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.

New financed U.S. construction equipment sales rise 11.6% in 2024; major factory investments and AI forecasts reshape demand

Nearly 153,000 pieces of new financed construction equipment were sold during 2024. The 153,000 new financed-unit total represents an 11.6% increase over 2023, according to Fusable’s EDA equipment finance data. That jump led equipment finance analysts and manufacturers to reassess product lines and manufacturing footprints as buyers favored compact machines and financing over cash purchases for higher-ticket items.

Who led sales and where the machines went

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.

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 (Cat) was the top new financed equipment seller in 17 states and the District of Columbia. Bobcat was the top new financed equipment seller in 8 states. Deere was the top new financed equipment seller in 5 states. Case was the top new financed equipment seller in 2 states.

The U.S. states purchasing the most new financed construction equipment were (in order listed): Texas, Florida, Georgia, North Carolina and California. Those states together reflected where both population and construction activity concentrated, including strong demand for compact machines used in urban and tight-site work.

What types of machines and financing trends emerged

EDA monitors sales and financing across a long list of machines. EDA compiles the data from state UCC-1 filings on financed construction equipment. All EDA figures include sales, lease and rental transactions. The EDA dataset continually updates as filings arrive and the presented numbers may have fluctuated since they were pulled in early March.

In terms of unit counts, less expensive compact equipment dominated the top equipment-type charts. 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. The machines are tiny toolcarriers that can navigate tight jobsites to perform digging, lifting, hauling and trenching work that would typically require manual labor. 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.

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.

New and next-generation models shifting the charts

Manufacturers refreshed lineups and some model launches were already visible in the rankings. Caterpillar rolled out the Cat 255 and Cat 265 models in October 2023. Caterpillar rolled out the Cat 255 and Cat 265 models in October 2023. The Cat 255 replaces the 259D3 model and the Cat 265 replaces both the 279D3 and the 289D3 models. In the cited rankings, 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. As those models hit dealer lots, analysts expect those units to climb ranking lists in the following year.

Factory investments: Volvo CE and Deere move to beef up capacity

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). Volvo CE said the expansion is part of a $261 million investment intended to bolster key production sites to mitigate supply chain risks as tariffs evolve and pressure companies.

Volvo CE reported first-quarter global sales dropped 8% to 21.12 billion Swedish kronor (SEK) compared to last year; the text provides a parenthetical conversion of 21.12 billion SEK to $2.2 billion. The Shippensburg operations will add capabilities to produce mid- to large-size excavators. The Shippensburg site will add four large wheel loader models to its current wheel loader production. Production of the added wheel loader models at Shippensburg is 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. Deere announced the $20 billion U.S. investment on its quarterly earnings call on May 16. Deere plans to build a new excavator factory in Kernersville, North Carolina, near its existing operations at the former Deere‑Hitachi joint venture. Deere plans to add new assembly lines for the 9RX high-horsepower tractor in Waterloo, Iowa.

AI-driven forecast to 2030 and implications for firms

Predictive modelling that combines public data, industry outlooks and geospatial analysis projects where future spending will concentrate. The Merlo/BiltData forecast was produced using BiltData’s predictive modelling platform, which combines public data, industry outlooks and geospatial analysis. 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. The AI element in BiltData’s approach automates how datasets are merged and which modelling approach is applied.

Merlo’s forecast projects U.S. construction spending to rise from $1.553 trillion in 2025 to $1.889 trillion in 2030. The forecasted compound annual growth rate (CAGR) for U.S. construction spending between 2025 and 2030 is about 4%. 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.

The forecasted top metropolitan regions by 2030 spending: 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 top 10 MSAs are projected to account for more than one-third of total spending by 2030.

Operational AI tools are already changing jobsite workflows and bidding. The Merlo/BiltData forecast projects a concentrated, data-centre-driven future for U.S. construction, and Baker Tilly’s view emphasizes that capitalizing on this growth depends on using AI to sharpen bids, improve monitoring and streamline delivery. Adoption of AI is uneven: larger contractors are more likely to experiment while midsize firms often prefer familiar methods.

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Key features and quick reference

This report compiles finance, production and forecast data to show current market direction and where manufacturers and contractors are placing bets on machines and regions.

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

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