United States Construction Equipment Market Size to Surpass USD 57.2 Billion by 2030

United States Construction Equipment Market is flourishing due to the government-led infrastructure modernization, coupled with robust growth in residential, commercial, and industrial construction sectors.

Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated United States Construction Equipment Market size by value at USD 42.13 billion in 2023. During the forecast period between 2024 and 2030, Report Ocean expects United States Construction Equipment Market size to expand at a CAGR of 4.7% reaching a value of USD 57.22 billion by 2030. The Construction Equipment Market in United States is propelled by rapid urbanization and increased government focus on infrastructure upgrades. The demand for machinery, including excavators, loaders, and dump trucks, is linked to the growing number of global infrastructure projects. In the United States, investment in sectors such as roadways, ports, and rail networks, supported by government initiatives like the Bipartisan Infrastructure Law (BIL), is expected to fuel market growth. In January 2024, the United States government allocated over USD 4.9 billion for 37 projects under the National Infrastructure Project Assistance (MEGA) and Infrastructure for Rebuilding America (INFRA) programs. Additionally, technological innovations in construction equipment are opening new opportunities for OEMs to expand their product portfolios and attract a broader range of customers.

Opportunities - Increasing Investments in Renewable Energy Infrastructure

Xcel Energy is leading a USD 508 million renewable energy project in Minnesota, involving a 460-megawatt solar facility at the Sherco coal-fired plant site. The project is a key part of Xcel's clean energy vision, with phases set for completion by 2025. The initiative aligns with broader United States investments in renewable energy, driven by the Inflation Reduction Act, which has attracted USD 133 billion from the private sector. In 2023, United States plans to add 54.5 gigawatts of new electric capacity, half from solar, with significant investments in Texas and California. Alongside solar, the government is funding wastewater management systems and other sustainability projects. Innovations in construction equipment, such as Kobelco's G-4 series cranes and Caterpillar's zero-exhaust solutions, are enhancing the efficiency of these renewable energy projects.

Impact of Escalating Geopolitical Tensions on United States Construction Equipment Market

United States Construction Equipment Market may face significant challenges from intensifying geopolitical, economic, and trade tensions across the world. As uncertainty and instability increase, stakeholders are adopting a more cautious approach, leading to project delays, cancellations, and a decline in overall investment. Disrupted global supply chains, often fueled by international conflicts, are exacerbating the situation by causing shortages of critical components and driving up equipment costs. Moreover, the imposition of trade barriers and tariffs hinders the free flow of construction equipment, restricting access to vital technologies and imposing additional financial burdens on United States construction companies.

Earthmoving Equipment Segment Holds Largest Share of US Market

The earthmoving equipment segment accounts the largest share of United States Construction Equipment Market by product type. The demand for earthmoving machinery has surged, fueled by advancements in the construction industry globally. As residential, commercial, and industrial projects proliferate, the need for heavy-duty equipment to execute excavation and grading tasks efficiently has become paramount. Within the earthmoving equipment segment, excavators, backhoe loaders, wheeled loaders, and other machinery (including loaders, bulldozers, and trenchers) have played pivotal roles. Among these, excavators are expected to maintain their market leadership, driven by robust investments in housing, port development, and public infrastructure initiatives across the United States.

Competitive Landscape

United States Construction Equipment Market is fragmented, with numerous players serving the market. The key players dominating 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. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.

The report's in-depth analysis provides information about growth potential, upcoming trends, and United States Construction Equipment Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in United States Construction Equipment Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.