Market is segmented as; Heavy Construction Equipment, Compact Construction Equipment.
By Type: Based on the Type, United States Construction Equipment Market is segmented as; Loader, Cranes, Forklift, Excavator, Dozer, Others.
By Application: Based on the Application, United States Construction Equipment Market is segmented as; Excavation and Mining, Lifting and Material Handling, Earth Moving, Transportation, Others.
By End-Users: Based on the End-Users, United States Construction Equipment Market is segmented as; Oil and Gas, Construction and Infrastructure, Manufacturers, Mining Companies, Others.
By Region: This research also includes data for Northeast, Southwest, West, Southeast, Midwest.
Various market drivers and restraints for the projected period are also covered in this analysis. The paper also covers a number of growth potential.