Pune, Maharashtra, October 29 2020 (Wiredrelease) Graphical Research –:According to the Graphical Research new growth forecast report titled “North America Construction Equipment Market Share, By Product (Earthmoving & Road Building Equipment [Backhoes, Excavators, Loaders, Compaction Equipment, Others], Material Handling & Cranes [Storage & Handling Equipment, Engineered Systems, Industrial Trucks, Bulk Material Handling Equipment], Concrete Equipment [Concrete Pumps, Crushers, Transit Mixers, Asphalt Pavers, Batching Plants])”, Estimated To Be Around USD 33 Billion by 2026.
The development of new infrastructure and maintenance of the existing infrastructure facilities will accelerate the demand for construction machinery in North America. For instance, in 2019, the U.S. government allocated over USD 1 trillion for new infrastructure development. The government also invested USD 67 billion to maintain and refurbish aging buildings. The growing market trend of adopting fuel-efficient & advanced machines is further driving the North America construction equipment market. Several construction companies in the region prefer to use fuel-efficient equipment to reduce their carbon footprint.
The rapidly escalating COVID-19 pandemic has adversely impacted the construction equipment market growth in North America. The region is witnessing a severe outbreak of the pandemic, resulting in significant economic and financial losses. The sales of new construction equipment in the region have been plummeting since April 2020 due to several factors such as financial insecurities and shortage of capital. Contractors and construction companies are increasingly focusing on renting equipment to forego heavy investments in purchasing new machines.
The earthmoving & roadbuilding segment is expected to gain traction over the forecast period owing to the mechanization of infrastructure building activities to achieve a fine quality of work. In response to the growing market demand, industry players are launching new construction equipment integrated with advanced technologies such as IoT and AI. For instance, in November 2018, Komatsu launched PC300LC-8M0 and PC350LC-8M0, two new excavator models for applications in the roadbuilding and mining industries.
The growing influx of immigrants in Canada has created a robust demand for the construction of new commercial & residential buildings in the country. This rapid development of the construction industry in Canada is fueling the demand for advanced construction equipment in the region. Furthermore, increasing government investments in infrastructure development will favor market growth. For instance, the Government of Canada has invested USD 81.2 billion under its ‘Invest in Canada’ program for the development of public and commercial infrastructure in the country.
Key players operating in the North America construction equipment market include Deere and Co., Caterpillar, Inc., CASE Construction Equipment, Terex Corporation, Manitowoc, and Hitachi Construction Machinery. Players are engaged in strategic product launches to gain a competitive edge in the market. For instance, in February 2020, Manitowoc launched its new 150-tonne crawler crane. The equipment offers a boom length of 78 meters and a 24-meter fixed jib.
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