DUBLIN, Nov. 6, 2023 /PRNewswire/ — The “North America Compact Construction Equipment Market – Strategic Assessment & Forecast 2023-2029” report has been added to ResearchAndMarkets.com’s offering.
The North America compact construction equipment market is on the path to significant growth, with a projected Compound Annual Growth Rate (CAGR) of 4.62% from 2022 to 2029.
This expansion is attributed to a range of factors, including substantial government investments in infrastructure development projects, the rising trend of electric equipment in green warehouses, and the surge in government funding for public infrastructure maintenance and development.
- Government Investment in Infrastructure: In 2022, there was a notable increase in government investment in infrastructure development projects across North America. The U.S. government, for instance, allocated USD 1.2 billion to nine major infrastructure projects under the National Infrastructure Project Assistance. These investments aim to create jobs, strengthen supply chains, and improve transportation systems.
- Warehouse Expansion: Companies like Tesla, Amazon, and Walmart are investing in expanding warehouse spaces in 2023 due to the growth of e-commerce. This surge in online shopping activities has prompted investments in warehouse expansion projects in North America.
- Compact Track Loaders Leading the Way: Track loaders, especially compact track loaders, accounted for the largest market share in the North America compact construction equipment market in 2022. These versatile machines can operate on rough and muddy surfaces with great accuracy.
- Electric Equipment Trend: Original Equipment Manufacturers (OEMs) in North America are focusing on compact electric equipment. For example, Wacker Neuson announced the launch of an electric mini excavator, EZ17E, in North America in 2024. This trend aligns with the region’s green initiatives.
- Housing Construction Projects: The government in North American countries is investing in affordable housing projects. The U.S. released its Housing Supply Action Plan in 2022, emphasizing the development of affordable housing units.
- Power Generation Through Waste Management: North American governments are focusing on electricity generation through waste management. This has led to the growth of waste-to-energy plants, with compact equipment such as excavators and loaders being used for waste management.
- High Mortgage Rates: Rising mortgage rates have impacted residential construction projects in North America, leading to a decline in residential construction activities in both the U.S. and Canada.
- Labor Shortage: The construction industry in the U.S. faces a labor shortage, with a significant number of job openings. Meeting the labor demand for infrastructure projects is a challenge.
Leading companies in the North America compact construction equipment market include Kubota, Caterpillar, Hitachi Construction Machinery, John Deere, SANY, and Volvo CE. These companies offer a diverse range of equipment and hold significant market share.
- Xuzhou Construction Machinery Group Co. Ltd. (XCMG)
- Volvo Construction Equipment
- Hitachi Construction Machinery
- Hyundai Construction Equipment
- John Deere
- Zoomlion Heavy Industry Science & Technology Co. Ltd
- Doosan Bobcat
Other Prominent Vendors
- CNH Industrial
- Wacker Neuson
- Toyota Material Handling
- Terex Corporation
- Kioti Tractor
Notable distributor companies in the North America compact construction equipment market include National Equipment Dealers, Equipment North America, Kirby-Smith Machinery INC, McClung-Logan Equipment Company, Inc., My Equipment, SMS Equipment, and Great West Equipment.
Key Questions Answered:
1. How big is the North American compact construction equipment market?
2. What is the growth rate of the North America compact construction equipment market?
3. Who are the key players in the North American compact construction equipment market?
4. What are the trends in the North America compact construction equipment market?
5. Which are the major distributor companies in the North America compact construction equipment market?
For more information about this report visit https://www.researchandmarkets.com/r/g9705q
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