As businesses choose to rent equipment rather than purchase new equipment, the rental segment of the heavy construction equipment market is anticipated to expand and contribute to the market's stability. Over the course of the forecast period, the rental segment of the market for heavy duty construction equipment in the United States is anticipated to keep a dominating position. The construction industry's most economical choice for using construction equipment is to rent it. Because rental services are preferred by end users for components that are needed for a specific time period and the cost of various construction equipment is high, this is the case. Heavy duty construction equipment is available for rental from a number of market participants. For instance, some businesses that provide rental services for construction equipment are Herc Rentals Inc., United Rentals (inc. BlueLine), and H&E Equipment Services, among others.
Coherent Market Insights estimates that the market for Heavy-Duty Construction Equipment in the United States has a value of US$ 70.39 million in 2021 and is projected to grow by 6.0% year from 2022 to 2030 to reach US$ 113.70 million.
Leading Companies in the U.S. Heavy Duty Construction Equipment Industry:
1. AB Volvo
The company was founded in 1927 and is based in Gothenburg, Sweden. Commercial vehicles are produced by the company. In addition to providing financial services, the company also produces vehicles such as buses, trucks, engines, and construction equipment. Volvo stated in April 2021 that it had entered into a new cooperation with steel producer SSAB to create steel free of fossil fuels for use in Volvo's future automobiles. Volvo collaborated with other manufacturers to build out the non-hydrocarbon energy infrastructure in the early 2020s.
2. Atlas Copco
The firm was founded in 1873 and is located in Nacka, Sweden. Businesses owned by Atlas Copco create, produce, maintain, and rent industrial tools, air compressors, construction, and assembly systems. To strengthen its position in automation in 2020, Atlas Copco purchased Isra Vision in February and Perceptron in September. Atlas Copco bought Ceres Technologies' assets in March 2022.
3. Caterpillar, Inc.
The business was founded in 1925 and is located in Texas, United States. The business creates, produces, and sells machinery for the building, mining, and forestry industries. It also produces engines and other parts for its machines, provides financing options, and provides insurance. A network of dealers spread throughout the world is how Caterpillar distributes its goods. In May 2022, Tangent Energy Solutions was purchased by Caterpillar. Caterpillar announced in November 2021 that it would begin a demonstration project using hydrogen fuel cell technology for backup power at a Microsoft data centre.
4. CNH Industrial N.V.
The firm was started in 2012 and is based in London, United Kingdom. The business also designs, manufactures, and distributes engines and transmissions for such vehicles as well as engines for maritime applications. Other products include trucks, buses, special vehicles, agricultural, and construction equipment. The business additionally offers financing for equipment. CNH Industrial concluded the sale of the Raven Engineered Films Division in April 2022.
5. Doosan Infracore
The company was established in 1937 and is located in Jung-gu, Seoul, South Korea. The business sells tools and machinery for building. The company sells wheel excavators, articulated dump trucks, air compressors, lighting systems, log and wheel loaders, attachments, and excavators and their parts. Doosan unveiled its new DX85R-7 8-ton mini-excavator in January 2023.
6. Hitachi Construction Machinery Co. Ltd.
The business was established in 1970 and has its main office in Tokyo, Japan. The business produces, sells, and provides maintenance for equipment used in transportation, construction, and other industries. In order to investigate potential for mine operators to pursue net-zero emissions from mining machinery, A Memorandum of Understanding (MoU) was signed by Hitachi Construction Machinery Co., Ltd. and ABB Ltd. in March 2021
7. Hyundai Construction Equipment Americas, Inc.
The company was established in 1991 and is based in Georgia, United States. The business makes both material handling and construction equipment. Excavators, wheel loaders, compaction rollers, and single drums are all provided by the company. Customers of Hyundai Construction Equipment Americas are located in Georgia.
*Definition: Heavy machinery is machinery designed to perform demanding tasks. The actual equipment comes in a variety of sizes. Large works, like earthwork, are carried out by heavy machinery.
