U.S. Construction Equipment Sales Rise as Financing Fuels Demand

United States, September 27, 2025

News Summary

Nearly 153,000 financed construction machines were sold, an 11.6% increase over the prior year, driven by strong demand for lower-cost compact equipment and steady financing activity nationwide. Top manufacturers — led by Caterpillar, Kubota, Bobcat and Deere — and states such as Texas and Florida dominated purchases. Compact track loaders, skid steers and mini excavators made up most financed units, while financing shares varied by product. Major factory investments aim to expand production and shorten supply chains, and AI-driven forecasts project notable growth in construction spending by the end of the decade, favoring contractors that use financing and predictive tools.

U.S. New Financed Construction Equipment Sales Jump 11.6% in 2024; Major Makers and States Lead Market

Nearly 153,000 pieces of new financed construction equipment were sold during 2024. That total represents an 11.6% increase over 2023, driven mostly by demand for lower‑cost compact machines and by steady financing activity across states, according to equipment finance data compiled by EDA.

Top manufacturers, product types and regional leaders

The top four manufacturers of new financed equipment in the U.S. in 2024 were, in order: Caterpillar (Cat), Kubota, Bobcat and Deere. Case edged out Komatsu to take the fifth spot. There was no movement in manufacturer positions 7–9; those were held by Takeuchi, Volvo and New Holland. JCB climbed into the 10th position after two years at 11th. Sany moved to the 12th position, falling off the earlier list and now behind Hitachi.

The U.S. states purchasing the most new financed construction equipment were (in order listed): Texas, Florida, Georgia, North Carolina and California. State patterns show regional building cycles and fleet refresh programs influencing where new financed units move first.

What kinds of machines sold—and how financing played a role

EDA tracks new and used financed sales of the following equipment types: compact utility loaders, skid steers, compact track loaders, mini and full-sized excavators, standard and LGP dozers, wheel loaders, backhoes, articulated haul trucks, single- and double-drum vibratory compactors, motor graders, scrapers and tracked and wheeled asphalt pavers and concrete pavers. The data show that lower-cost compact equipment—compact track loaders, skid steers and mini excavators—dominate the top equipment-type charts. Of the top 15 financed new machines in the U.S. overall in 2024, twelve were compact or mini track loaders.

Financed machines represent between 40% and 75% of total machines sold in the United States, depending on machine type. Buyers of higher-ticket items such as large dozers generally tend to finance those purchases rather than pay cash or use letters of credit. Compact utility loaders grew in popularity in 2024 and moved into the top five types of products sold, placing above skid steer loaders that year. Compact utility loaders are tiny toolcarriers that can navigate tight jobsites to perform digging, lifting, hauling and trenching work that would typically require manual labor.

New models, ranking shifts and state-by-state leaders

Manufacturers rolled out next‑generation machines that reshaped the rankings. Caterpillar introduced the Cat 255 and Cat 265 in October 2023; the Cat 255 replaces the 259D3 model while the Cat 265 replaces both the 279D3 and the 289D3 models. In the rankings cited, the Cat 255 was ranked seventh and the Cat 259D3 was ranked 13th; had their sales been combined the combined model would have ranked fourth on that list.

Deere rolled out five new large-frame compact loaders to its P-Tier lineup in June 2024: the 330 and 334 P-Tier skid steer loaders and the 331, 333 and 335 P-Tier compact track loaders. Had sales of the Deere 333G and 333 P-Tier been combined, that model would have ranked sixth on the cited list. Kubota unveiled next-generation models SVL97-3 (compact track loader) and KX040-5 (mini excavator) at a trade show in January; the report expects those units to climb the rankings as they hit dealer lots.

Kubota had the most new units financed in 19 U.S. states in the reported year, maintaining its position as the top seller in the most states for another year. Caterpillar was the top new financed equipment seller in 17 states and the District of Columbia. Bobcat led in 8 states, Deere in 5, and Case in 2 states.

Data source notes

EDA compiles the data from state UCC-1 filings on financed construction equipment. All EDA figures include sales, lease and rental transactions. EDA continually updates the data as information comes in from each state. Users should note that The presented EDA numbers may have fluctuated since the data was pulled in early March (year not explicitly restated in the excerpt).

Industry investment moves: production and U.S. manufacturing

Two large manufacturers announced major investments aimed at bolstering production and shortening supply chains. One equipment maker announced a $261 million investment to expand crawler excavator production at sites worldwide, splitting the investment among existing facilities in Shippensburg, Pennsylvania; Changwon, South Korea; and an as-yet-unnamed location in Sweden. The expansion is designed to reduce dependency on any single site, make the company less reliant on long-distance logistics, integrate more automation technologies into manufacturing and expand domestic supplier bases.

At the Shippensburg site, plans include updating existing factory space to install assembly lines, add capabilities to produce mid‑ to large‑size excavators and add four large wheel loader models to current wheel loader production. Production of the added wheel loader models at Shippensburg is planned to begin in the first half of 2026. The company also pledged a $40 million investment in central Pennsylvania over the next five years.

Another major manufacturer announced a long-term U.S. manufacturing pledge totaling $20 billion over the next 10 years. The plan includes new factories, facility expansions and workforce development in locations such as Kernersville, North Carolina; a 120,000-square-foot expansion of a remanufacturing facility in Springfield, Missouri; a new excavator factory in Kernersville; expansion of a Greeneville, Tennessee turf equipment factory; and new assembly lines for a high-horsepower tractor in Waterloo, Iowa. Neither company mentioned U.S. tariffs on foreign production as reasons for the boosts to U.S. manufacturing operations.

AI-driven forecasts and the map to 2030

AI and predictive modelling are being used to map future construction demand. A new report developed with a predictive intelligence firm uses AI-driven modelling, public data, industry outlooks and geospatial analysis to project where spending and demand will concentrate across the U.S. through 2030. Merlo’s forecast projects U.S. construction spending to rise from $1.553 trillion in 2025 to $1.889 trillion in 2030. The forecast applies a growth baseline of about 4% per year and breaks projected 2030 spending down by sector: residential at $755.8 billion; commercial at $567.2 billion; industrial at $377.4 billion; and infrastructure at $188.5 billion.

Geographically, the forecast expects five states — California, Texas, Florida, New York and New Jersey — to account for 42% of total U.S. construction spending by 2030. At the metropolitan level, 35 metropolitan statistical areas are projected to represent 64% of total U.S. construction spending by 2030, with the top 10 MSAs accounting for more than one-third of total spending. The forecast highlights a concentrated, data-center-driven industrial wave that will further shape equipment demand.

What this means for contractors and fleets

Financing remains central for many purchases, compact machines are driving volumes, and factory investments should shorten lead times and expand local production of key models. Predictive AI can point firms toward where work will grow, while operational AI tools can help contractors sharpen bids, monitor jobs in real time and reduce rework—provided companies improve data collection and management.

Frequently Asked Questions

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Additional Resources

• Global Market Insights: Construction Equipment Telematics Market
• Wikipedia: Telematics
• Equipment Finance News: Medium‑duty auction values rise 3.1% YoY as market improves
• Google Search: medium duty auction construction equipment values
• Equipment World: Bestselling Construction Equipment of 2024
• Google Scholar: bestselling construction equipment 2024
• Manufacturing Dive: Volvo CE to expand U.S. production in Shippensburg, PA ($261M)
• Encyclopedia Britannica: Search — Volvo Construction Equipment
• GlobeNewswire: North America Construction Equipment Industry Report 2025
• Google News: North America construction equipment industry report 2025

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