Pune, India, April 27, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the North America construction equipment market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 33 billion by 2026.
North American countries including the U.S. and Canada have witnessed rapid urbanization in recent years and new construction has tried to keep up with the increased demand for smart and sustainable infrastructure solutions. The shift towards urban areas with growing employment opportunities has resulted in rising public as well as private sector investments in the construction sector.
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During the initial four months of 2020, infrastructure investments in the U.S. was estimated to be over US$412.5 billion, as per the U.S. Commerce Department. Future trends in the industry are likely to be driven by need for faster construction of infrastructure solutions for the urban public.
- Notable demand for earthmoving & roadbuilding equipment
Earthmoving & roadbuilding equipment, concrete equipment, and material handling & cranes are among the different types of equipment used in construction. Earthmoving and roadbuilding equipment are expected to witness substantial demand in the upcoming years, with increasing mechanization of infrastructure development activities to speed up these processes and achieve required quality.
In response to the surging demand, construction equipment suppliers are focusing on designing more advanced equipment with cutting-edge technologies such as AI and IoT. Citing an instance, in November 2018, Komatsu had launched two new excavator models, PC300LC-8M0 and PC350LC-8M0, for use in roadbuilding and mining applications.
- Investment in warehouse construction by US online retailers
The U.S. construction equipment market size is projected to record an unprecedented growth over the next few years. The regional demand can be attributed to growing investments by manufacturers and suppliers in the installation of advanced automated equipment in warehouses and distribution centers.
The emergence of ecommerce players is likely to further complement the regional outlook. Major ecommerce companies such as Amazon and eBay are investing substantially in construction of warehouses for storage and inventory. In September 2020, Amazon had disclosed plans to build more than 1,000 warehouses and delivery centers in the sub-urban regions of the country.
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- Growing influx of immigrants and rapid urbanization in Canada
Canada construction equipment market is slated to experience notable expansion in the near future, with increasing urbanization and subsequent rise in infrastructure investments by the public and private sectors. The growing influx of immigrants in the country is further augmenting the need for development of new residential and commercial infrastructure.
The Government of Canada is expected to invest substantially in expansion of residential and commercial sectors. The regional government has already invested US$81.2 billion as part of its Invest in Canada initiative to support development of public and commercial infrastructure in the country. Regional construction equipment suppliers and manufacturers are poised to witness promising opportunities in the forthcoming years.
The recent COVID-19 pandemic had adversely affected infrastructure development activities throughout North America. The sales of new construction equipment have been dropping substantially since April 2020 due to shortage of capital and financial insecurities.
However, ongoing investments in smart city development projects is expected to create a significant demand for advanced construction materials and equipment. Majority of the smart city projects are being backed by government initiatives such as the Smart Cities Project under the U.S. Economic Development Program.
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About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
