Heavy Duty Construction Equipment Is Estimated To Witness High Growth Owing To Increased Infrastructure Development
The U.S. heavy duty construction equipment market is estimated to be valued at US$ 79.09 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The heavy duty construction equipment is used for heavy construction projects such as building roads, highways, bridges, ports, irrigation systems, and energy and power projects. Main heavy duty construction equipment includes excavators, loaders, backhoe loaders, cranes, crawler dozers, motor graders, and others. These equipment require high power and are used for major earthmoving and material handling applications.
Market Dynamics:
The U.S. heavy duty construction equipment market is expected to witness significant growth owing to increased infrastructure development in the country. Various factors such as rising population, urbanization, and industrialization are boosting the demand for improved transportation and utility infrastructure in the U.S. For instance, as per the American Society of Civil Engineers' 2021 Report Card for America's Infrastructure, the U.S. needs to invest around US$ 2.59 trillion by 2025 to upgrade roads, bridges, railways, airports, ports, and other utilities.
Moreover, the Biden administration is investing heavily in infrastructure modernization. The Infrastructure Investment and Jobs Act passed in November 2021 will provide around US$ 1.2 trillion to repair aging infrastructure over the next five years. This includes significant investments in roads, bridges, railways, airports, ports, broadband internet, and electric vehicle charging infrastructure. Such increased government spending on infrastructure projects is expected to drive the demand for heavy duty construction equipment in the country over the forecast period.
Explorer more information on this topic, Please visit @ https://makuv.com/construction-equipment-rental-leasing-is-fastest-growing-segment-fueling-growth-of-u-s-heavy-duty-construction-equipment-market
English
Arabic
Français
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian