North America Construction Equipment Market Opportunities and Strategies To Reach $79.7 billion by 2031

North America Construction Equipment Market Industry Growth, Size, Trends, Share, Opportunities and Forecast to 2031

WILMINGTON, DELAWARE, UNITED STATES, June 11, 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.

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Driving Demands:

In 2021, the U.S. dominated the North America construction equipment market, in terms of revenue. Moreover, Mexico is anticipated to grow with the highest CAGR, owing to the high potential for growth in the country.

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.

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Competition Analysis:

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.

Key Players:
The report provides an extensive analysis of the current and emerging North America construction equipment market trends and dynamics.
Depending on solution type, the product segment dominated the North America construction equipment market, in terms of revenue in 2021.
By the equipment type, the heavy construction equipment segment accounted for a higher revenue share of the market share in 2021.
By type, the excavator segment dominated the North America construction equipment market, in terms of revenue in 2021.
By application, the earthmoving segment dominated a major share of the market in 2021.
By end-user industry, the construction and infrastructure segment is expected to grow with the highest CAGR during the forecast period.
The U.S. dominated a major North America construction equipment market share in 2021, and Mexico is expected to grow significantly during the forecast.
The key players within the North America construction equipment market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the construction equipment industry.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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