Selbyville, Delaware , Nov. 12, 2020 (GLOBE NEWSWIRE) -- According to credible estimates, North America construction equipment market is estimated to reach a valuation of USD 33 billion by the year 2026. The growth can be credited to booming construction sector and rising renovation and maintenance activities of existing infrastructure.
The study offers crucial insights associated with various growth drivers, challenges, and other expansion opportunities that are impacting this industry landscape. Additionally, it provides a comparative assessment of the current as well as the past market trends which further helps while formulating the growth rate of North America construction equipment business vertical over 2020-2026.
Apart from this, the research report measures the impact of COVID-19 pandemic on the overall industry remuneration, further allowing for effective decision making while framing essential business-centric methodologies for the forthcoming years.
Citing an instance, the United States government allocated around USD 1 trillion towards new infrastructural development in the year 2019. The federal administration had also invested over USD 67 billion towards refurbishment and maintenance of existing establishments. Thus, supportive regulatory outlook which promotes infrastructural development is paving the way towards the expansion of North America construction equipment industry.
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Apart from this, rising concerns associated with high pollution levels and widespread adoption of advanced and fuel-efficient machineries in order to lower the carbon-footprint are stimulating the industry outlook.
Impact of COVID-19 outbreak
Surging number of COVID-19 cases has resulted in financial as well as economic losses in North America. In fact, analysts stated that new construction equipment sales have dropped since April 2020 owing to shortage of capital and financial insecurities.
This has compelled construction companies and other contractors to provide rented equipment in order to avoid heavy investments while buying new machines. Thus, the widespread outbreak of COVID-19 has negatively impacted the growth of construction equipment market in North America.
Summarizing the product spectrum
Estimates cite that North America construction equipment industry share from earthmoving & roadbuilding segment is predicted to expand significantly during the analysis timeframe. Inclination towards using automated solutions in construction activities in order to achieve high quality as well as productivity is fueling the segmental size.
Focus among major companies towards development of innovative construction equipment which are integrated advanced technologies including AI (artificial intelligence) and IoT (Internet of Things) are also positively impacting the overall market outlook.
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Evaluating the geographical reach
As per reliable estimates, Canada is predicted to emerge as a major revenue generator for North America construction equipment industry over the study duration. Increasing number of immigrants have impelled the demand for new commercial as well as residential establishments.
Moreover, the Canadian government has allocated around USD 81.2 billion towards the development of commercial and public infrastructure under its ‘Invest in Canada’ initiative. Thus, favorable regulatory scenario in tandem with rapid expansion of the construction industry are favoring the business scenario in Canada.
North America Construction Equipment Market by Product Type (Revenue, USD Billion, 2015-2026)
Concrete Equipment
- Batching Plants
- Asphalt Pavers
- Transit Mixers
- Crusher
- Concrete Pumps
Material Handling and Cranes
- Bulk Material Handling Equipment
- Industrial Trucks
- Engineered Systems
- Storage and Handling Equipment
Earthmoving and Roadbuilding Equipment
- Compaction Equipment
- Loader
- Excavator
- Backhoe
- Others
North America Construction Equipment Market by Geographical Reach (Revenue, USD Billion, 2015-2026)
- Canada
- U.S.
North America Construction Equipment Market by Competitive Scope (Revenue, USD Billion, 2015-2026)
- Zoomlion Heavy Industry Science and Technology Co. Ltd.
- XCMG Group
- Volvo Construction Equipment
- The Manitowoc Company Inc.
- Terex Corporation
- Sany Heavy Industry Co. Ltd.
- Liebherr Group
- Komatsu Ltd.
- Deere & Company
- J.C. Bamford Excavators Limited (JCB)
- Hitachi Construction Machinery Co. Ltd.
- Doosan Corporation
- Caterpillar Inc.
Table of Content:
Chapter 1. Methodology and Scope
1.1. Research methodology
1.2. List of data sources
1.2.1. Secondary
1.2.2. Primary
Chapter 2. Market Snapshot
2.1. North America construction equipment market snapshot
Chapter 3. North America Construction Equipment Trends
3.1. Industry coverage
3.2. Industry size, 2015 - 2026
3.3. Impact of COVID-19 pandemic
3.4. Value chain analysis
3.4.1. Company product snapshot
3.5. Innovation landscape
3.6. Regulatory norms & directives
3.7. Drivers & restraints
3.7.1. Market drivers
3.7.2. Market restraints
3.8. Industry analysis - Porter's
3.9. Competitive benchmarking, 2019
3.9.1. Strategy dashboard
3.10. PEST analysis
Chapter 4. North America Construction Equipment Market Size, By Product (USD)
4.1. North America construction equipment market share, by product, 2019 & 2026
4.2. Earthmoving & roadbuilding equipment
4.2.1. Market estimates and forecast, 2015 - 2026
4.2.2. Backhoe
4.2.2.1. Market estimates and forecast, 2015 - 2026
4.2.3. Excavator
4.2.3.1. Market estimates and forecast, 2015 - 2026
4.2.4. Loader
4.2.4.1. Market estimates and forecast, 2015 - 2026
4.2.5. Compaction equipment
4.2.5.1. Market estimates and forecast, 2015 - 2026
4.2.6. Others
4.2.6.1. Market estimates and forecast, 2015 - 2026
4.3. Material handling and cranes
4.3.1. Market estimates and forecast, 2015 - 2026
4.3.2. Storage and handling equipment
4.3.2.1. Market estimates and forecast, 2015 - 2026
4.3.3. Engineered systems
4.3.3.1. Market estimates and forecast, 2015 - 2026
4.3.4. Industrial trucks
4.3.4.1. Market estimates and forecast, 2015 - 2026
4.3.5. Bulk material handling equipment
4.3.5.1. Market estimates and forecast, 2015 - 2026
4.4. Concrete equipment
4.4.1. Market estimates and forecast, 2015 - 2026
4.4.2. Concrete pumps
4.4.2.1. Market estimates and forecast, 2015 - 2026
4.4.3. Crusher
4.4.3.1. Market estimates and forecast, 2015 - 2026
4.4.4. Transit mixers
4.4.4.1. Market estimates and forecast, 2015 - 2026
4.4.5. Asphalt pavers
4.4.5.1. Market estimates and forecast, 2015 - 2026
4.4.6. Batching plants
4.4.6.1. Market estimates and forecast, 2015 - 2026
Chapter 5. North America Construction Equipment Market Share, By Region (USD)
5.1. North America construction equipment market share, by region, 2019 & 2026
5.2. U.S.
5.2.1. Market estimates and forecast, 2015 - 2026
5.2.2. Market estimates and forecast, by product, 2015 - 2026
5.3. Canada
5.3.1. Market estimates and forecast, 2015 - 2026
5.3.2. Market estimates and forecast, by product, 2015 - 2026
Chapter 6. Competitive Landscape
Related Report:
Construction Equipment Market Size, Growth Potential, Competitive Market Share & Forecast, 2020-2026
Construction Equipment Market size to grow at a CAGR of over 4% between 2020 and 2026, as per new research report. According to the market report, the rising number of building maintenance and reconstruction activities in several countries across the globe is augmenting the demand for construction equipment. Demand for different kinds of heavy equipment usually depends on the size of the work as well as economy of the project. Selecting the right equipment for the right task makes the process of construction a lot simpler and faster. With technologically advanced construction equipment, the work in construction fields gets smoother, further ensuring that the project is completed before the given deadline.
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