North America Heavy Construction Equipment Market – Overview
The innovation of heavy equipment has confirmed to be strength of construction industry. Since last decade, the construction firms have grown enormously after coming into the reality of heavy construction equipment. The actual motive behind this innovation was dipping the labour cost and time. Heavy construction equipment has been proved as a backbone for construction industry in order to save a lot of time and labour cost. There are several equipment that serve various purpose at construction sites. The heavy construction equipment are majorly utilized in the processes of transportation, lifting earthmoving, and material handling and others.
North America is a matured economy as far as investment in construction industry is concerned. Construction spending continues to be constrained in the U.S., largely as a result of the housing crisis and the impending election. The construction market in the U.S. was expected to remain stagnant in 2021, with little growth forecast, much like construction spending in Western Europe. Some growth is expected in Canada, although problems in the U.S. are expected to constrain growth in its market by 2027.
The Unites States construction industry has been a major revenue generator which has pushed the North America Heavy Construction Equipment Market. The growing investment in real estate sector and increasing spending on infrastructure has raised the demand for heavy construction equipment in the United States. Since the last decade, the construction of residential as well as commercial properties have grown enormously which has created a lucrative opportunities for the heavy construction manufacturers. Canada is the second leading country for North America heavy construction equipment market in terms of revenue. In the last few years, the construction spending in Canada has increased which has resulted in growth in the heavy construction equipment market. In 2021, the Canadian investment on new residential construction has reached USD 36.2 billion in the third quarter which is around 10.1% up as compared to last quarter. This figures have shown a positive sign for the future growth and development of the heavy construction equipment market.
In May, 2017 – Recently, Caterpillar has acquired a start-up Yard Club that facilitates contractor-to-contractor equipment rental. Although the terms of the deals has not yet been disclosed by both the companies. Upon this acquisition, Yard Club will begin to work with Caterpillar dealers and helping them to sell as well as rent the heavy construction equipment to the contractor and construction crews. This acquisition will enhance the company to expand its distribution network which will create a positive impact on the global heavy construction equipment market.
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In December, 2017 - John Deer has completed its acquisition of Wirtgen Group, which is a leading manufacturer of road construction equipment. With this acquisition, the Wirtgen Group will improve and enhance John Deer construction equipment business which will result in the company’s global growth. This acquisition is expected to boost up the heavy construction equipment market.
Key Players:
Caterpillar (US), John Deere Co (US), Manitowoc Group (US), Oshkosh Corporation (US), Terex Corporation (US), Hitachi Construction Machinery (US), Hyundai Construction Equipment Americas, Inc. (US), JCB (US) and Manitou Americas Inc (US) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the North America Heavy Construction Equipment Market.
North America Heavy Construction Equipment Market - Competitive Analysis
The heavy equipment companies looks highly competitive. To maintain the market position and to drive the market growth, Latent Demand and Opportunities, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, product launch, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal RD and, most of all, in acquiring other firms.
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