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Construction equipment industry in the U.S. - statistics & facts
As of 2022, the United States still had one of the largest construction equipment industries, as it was home to some of the most well-known manufacturers of that type of machinery. Although China, Japan, and to a lesser extent, Europe, were home to some of the most relevant players in that industry, the revenue of the U.S.-based companies Caterpillar and John Deere amounted to 21.7 percent of the construction equipment manufacturing market worldwide.
Equipment for construction, agriculture, and mining
The label construction equipment refers to a wide array of machinery that is used to excavate, move earth, lift materials, and make the soil or asphalt smooth and compact, among other activities. However, there is a certain overlap with other adjacent industries, with some of that machinery also being used in agriculture, mining, and quarrying. Additionally, most manufacturers do not only produce equipment for the construction industry. For example, over half of Caterpillar's revenue was generated in the energy and transportation segment, as well as the resource industries. Meanwhile, production, and precision agriculture, forestry, small agriculture and tur were some of the largest segments in the global revenue of John Deere.Competitive forces in the global market
The global competition has had a significant effect on the U.S. manufacturing industry in the past decades. China and other countries in the Asia-Pacific region have consolidated as major manufacturing powers, and have surpassed the United States in many segments. For example, China, Japan, and South Korea were the largest exporters of excavators and shovel loaders, while fork-lift truck exports from China were over 2.6 times higher than those from the U.S. Nevertheless, the number of construction equipment sales in North America is expected to remain strong in the coming years.
