The Heavy Construction Equipment Market size is expected to reach US$ 89.29 billion by 2031 from US$ 59.85 billion in 2023. The market is estimated to record a CAGR of 6.05% from 2023 to 2031.
The North American heavy construction equipment market is experiencing robust growth due to increased government investments in infrastructure, urbanization, and technological innovations. The US, Canada, and Mexico are the primary contributors to this growth, with the US holding the largest market share in 2023. Key equipment types include excavators, cranes, bulldozers, backhoe loaders, and graders, which are essential for infrastructure projects such as roads, bridges, and renewable energy grids.
Some of the key players operating in the market includes Caterpillar Inc., Komatsu Ltd., Volvo Construction Equipment, Liebherr Group, and Hitachi Construction Machinery among others. These players are adopting various strategies such as expansion, product innovation, and mergers and acquisition to provide innovative products to their consumers and increase their market share.
North America Heavy Construction Equipment Market Outlook
Rising Government Investments for Infrastructure Development: In the US, the Infrastructure Investment and Jobs Act (IIJA) passed in 2021 promotes the expansion of the construction sector, in turn creating a significant demand for heavy construction equipment. The legislation provides significant funding to repair and modernize roads, bridges, highways, and transit systems. Additionally, there is a rising need for new infrastructure projects such as public transport, water systems, and renewable energy grids, all of which require heavy construction equipment.
In Canada, government investments in urban infrastructure, road networks, and energy projects are driving demand for these equipment setups. The Canadian government’s commitment to public infrastructure improvement, including public transport and renewable energy, creates a steady need for heavy construction equipment. In Mexico, large-scale government initiatives such as the Mayan Train and the Trans-Isthmus Corridor are propelling the demand for construction equipment, especially in the transportation and energy sectors.
Segments Covered
By Machinery Type
Earthmoving Equipment
Material Handling Equipment
Heavy Construction Vehicles
By Propulsion Type
ICE
Electric
By Power Output
Less than 100 HP
101-200 HP
201-400
401 HP
By End Use Industry
Building and Construction
Forestry and Agriculture
Energy and Power
Mining
Future Outlook
The North American heavy construction equipment market is set to grow steadily, supported by:
- Continued government investments in infrastructure.
- Technological innovations and the adoption of sustainable equipment.
- Rising demand for urban development and housing.
By 2031, the market is expected to reach US$ 89.29 billion, with the US remaining the dominant player. Companies that focus on innovation, sustainability, and strategic partnerships will be well-positioned to capitalize on this growth.
