Green Initiatives Drive Growth of Electric Equipment Trend in North America's Construction Industry, with Major OEMs Leading the Way

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Nov 06, 2023, 10:45 ET

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.

Key Highlights

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.

Industry Restraints

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.

Key Players

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.

Prominent Vendors

Caterpillar
Komatsu
Xuzhou Construction Machinery Group Co. Ltd. (XCMG)
Volvo Construction Equipment
Hitachi Construction Machinery
JCB
SANY
Kobelco
Hyundai Construction Equipment
John Deere
Zoomlion Heavy Industry Science & Technology Co. Ltd
Kubota
Doosan Bobcat

Other Prominent Vendors

Liebherr
CNH Industrial
Mecalac
Wacker Neuson
Yanmar
LiuGong
Takeuchi
Toyota Material Handling
Manitou
Terex Corporation
Kioti Tractor
DEVELON

Distributor Profiles

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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