Dublin, Aug. 12, 2024 (GLOBE NEWSWIRE) -- The "U.S. Earthmoving Equipment Market Size, Share & Trends Analysis Report by Engine Capacity (Up To 250 HP, 250-500 HP, and More Than 500 HP), Drive Type (Electric, ICE), Product, and Segment Forecasts, 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The U.S. earthmoving equipment market size is anticipated to reach USD 16.65 billion by 2030 and is expected to grow at a CAGR of 5.6% from 2024 to 2030
Urbanization has been rising in the U.S. and is a notable factor driving the market's growth. For instance, according to the Regents of the University of Michigan (Center for Sustainable Systems), it is estimated that 89% of the population in the U.S. will be residing in urban areas by 2050.
The U.S. has been witnessing a growth in its population and is expected to further drive the demand for earthmoving equipment. For instance, according to the United States Census Bureau, the population of the country is projected to increase to 355.1 million by 2030, of which 125 million people are estimated to be between 18 to 44 years old and 81.3 million people are calculated to be 45 to 64 years old.
The market is characterized by product launches that offer innovative solutions to the end-users. Players are integrating their earthmoving products with product life cycle management software, AI, LiDAR, and are enhancing them with capabilities to cater to the needs of their target customers. For instance, New Holland Construction, a part of CNH Industrial N.V., announced the commercial availability of its C314 mini-track loader in 2023.
The product was developed by the company to meet the currently prevailing demands of landscape and general contractors. The mini-track loader can handle a spectrum of jobs ranging from paving patios to managing vegetation debris. Earthmoving equipment is utilized in multiple industries, such as construction, forestry & agriculture, and mining.
According to NAIOP Corporate, a Commercial Real Estate Development Association, 10 million square feet of office space was under construction in Texas in March 2022. Dallas had 5.4 million square feet of office space under construction in the same month due to domestic migration. The high demand for office spaces in the country has been fostering the market's growth.
U.S. Earthmoving Equipment Market Report Highlights
- Based on engine capacity, the Up to 250 HP segment dominated the market in 2023, accounting for 45.6% of the market share and is projected to grow at a compound annual growth rate (CAGR) of 5.5% over the forecast period. The high performance of this sub-segment is attributed to the capability of disseminating the appropriate amount of power to handle tasks such as lifting, digging, and transporting materials while maintaining operation efficiency.
- Based on drive type, the ICE segment accounted for most of the market share in 2023. Due to their high-performance attributes and operational efficiency, ICE is expected to grow at a considerable compound annual growth rate (CAGR) over the forecast period.
- Within the product segment, loaders dominated the market in 2023. End-users obtain utility through these machines due to their agility, capability to operate in confined spaces and maneuverability.
- In February 2024, Caterpillar announced two upgrades for its medium dozer line. A suite of features called CAT Assist with ARO will be included as a standard feature in the product line. Previously not sold as a standard feature, this suite will consist of features such as stable blade, auto carry, traction control, slope assist, and steer assist among others. A new Cat Grade with 3D Ready option was also announced to provide more flexibility to customers upgrading their existing products to this model
Companies Featured
- Unicorn Construction Enterprises, Inc.
- Caterpillar Inc.
- Deere and Company
- The Manitowoc Company, Inc.
- HD Hyundai Construction Equipment Co., Ltd.
- Manitou Group
- Tomahawk
- AB Volvo
- New Holland Construction (CNH Industrial N.V.)
- Epiroc AB (Epiroc USA LLC).
- J. C. Bamford Excavators Ltd
- Doosan Bobcat (Doosan Corporation.)
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
Chapter 3. U.S. Earthmoving Equipment Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.1.1. Parent market outlook
3.1.2. Related/ancillary market outlook
3.2. Industry Value Chain Analysis
3.3. Market Dynamics
3.3.1. Market driver analysis
3.3.1.1. Growing investments in infrastructure
3.3.1.2. Rising housing market
3.3.2. Market restraint analysis
3.3.2.1. Sustainability concerns
3.3.3. Market opportunity analysis
3.3.3.1. Increasing innovations in earthmoving equipment
3.4. U.S. Earthmoving Equipment Market Analysis Tools
3.4.1. Industry Analysis - Porter's
3.4.2. PESTEL Analysis
Chapter 4. U.S. Earthmoving Equipment Market: Component Estimates & Trend Analysis
4.1. Segment Dashboard
4.2. U.S. Earthmoving Equipment Market: Engine Capacity Movement Analysis, 2023 & 2030 (USD Million, Units)
4.2.1. Up to 250 HP
4.2.2. 250-500 HP
4.2.3. More than 500 HP
Chapter 5. U.S. Earthmoving Equipment Market: Organization Size Estimates & Trend Analysis
5.1. Segment Dashboard
5.2. U.S. Earthmoving Equipment Market: Drive Type Movement Analysis, 2023 & 2030 (USD Million, Units)
5.2.1. Electric
5.2.2. ICE
Chapter 6. U.S. Earthmoving Equipment Market: Product Estimates & Trend Analysis
6.1. Segment Dashboard
6.2. U.S. Earthmoving Equipment Market: Product Movement Analysis, 2023 & 2030 (USD Million, Units)
6.2.1. Dozer
6.2.2. Excavator
6.2.3. Loader
6.2.4. Motor grader
6.2.5. Dump truck
Chapter 7. Competitive Landscape
7.1. Recent Developments & Impact Analysis, By Key Market Participants
7.2. Company Categorization
7.3. Company Market Positioning
7.4. Company Heat Map Analysis
7.5. Strategy Mapping
7.5.1.1. Expansion
7.5.1.2. Mergers & Acquisition
7.5.1.3. Partnerships & Collaborations
7.5.1.4. New Product Launches
7.5.1.5. Research And Development
7.6. Company Profiles
7.6.1. Company overview
7.6.2. Financial performance
7.6.3. Product benchmarking
7.6.4. Strategic initiatives
For more information about this report visit https://www.researchandmarkets.com/r/skpaed
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