The North America Construction Equipment Market would witness market growth of 3.1% CAGR during the forecast period (2021-2027).
The advent of electric construction machines and equipment is likely to offer new opportunities for OEMs. These machines run on batteries and have a number of advantages, including less maintenance, less noise, and less vibration, as well as making it easier for employees to work in the field.
Trenchers, often called trenching machines, are a type of machines that dig trenches in the surface or ground. These ditches are commonly used for laying pipelines, cables, and drainage, among other things. Chain and wheeled trenchers are the two types of trenching machinery. Chain trenchers have a fixed long arm that is wrapped in a digging chain. A metal wheel with drilling teeth surrounds a wheeled trencher. Wheeled trenchers are better for excavating hard soil layers. Trenchers are available in the market in both wheeled and tracked vehicle formations.
Telehandlers are construction hoisting equipment that is used to elevate heavy goods to the needed height or to provide a construction platform to workers at greater heights, among other things. It is consisted of a long telescopic boom which can be inclined, declined, and advanced. Various sorts of arrangements, such as forklifts, buckets, cabins, lifting jibs, and so on, can be added to the telescopic boom's end depending on the requirements of the job. All these kinds of equipment are used or numerous construction activities across different verticals and thus, creating demand and boosting growth of the construction equipment market.
One of the long-term drivers projected to drive the growth of the regional market over the coming years is rising construction investment around the region. The construction expenditure in the United States has increased significantly. Canada would see a rise in demand for construction activities from the residential sector as the country rebuilds its infrastructure following wildfires. Construction equipment manufacturers anticipate great potential in these machines because they are constructing bridges, roads, buildings, and shipyards. Additionally, exports from the United States to other parts of the country have increased in recent years.
Moreover, the significant prevalence of well-known businesses such as Caterpillar and Sany America is supporting the market's growth in North America. These market players are offering their best innovations in the construction industry across the region, due to which, the access of people to enhance and optimize machines have increased.
The US market dominated the North America Construction Equipment Market by Country in 2020, thereby, achieving a market value of $27,206.3 million by 2027, growing at a CAGR of 2.4 % during the forecast period. The Canada market is poised to grow at a CAGR of 5.5% during (2021 - 2027). Additionally, The Mexico market would exhibit a CAGR of 4.5% during (2021 - 2027).
Based on Product, the market is segmented into Earth Moving Machinery, Material Handling Machinery, and Concrete & Road Construction Machinery. Based on Earth Moving Machinery Type, the market is segmented into Excavator, Loader, and Others. Based on Material Handling Machinery Type, the market is segmented into Crawler Cranes, Trailer Mounted Cranes, and Truck Mounted Cranes. Based on Concrete & Road Construction Machinery Type, the market is segmented into Concrete Mixer & Pavers, Construction Pumps, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Construction Equipment Market is Estimated to reach $136.7 Billion by 2027, at a CAGR of 3.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Caterpillar, Inc., Kobelco Construction Machinery Co., Ltd. (Kobe Steel, Ltd.), Komatsu Ltd., Liebherr-International AG, Sumitomo Heavy Industries, Ltd., Terex Corporation, Volvo Group, Zoomlion Heavy Industry Science & Technology Co., Ltd., Hitachi Construction Machinery Co., Ltd. (Hitachi ltd.), Hyundai Heavy Industries Co., Ltd. (Hyundai Construction Equipment Co., Ltd.)
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