BURNABY, Canada, April 14, 2015 /PRNewswire/ --
Government initiatives to increase private investment in infrastructure sector to drive North America construction vehicles market through 2020
The construction market in North America has witnessed tremendous growth since 2010 primarily on account of boost in construction industry. Post-recession, with recovery in the economy, government plans aimed at developing infrastructure, encouraged construction in both residential and non-residential segments. Growth in construction sector has resulted in the growth of construction vehicles market in this region. North America construction vehicles market is dominated mainly by the United States. Mexico and Canada are other prominent countries that contribute significantly in North America construction vehicles market.
According to a recently released TechSci Research report, "North America Construction Vehicles Market Forecast&Opportunities, 2020", North America construction vehicles market is anticipated to reach over USD26 billion through 2020. Over the last few years, North America construction vehicles market has witnessed various technological developments such as changes in engine and vehicle systems, transmission and driveline engineering, embedding of electronic sensors into vehicles, Around View Monitor (AVM), and Moving Object Detection (MOD). These developments have helped increase the effectiveness and efficiency of construction vehicles, which will further drive growth in construction vehicles market.
Renting and leasing of construction vehicles is a major trend emerging in North America construction vehicles market. Renting companies purchase construction vehicles and then rent them to construction companies. Though, this is beneficial for both the renting company and the construction company, this trend has negatively affected sales revenues of construction vehicle manufacturers, and consequently, the construction vehicles market. To counter this situation and increase sales revenues, manufacturers have started their own renting divisions.
"Caterpillar, Inc. is currently dominating North America construction vehicles market due to its large product portfolio, extensive sales and marketing network, and strong brand image. It is anticipated that the company will continue to retain its dominance over the forecast period. Komatsu Ltd., Deere & Company and Liebherr Group, are other major players in North America construction vehicles market.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"North America Construction Vehicles Market Forecast & Opportunities, 2020" has analyzed the potential of the construction vehicles market in North America and provides statistics and information on market size, share and trends. The report will suffice in providing clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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SOURCE TechSci Research