The U.S. heavy duty construction equipment market has been witnessing steady growth over the past few years. Construction equipment refers to heavy- duty vehicles, specially designed for civil engineering and construction purposes. Some key heavy duty equipment used in construction activities includes excavators, loaders, backhoes, dozers, graders, scrapers, compactors, cranes and others. Growth in infrastructure projects related to roads, bridges, dams, airports and commercial buildings has significantly driven the demand for construction equipment such as earthmovers, material handlers and cranes. Furthermore, rapid urbanization and growth of residential and commercial construction have also propelled the need for heavy machinery that can efficiently complete projects within tight timelines. The entry of several new players in the market has intensified competition and pushed companies to focus on production of fuel-efficient and technologically advanced heavy equipment.
Market Dynamics:
The U.S. heavy duty construction equipment market has been experiencing steady growth owing to various driver such as growing investments in public infrastructure projects, increasing residential and commercial construction activities, and rapid urbanization. However, high initial purchase and operational costs associated with heavy duty machines continue to restraint market growth to some extent. Meanwhile, developments around connected equipment, autonomous machinery, and hybrid-electric technologies present lucrative opportunities for heavy equipment manufacturers to tap into. Adoption of alternative fuel such as CNG and LPG compatible equipment as well as development of equipment for renewable energy projects also offer new prospects. But fluctuations in crude oil prices and trade policies continue to pose challenges.
Key Features of the Study:
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