Market Research Future (MRFR) report on the North American heavy construction equipment market (2016-2021) discusses and investigates the effects of the outbreak of COVID-19 on North American heavy construction equipment market, including future opportunities and challenges, drivers, and risks. The study discusses the effects of COVID-19 on North American heavy construction equipment market and predicts economic growth based on various scenarios.
The innovation of heavy construction equipment has earned a promising fortune for the construction industry. Since the last decade, construction firms have expanded exponentially as heavy construction equipment has become a reality. The real motive behind this breakthrough was the dip in labor costs and time. Heavy construction equipment is primarily used in the processes of transportation, lifting earthmoving, material handling, and others.
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Market Dynamics
North America is well established as a developed economy in the construction sector and is considered the second-largest market in the construction industry. As a developed economy with high disposable income, North America has become a developed market for the construction industry and has generated large revenues of multibillions US dollars.
The development of infrastructure in North America is proving to be the key market driver of heavy construction equipment export growth and sustained demand in the market. Building new infrastructure and maintaining existing infrastructure needs a significant number of construction machinery to be completed. Similar to infrastructure development and maintenance, large numbers of heavy construction machinery are needed for residential and commercial construction activities. Manufacturing, buying, or selling heavy construction equipment is the driving force behind the construction of commercial properties. Consumers engaged in these activities are, in turn, potential buyers of new homes/residential construction. In addition, the economic activity requires an adequate infrastructure for moving goods and services from producer to seller to buyer. However, environmental issues pose a significant threat to the heavy construction equipment industry, as they operate on diesel, which releases harmful carbon emissions.
Market Segmentation
North American heavy construction equipment market has been segmented into types, applications, and end users.
By types, the North American heavy construction equipment market has been segmented into earthmoving equipment, material handling equipment, heavy construction vehicles, cranes, excavator, dozers, and others.
By applications, the North American heavy construction equipment market has been segmented into mining excavation, earthmoving, transportation, lifting, material handling, and others.
By end-users, the North American heavy construction equipment market has been segmented into the oil gas industry, mining, construction industry, military, agriculture forestry, and others.
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Regional Analysis
North America heavy construction equipment market is being studied for North America.
Because of the massive investment in the real estate sector, the US has set to become a rising market. Since the last ten years, there has been a huge demand from both the residential and commercial sectors. Focusing on the commercial purpose, the U.S. government has undertaken to increase the construction of airport dams, bridges, and roads, which have proven to be a key source of revenue for the construction industry.
Following the US, Canada is considered to be the developed market for heavy construction equipment. As the market situation in the country is very sound and significant investments have been made over the last decade.
Key Players
Notable players in the North America Heavy Construction Equipment Market include Caterpillar, Hyundai Heavy Industries Ltd, CNH Global NV, Doosan Infracore Ltd, JCB, Kobelco Construction Machinery Co. Ltd, Hitachi Construction Machinery Co. Ltd (HCM), Komatsu Ltd, Manitou Group, Sany Heavy Industries Co. Ltd, Terex Corporation, Sumitomo Heavy Industries Ltd, Volvo Construction, Xuzhou Construction Machinery Group and among Others.
Competitive Analysis
Through recent developments, MRFR analysis identifies critical strategies implemented by key players in the North American heavy construction equipment industry, such as Product Launch, Partnership, Acquisition, and Expansion.
For example, the latest news headline in the news world was about one of the big players in the industry – Caterpillar. Heavy Construction Equipment Market smashed through the roof by Caterpillar’s New Cost-Saving and Extra-Safe Wheel Loader Models. These commercialized medium wheel loaders, such as 950M, 966M, and 982M, introduced by Caterpillar Inc. minimize operating costs and provide advanced technologies and safety features. In addition, prominent players, such as Caterpillar Inc., Volvo AB, and others have built earthmoving machines that give fuel savings and higher efficiency due to the use of improved engines and control systems.
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