DUBLIN--(BUSINESS WIRE )--The "U.S. Heavy Duty Construction Equipment Market by Type, Application, and Sales Channel - Size, Share, Outlook, and Opportunity Analysis, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The U.S. heavy construction equipment market was valued at US$ 68.73 Bn in 2018 and is expected to exhibit a CAGR of 4.29 % over the forecast period to reach US$ 93.68 Bn by 2027.
The market is segmented by type, by application, by sales channel, and by end-use industry. The U.S. heavy construction equipment market growth is primarily driven by increasing government investment in the construction industry.
Moreover, owing to COVID-19, the construction industry is affected majorly, therefore demand for heavy equipment dropped in 2020, but the market is expected to show steady growth for the next 3 years.
The rental segment in the heavy construction equipment market is expected to grow as companies will rent, rather than buy, new equipment, which will help the market to remain steady.
Disposable income is rapidly increasing in the U.S., which is fuelling growth of the U.S. housing market. According to the U.S. Bureau of Economic Analysis, a U.S.-based government agency, disposable income of the people in the U.S. reached US$ 15,174 billion in January 2020, from US$ 11,608 billion in January 2010 with CAGR of 2.71% during 2010-20.
According to The United States Census Bureau, in some regions such as Silicon Valley, where big tech companies such as Google Inc., Facebook Inc., and others are located, in 2018 the average household income was US$ 125,987, which is almost twice the average U.S. household income, which is US$ 61,937.
Furthermore, the U.S. residential construction market is also rapidly growing. According to Worldwide Market Reports' analysis, the U.S. residential construction market is expected to reach US$ 207.21 billion by 2023. Thus, increasing disposable income coupled with growing residential construction market will drive the U.S. heavy construction equipment market growth over the forecast period.
Key features of the study:
U.S. Heavy Duty Construction Equipment Market, By Type:
U.S. Heavy Duty Construction Equipment Market, By Application:
U.S. Heavy Duty Construction Equipment Market, By Sales Channel:
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900