North America Ride-on Power Trowel Components Market Predicted to Reach USD 43.24 Billion by 2033 - Persistence Market Research

The North America ride-on power trowel components market has witnessed steady growth, driven by increasing construction activities and infrastructure development projects. In 2022, the market recorded a 4.8% year-over-year (Y-o-Y) growth and was valued at US$ 26,46 billion in 2023. With a projected 5% CAGR from 2023 to 2033, the market is expected to reach US$ 43.24 Billion by the end of the forecast period.

The United States dominates the market due to its strong construction industry and growing adoption of advanced concrete finishing equipment. The trowel blades segment leads the market, as these components are essential for ensuring a smooth and even concrete surface. Government investments in infrastructure projects, such as roads, airport runways, and commercial buildings, are major factors driving market growth.

Key Highlights from the Report

• The North America ride-on power trowel components market is expected to expand at a 5% CAGR from 2023 to 2033.

• The United States remains the dominant market due to high demand for construction equipment.

• Trowel blades and float pans are the most in-demand components, essential for concrete finishing.

• Government spending on infrastructure and urbanization projects is a major driver of market growth.

• The market benefits from the rising rental equipment industry as contractors opt for cost-effective solutions.

• The top five manufacturing companies hold around 20% market share in North America.

Market Segmentation

The North America ride-on power trowel components market is segmented based on product type, material, size, application, and sales channel. Among these, the trowel blades and float pans category is the most significant, as they are crucial for achieving a precise concrete finish. These components are available in standard, finishing, combination, and specialty variants, depending on the construction requirement.

End-user demand is primarily driven by the concrete finishing sector, which includes applications such as residential, commercial, and industrial construction projects. The increasing number of warehouse and logistics facilities, fueled by the expansion of e-commerce and the need for
smooth concrete floors, is also boosting market growth.

Regional Insights

United States: The Dominant Market
The United States is the largest consumer of ride-on power trowel components, with a market share of 86.4% in 2023. Investments in R&D for more efficient and durable construction equipment are a key factor contributing to market expansion.

Canada: Strong Growth Potential
The Canadian market is expected to grow at a 5.3% CAGR during the forecast period. Increasing infrastructure development projects, including road networks and urban expansion, are driving the demand for ride-on power trowel components in the country.

Market Dynamics

Market Drivers

• Government Investments in Infrastructure - Rising investments in road construction, commercial buildings, and transportation networks are fueling demand.

• Growing Adoption of Advanced Construction Equipment - Contractors are increasingly opting for automated and high-performance tools for concrete finishing.

• Expansion of the Rental Equipment Industry - The growing preference for renting rather than purchasing ride-on power trowels is driving market demand.

Market Restraints

• High Replacement Costs - The frequent wear and tear of trowel blades and float pans add to the operational costs for contractors.

• High Initial Investment - Ride-on power trowels and their components require substantial upfront costs, limiting their adoption among smaller contractors.

Market Opportunities

• Growing Industrial and Commercial Construction - The rise of e-commerce warehouses, logistics centers, and retail spaces presents new opportunities for market players.

• Technological Advancements in Power Trowels - Manufacturers are developing lightweight, high-durability materials to enhance efficiency and lifespan.

• Increased Demand for Sustainable Construction Solutions - The push for energy-efficient and eco-friendly concrete finishing equipment is shaping future market trends.

Reasons to Buy the Report

✔ Comprehensive analysis of market trends, forecasts, and competitive landscape.
✔ Insights into key players, product innovations, and growth strategies.
✔ Detailed segmentation based on product type, material, and application.
✔ Country-wise breakdown of market trends for the U.S. and Canada.
✔ In-depth coverage of challenges, opportunities, and future outlook.

Frequently Asked Questions (FAQs)

• How big is the North America ride-on power trowel components market?
• Who are the key players in the global market for ride-on power trowel components?
• What is the projected growth rate of the market from 2023 to 2033?
• What is the market forecast for North America by 2032?
• Which region is estimated to dominate the industry through the forecast period?

Company Insights

Leading companies in the North America ride-on power trowel components market include:
✔ Husqvarna Group
✔ Multiquip
✔ Allen
✔ Bartell Global
✔ Fayat Group
✔ Atlas Copco
✔ Edco - Equipment Development Co. Inc.
✔ Wagman US
✔ Marshalltown Company
✔ Crown Construction Equipment

Recent Developments

• Husqvarna Group introduced an advanced power trowel blade technology to enhance durability and efficiency in construction projects.

• Multiquip announced a strategic partnership with construction rental companies to expand the availability of ride-on power trowels across North America.

Conclusion

The North America ride-on power trowel components market is poised for steady growth, driven by construction expansion, technological advancements, and increasing adoption of high-performance equipment. While challenges such as high costs and frequent replacements exist, opportunities in infrastructure projects and sustainable construction present significant growth potential. As demand rises for efficient and durable concrete finishing solutions, the market is expected to witness consistent growth over the next decade.

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