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 rose 11.6% in 2024; major maker investments and AI forecasts reshape the market

Nearly 153,000 pieces of new financed construction equipment were sold during 2024. The rise in financed purchases came as buyers leaned on lenders for a mix of compact and larger machines. The 153,000 new financed-unit total represents an 11.6% increase over 2023, according to Fusable’s EDA equipment finance data.

Who sold the most and where buyers were

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 among manufacturers. 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. 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 states, and Case in 2 states.

How the numbers are tracked

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

What types of machines dominated financed purchases

In terms of new machines financed, less expensive compact equipment such as compact track loaders, skid steers and mini excavators tends to dominate the top equipment-type charts. Depending on machine type, financed machines represent between 40% and 75% of the total number of machines of that type sold in the United States. 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. Of the top 15 financed new machines in the U.S. overall in 2024, twelve were compact or mini track loaders. The ranking list of financed new machines was expanded in the referenced report in 2024 from a top 10 to a top 15, to show the impact of next‑generation models entering the market.

Model rollouts and ranking notes

Caterpillar rolled out the Cat 255 and Cat 265 models in October 2023. The Cat 255 replaces the 259D3 model. 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 (John 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 World of Concrete 2025 in January, and the report expects those units to climb the rankings as they reach dealer lots.

Major manufacturer investments in production

Volvo Construction Equipment (Volvo CE) announced a $261 million investment to expand crawler excavator production at sites worldwide. The $261 million investment is split among Volvo CE’s existing facilities in Shippensburg, Pennsylvania; Changwon, South Korea; and an as-yet-unnamed location in Sweden (Volvo’s home country). The investment is intended to bolster key production sites and reduce reliance on any single site and on long-distance logistics. The Shippensburg operations will add capabilities to produce mid- to large-size excavators and will add four large wheel loader models to its current wheel loader production, with production of the added wheel loader models planned to begin in the first half of 2026. Volvo CE pledged to invest $40 million in the central Pennsylvania area over the next five years (separate from the machinery expansion).

John Deere parent Deere & Co. announced it will invest $20 billion into its U.S. manufacturing operations over the next 10 years. The long-term pledge includes new factories, facility expansions and workforce development in locations such as Kernersville, North Carolina. Deere detailed specific planned investments including a 120,000-square-foot expansion of its remanufacturing facility in Springfield, Missouri; a new excavator factory in Kernersville, North Carolina; expansion of its Greeneville, Tennessee turf equipment factory; and new assembly lines for the 9RX high-horsepower tractor in Waterloo, Iowa.

AI-driven forecast to 2030 and what it means for demand

Artificial intelligence is beginning to shape construction on two fronts: in the way markets are forecast and in the way contractors run projects. A new report from Merlo America, developed with predictive intelligence firm BiltData.ai, maps how demand will concentrate across the U.S. by 2030. The modelling started with 2025 and applied a growth baseline of 4% per year. BiltData’s system used AI-driven modelling to decide how much of the total should be assigned to each metro area based on demographics, economic strength and past construction activity.

Merlo’s forecast projects U.S. construction spending to rise from $1.553 trillion in 2025 to $1.889 trillion in 2030. By sector in Merlo’s forecast for 2030: residential at $755.8 billion; commercial at $567.2 billion; industrial at $377.4 billion; and infrastructure at $188.5 billion. Geographically, Merlo’s 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 (MSAs) are projected to represent 64% of total U.S. construction spending by 2030. The top 10 MSAs are projected to account for more than one-third of total spending by 2030. The forecasted top metropolitan regions by 2030 spending include New York–Newark–Jersey City at $162.2 billion; Los Angeles at $95.5 billion; Chicago at $66.8 billion; Dallas–Fort Worth at $57.3 billion; and Houston at $52.5 billion.

The report states that part of industrial growth is tied to data center development. The top 12 U.S. markets are forecast to account for 73% of all data center capacity by 2030, with the Dallas–Fort Worth region projected to reach 1,500 megawatts of data center capacity by 2030 and Washington, D.C. forecast to lead nationally with 3,000 megawatts of data center capacity by 2030. Commentary from industry advisers shows that AI is proving most useful so far in estimating and bidding, and in on-site monitoring when paired with drones and cameras, while data quality and management remain central challenges for wider adoption.

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Key features at a glance

Note: This article summarizes equipment finance counts, manufacturer rankings, announced investments and AI-driven market forecasts as collected and described by industry data sources and predictive reports.

Deeper Dive: News & Info About This Topic

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

Author: Construction CA News

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