Construction Machinery Manufacturing in the US - Market Research Report (2013-2028)
New York, United States
Last Updated: October 2023
NAICS 33312Revenue
$44.1bn
Past 5-Year Growth
Profit
$X.Xbn
Employees
63,471
Businesses
623
Wages
$X.Xbn
Construction Machinery Manufacturing in the US industry analysis
Construction machinery manufacturers produce equipment for residential, nonresidential, highway and other infrastructure construction. Demand for construction machinery depends on the level of private construction spending and government funding for infrastructure projects. Manufacturers also rely on international markets and are susceptible to changes in global trade conditions, particularly tariffs, international conflicts and regulation changes. Volatile steel prices have also impacted construction machinery manufacturers, hindering profit through 2023.
Trends and Insights
- Slowed construction activity limits demand for machinery. Increasing economic uncertainty and elevated interest rates have hindered demand for new construction projects, harming construction machinery manufacturers.
- Construction companies try to fix machines before purchasing new ones to cut costs. Although fixing machinery enables construction companies to lower operating costs, it also causes machinery manufacturers' revenue to weaken.
- Easy access to raw materials lowers costs. Manufacturers located close to the Canadian border benefit from low transportation costs and easy access to steel.
- Buyers are highly price-sensitive. Low-cost, high-performing machinery enables construction companies to reduce costs, leading to more repeat sales.
Industry Overview
Market size and recent performance (2013-2028)
Industry revenue has grown at a CAGR of 1.1 % over the past five years, to reach an estimated $44.1bn in 2023.
Trends and Insights
Residential market booms support manufacturers at the beginning of the pandemic
- During the initial stages of the pandemic, the federal government aimed to prevent an economic crisis by financially supporting US taxpayers. These stimulus checks boosted working families' disposable income, which, in some cases, enabled them to move homes.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Infrastructure plans rely on construction machinery
- The Biden administration has already heavily invested in national infrastructure, creating a growing need for construction machinery. In particular, the Infrastructure Investment and Jobs Act (IIJA) includes constructing and maintaining roads, bridges and rails, expanding access to clean energy and replacing water infrastructure.
Biggest companies in the Construction Machinery Manufacturing in the US
| Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
|---|---|---|---|---|
Caterpillar Inc. | 8,439.1 | 940.4 | 11.1 | |
Deere & Co | 5,399.2 | 840.3 | 15.6 | |
Liebherr Group | 4,850.0 | 160.0 | 3.3 |
To view the market share and analysis for all 43 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Power cranes, draglines and shovels, Other construction machinery and equipment and Tractor shovel loaders, dozers and other tractors. Power cranes, draglines and shovels is the largest segment of the Construction Machinery Manufacturing in the US.
Trends and Insights
The need for excavation and mining machinery has weakened
- Contractors use power cranes, draglines and shovels for major construction projects requiring precision in large areas. Recent increases in interest rates have pushed down the need for this machinery, forcing buyers to pause or delay construction projects.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- There are no industries to display.
Complementors
- Tractors & Agricultural Machinery Manufacturing in the US
- Mining, Oil & Gas Machinery Manufacturing in the US
- Forklift & Conveyor Manufacturing in the US
- Construction & Mining Equipment Wholesaling in the US
International industries
- Construction Machinery Manufacturing in Canada
- Mining and Construction Machinery Manufacturing in Australia
- Mining, Quarrying & Construction Machinery Manufacturing in the UK
- Mining, Quarrying & Construction Machinery Manufacturing in Ireland
- Construction Equipment Manufacturing in China
Table of Contents
About this industry
Industry definition
Industry operators manufacture construction machinery and equipment for use in residential, nonresidential, highway, street and other infrastructure construction.
What's included in this industry?
Backhoe Bucket and excavator (e.g. clamshell, concrete, drag scraper, dragline and shovel) Bulldozer Construction-type crane Portable crushing, pulverizing and screening machinery Logging machinery Roller, road construction and maintenance machinery Power shovel Crawler tractor Off-highway truckCompanies
Caterpillar Inc.Deere & CoLiebherr GroupPurchase this report to view all 43 major companies in this industry.
Related Terms
DOZERUS ENVIRONMENTAL PROTECTION AGENCY (EPA)NORTH AMERICAN FREE TRADE AGREEMENT (NAFTA)TRACTOR SHOVEL LOADERSSAFETEA-LUIndustry Code
NAICS 33312 - Construction Machinery Manufacturing in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Slowed construction activity limits demand for machinery. Increasing economic uncertainty and elevated interest rates have hindered demand for new construction projects, harm...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2013-2022) and forecast (2023-2028)
- Employees, including historical (2013-2022) and forecast (2023-2028)
- Businesses, including historical (2013-2022) and forecast (2023-2028)
- Profit, including historical (2013-2023)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Construction companies try to fix machines before purchasing new ones to cut costs. Although fixing machinery enables construction companies to lower operating costs, it also...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2023
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2023
- Major market segmentation in 2023
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Easy access to raw materials lowers costs. Manufacturers located close to the Canadian border benefit from low transportation costs and easy access to steel.
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2023
Tables
- Number and share of establishments in each state in 2023
- Number and share of revenue each state accounts for in 2023
- Number and share of wages each state accounts for in 2023
- Number and share of employees in each state in 2023
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Buyers are highly price-sensitive. Low-cost, high-performing machinery enables construction companies to reduce costs, leading to more repeat sales.
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2018-2023
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Most manufacturers have an international presence. These companies successfully leverage trade markets to reap the largest returns, giving them more diverse revenue streams c...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2019 through 2023
- Major companies in the industry, including market share, revenue, profit and profit margin in 2023
- Overview of Caterpillar Inc.'s performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Deere & Co's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Liebherr Group's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of revenue, market share and profit margin trend for 40 additional companies
Detailed analysis
- Description and key data for Caterpillar Inc., and factors influencing its performance in the industry
- Description and key data for Deere & Co, and factors influencing its performance in the industry
- Description and key data for Liebherr Group, and factors influencing its performance in the industry
- Description, key data and performance trends for 40 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Infrastructure spending has helped to mitigate falling construction activity as interest rates rise. Machinery for the construction and updates of infrastructure across the U...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2013-2028)
- Assistance historical data and forecast (2013-2028)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Current economic conditions have stifled profit growth. Lower construction activity and skyrocketing input prices have threatened profit, especially for smaller companies wit...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Investment vs. share of economy
Data tables
- Industry Multiples (2016-2021)
- Industry Tax Structure (2016-2021)
- Income Statement (2016-2021)
- Balance Sheet (2016-2021)
- Liquidity Ratios (2016-2021)
- Coverage Ratios (2016-2021)
- Leverage Ratios (2016-2021)
- Operating Ratios (2016-2021)
- Cash Flow & Debt Service Ratios (2013-2028)
- Revenue per Employee (2013-2028)
- Revenue per Enterprise (2013-2028)
- Employees per Establishment (2013-2028)
- Employees per Enterprise (2013-2028)
- Average Wage (2013-2028)
- Wages/Revenue (2013-2028)
- Establishments per Enterprise (2013-2028)
- IVA/Revenue (2013-2028)
- Imports/Demand (2013-2028)
- Exports/Revenue (2013-2028)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2013-2028)
- IVA (2013-2028)
- Establishments (2013-2028)
- Enterprises (2013-2028)
- Employment (2013-2028)
- Exports (2013-2028)
- Imports (2013-2028)
- Wages (2013-2028)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Construction Machinery Manufacturing in the US industry in United States in 2024?
The market size of the Construction Machinery Manufacturing in the US industry in United States is $44.1bn in 2024.
How many businesses are there in the Construction Machinery Manufacturing in the US industry in 2023?
There are 623 businesses in the Construction Machinery Manufacturing in the US industry in United States, which has declined at a CAGR of 1.0 % between 2018 and 2023.
Has the Construction Machinery Manufacturing in the US industry in United States grown or declined over the past 5 years?
The market size of the Construction Machinery Manufacturing in the US industry in United States has been growing at a CAGR of 1.1 % between 2018 and 2023.
What is the forecast growth of the Construction Machinery Manufacturing in the US industry in United States over the next 5 years?
Over the next five years, the Construction Machinery Manufacturing in the US industry in United States is expected to grow.
What are the biggest companies in the Construction Machinery Manufacturing in the US market in United States?
The biggest companies operating in the Construction Machinery Manufacturing market in United States are Caterpillar Inc., Deere & Co and Liebherr Group
What does the Construction Machinery Manufacturing in the US in United States include?
Backhoe and Bucket and excavator (e.g. clamshell, concrete, drag scraper, dragline and shovel) are part of the Construction Machinery Manufacturing in the US industry.
Which companies have the highest market share in the Construction Machinery Manufacturing in the US in United States?
The company holding the most market share in United States is Caterpillar Inc..
How competitive is the Construction Machinery Manufacturing in the US industry in United States?
The level of competition is high and increasing in the Construction Machinery Manufacturing in the US industry in United States.
