Report Overview

United States Construction Equipment Market – Industry Trends & Forecast Report, 2030

United States Construction Equipment Market size was estimated at USD 42.13 billion in 2023. During the forecast period between 2024 and 2030, United States Construction Equipment Market size is projected to grow at a CAGR of 4.7% reaching a value of USD 57.22 billion by 2030. Prominent drivers of the market include rapid urbanization and significant government investments in infrastructure development. The increasing demand for construction machinery such as excavators, loaders, and dump trucks is linked to the expansion of global infrastructure projects. In the United States, continued investment in infrastructure, including roads, ports, and railways, supported by initiatives like the Bipartisan Infrastructure Law (BIL), is anticipated to drive market growth. For example, in January 2024, the United States government allocated over USD 4.9 billion for 37 projects through two major grant programs: the National Infrastructure Project Assistance (MEGA) and Infrastructure for Rebuilding America (INFRA). Also, advancements in construction equipment technology are expected to create opportunities for OEMs to diversify their offerings with new products.

Construction Equipment – Overview

Construction equipment refers to a wide range of heavy-duty machines and vehicles specifically designed for executing construction tasks. These machines are used in various applications such as earthmoving, material handling, excavation, demolition, and construction of infrastructure. Common types of construction equipment include excavators, bulldozers, loaders, cranes, dump trucks, backhoes, graders, and asphalt pavers. These machines are essential for large scale construction projects, including roadways, bridges, buildings, and energy infrastructure, as they improve efficiency, reduce manual labor, and enhance the overall speed and quality of construction tasks.

United States Construction Equipment Market

Growth Drivers

Federal Government’s Initiatives to Modernize Infrastructure

The US Federal Government’s increasing focus on modernizing infrastructure are playing a pivotal role in boosting the United States Construction Equipment Market. Major projects, such as Xcel Energy's USD 508 million hybrid renewable energy project in Minnesota and the USD 125 million commercial redevelopment at JFK Terminal 8, reflect the government's commitment to upgrading critical infrastructure. The Inflation Reduction Act of 2022 has further accelerated this growth, allocating USD 370 billion for climate change and clean energy projects, which has led to significant investment in solar energy. Additionally, large scale projects like the Gateway Program Hudson Tunnel and wastewater management systems highlight the government's focus on modernizing transportation and environmental infrastructure. These initiatives are driving the demand for construction equipment, as new projects require advanced machinery for execution, contributing significantly to market growth.

Challenges

Rising Material Costs

Rising material costs are restraining the growth of the United States construction equipment market. As prices for essential materials like steel, concrete, and fuel increase, the overall cost of construction projects escalates, leading to delays and budget constraints. These cost pressures impact equipment demand, as companies may defer or reduce investments in new machinery to control expenses. The trend may limit market expansion, despite the ongoing demand for infrastructure upgrades.

Impact of Escalating Geopolitical Tensions on United States Construction Equipment Market

Escalating geopolitical tensions among countries across regions could have a significant impact on the growth of United States Construction Equipment Market. Heightened tensions among nations can trigger a chain reaction of adverse effects. As stakeholders adopt a more conservative investment approach, increased uncertainty, project delays, and cancellations are likely. Global supply chains, often disrupted by international conflicts, can result in shortages of critical components and a subsequent surge in equipment costs. Moreover, the imposition of trade barriers and tariffs can hinder the import and export of construction equipment, restricting access to vital technologies and driving up expenses for United States construction companies.

United States Construction Equipment Market

Segmental Coverage

United States Construction Equipment Market – By Product Type

By product type, United States Construction Equipment Market is divided into Earthmoving Equipment, Material Handling Machinery, and Concrete and Road Construction Machinery segments. The earthmoving equipment segment holds the highest share in United States Construction Equipment Market by product type. The earthmoving machinery market has benefited from advancements in the construction industry in both developing and developed nations. Growing demand and investment in residential, commercial, and industrial construction projects are driving the need for heavy equipment. Specifically, construction equipment used for earthmoving tasks enables efficient and timely completion of essential activities like excavation and grading. Also, the earthmoving equipment segment is subdivided into Excavator, Backhoe Loaders, Wheeled Loaders, and Others (Including Loaders, Bulldozers, Trenchers etc.) subsegment. Among them, the excavator subsegment is expected to hold the highest share in United States Construction Equipment Market. Increasing investments in housing, port development, and public infrastructure projects are anticipated to boost the demand for excavators within the United States Construction Equipment Market.

United States Construction Equipment Market – By Propulsion Type

Based on propulsion type, United States Construction Equipment Market is divided into Diesel-Powered, Gasoline-Powered, Electric-Powered, and Hybrid segments. The electric-powered segment holds the highest share in United States Construction Equipment Market by propulsion type. Compared to diesel or gasoline-powered machinery, electric equipment offers significant advantages, including lower operating costs and reduced maintenance requirements. Additionally, electricity is typically less expensive than diesel or gasoline, making electric machinery more economically viable. Furthermore, governments worldwide are introducing regulations and incentives to encourage the widespread adoption of electric construction equipment, further driving its market growth.

United States Construction Equipment Market – By Power Output

On the basis of power output, United States Construction Equipment Market is divided into <100 HP, 101–200 HP, 201–400 HP, and >401 HP segments.

United States Construction Equipment Market – By End User

Based on end user, United States Construction Equipment Market is divided into Construction Companies, Mining Companies, Oil & Gas Industry, and Municipalities segments.

Competitive Landscape

Major players operating in United States Construction Equipment Market include Caterpillar Inc, CNH Industrial America LLC, Deere & Company, Doosan Corporation, Hitachi Construction Machinery Americas Inc, HD Hyundai Construction Equipment North America, Kubota Corporation, Terex Corporation, Liebherr, and AB Volvo. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Product Type

• Earthmoving Equipment

• Material Handling Machinery

• Concrete and Road Construction Machinery

By Propulsion Type

• Diesel-Powered

• Gasoline-Powered

• Electric-Powered

• Hybrid

By Power Output

• <100 HP

• 101–200 HP

• 201–400 HP

• >401 HP

By End User

• Construction Companies

• Mining Companies

• Oil & Gas Industry

• Municipalities

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. United States Construction Equipment Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Government initiatives to modernize infrastructure
         2. Growth in housing, commercial building projects, and renovations
         3. Growth and expansion of industrial facilities
      2. Restraints
         1. Rising Material Costs
         2. Stricter environmental regulations
         3. Shortage of skilled workers in the construction industry
      3. Opportunities
         1. Increasing investments in renewable energy infrastructure
         2. Innovations in equipment design, automation, and telematics
         3. Growing demand for rental and leasing services
      4. Challenges
         1. Adherence to stringent safety, emissions, and other regulations
         2. Evolving customer preferences and expectations
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. United States Construction Equipment Market: Marketing Strategies
5. United States Construction Equipment Market: Pricing Analysis
6. United States Construction Equipment Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product Type
         1. Earthmoving Equipment
            1. Excavators
            2. Backhoe Loaders
            3. Wheeled Loaders
            4. Others (Loaders, Bulldozers, Trenchers)
         2. Material Handling Machinery
            1. Crawler Cranes
            2. Trailer Mounted Cranes
            3. Truck Mounted Cranes
            4. Forklifts
            5. Others
         3. Concrete and Road Construction Machinery
            1. Concrete Mixers & Pavers
            2. Construction Pumps
            3. Others
      2. By Propulsion Type
         1. Diesel-Powered
         2. Gasoline-Powered
         3. Electric-Powered
         4. Hybrid
      3. By Power Output
         1. <100 HP
         2. 101–200 HP
         3. 201–400 HP
         4. >401 HP
      4. By End User
         1. Construction Companies
         2. Mining Companies
         3. Oil & Gas Industry
         4. Municipalities
7. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. United States Construction Equipment Company Market Share Analysis, 2023
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
8. Impact of Escalating Geopolitical Tensions on United States Construction Equipment Market
9. Company Profiles (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
   1. Caterpillar, Inc
   2. CNH Industrial America LLC
   3. Deere & Company
   4. Doosan Corporation
   5. Hitachi Construction Machinery Americas Inc.
   6. HD Hyundai Construction Equipment North America
   7. Kubota Corporation
   8. Terex Corporation
   9. Liebherr
   10. AB Volvo
   11. Other Prominent Players
10. Key Strategic Recommendations
11. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
       1. Secondary Research
       2. Primary Research
    4. Breakdown of Primary Research Respondents
    5. Assumption & Limitation

* Financial information of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List of Figures

Figure 1       United States Construction Equipment Market Segmentation

Figure 2       United States Construction Equipment Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       United States Construction Equipment Market Size, By Value (USD Billion), 2019–2030

Figure 5       United States Construction Equipment Market Share, By Product Type, By Value (USD Billion), 2019–2030

Figure 6       United States Construction Equipment Market Share, By Propulsion Type, By Value (USD Billion), 2019–2030

Figure 7       United States Construction Equipment Market Share, By Power Output, By Value (USD Billion), 2019–2030

Figure 8       United States Construction Equipment Market Share, By End User, By Value (USD Billion), 2019–2030

List of Tables

Table 1      United States Construction Equipment Market Size, By Value (USD Billion), 2019–2030

Table 2      United States Construction Equipment Market Share, By Product Type, By Value (USD Billion), 2019–2030

Table 3      United States Construction Equipment Market Share, By Propulsion Type, By Value (USD Billion), 2019–2030

Table 4      United States Construction Equipment Market Share, By Power Output, By Value (USD Billion), 2019–2030

Table 5      United States Construction Equipment Market Share, By End User, By Value (USD Billion), 2019–2030

Table 6      Caterpillar, Inc Company Overview

Table 7      Caterpillar, Inc Financial Overview

Table 8      CNH Industrial America LLC Company Overview

Table 9      CNH Industrial America LLC Financial Overview

Table 10    Deere & Company Overview

Table 11    Deere & Company Financial Overview

Table 12    Doosan Corporation Company Overview

Table 13    Doosan Corporation Financial Overview

Table 14    Hitachi Construction Machinery Americas Inc. Company Overview

Table 15    Hitachi Construction Machinery Americas Inc. Financial Overview

Table 16    HD Hyundai Construction Equipment North America Company Overview

Table 17    HD Hyundai Construction Equipment North America Financial Overview

Table 18    Kubota Corporation Company Overview

Table 19    Kubota Corporation Financial Overview

Table 20    Terex Corporation Company Overview

Table 21    Terex Corporation Financial Overview

Table 22    Liebherr Company Overview

Table 23    Liebherr Financial Overview

Table 24    AB Volvo Company Overview

Table 25    AB Volvo Financial Overview