Executive Summary and North America Heavy Construction Equipment Market Analysis
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The global heavy construction equipment market is projected to grow from US$ 62.50 billion in 2024 to US$ 89.30 billion by 2031, registering a CAGR of 5.30% between 2025 and 2031.
In North America, market growth is fueled by robust infrastructure development, steady economic expansion, rapid urbanization, and ongoing technological advancements. The US, Canada, and Mexico are key contributors, driving strong demand for heavy machinery such as excavators, cranes, bulldozers, backhoe loaders, and graders across large-scale construction and industrial projects.
North America Heavy Construction Equipment Market: Segmentation Analysis
The analysis of the North America heavy construction equipment market is based on key segments such as machinery type, propulsion type, power output, and end-use industry.
By machinery type, the market is categorized into earthmoving equipment, material handling equipment, heavy construction vehicles, and others. Among these, the earthmoving equipment segment accounted for the largest market share in 2024.
Based on propulsion type, the market is divided into internal combustion engine (ICE) and electric. In 2024, the ICE segment dominated the market share.
In terms of power output, the market is segmented into less than 100 HP, 101-200 HP, 201-400 HP, and above 401 HP. The 201-400 HP segment emerged as the leading category in 2024.
By end-use industry, the market is classified into building and construction, forestry and agriculture, energy and power, mining, and others. The building and construction segment held the largest share in 2024
North America Heavy Construction Equipment Market Outlook
The North America heavy construction equipment market is poised for strong growth, driven by rising government investments in infrastructure development. In the US, the passage of the Infrastructure Investment and Jobs Act (IIJA) in 2021 has significantly bolstered the construction sector, fueling robust demand for heavy construction machinery. This landmark legislation allocates substantial funding to modernize and repair the nation’s roads, bridges, highways, and transit systems. Additionally, expanding infrastructure needs in public transport, water systems, and renewable energy grids are further amplifying demand for heavy equipment.
In Canada, government-backed investments in urban infrastructure, road networks, and energy projects are sustaining equipment demand. The Canadian government’s ongoing commitment to enhancing public infrastructure—including public transit and renewable energy—continues to create steady opportunities for heavy construction equipment providers.
Meanwhile, in Mexico, major government initiatives such as the Mayan Train and the Trans-Isthmus Corridor are accelerating the need for construction machinery, particularly in transportation and energy sectors. These large-scale projects are propelling demand across multiple construction equipment categories.
North America Heavy Construction Equipment Market: Country Insights
Geographically, the market covers the US, Canada, and Mexico, with the US leading in market share as of 2023.
In October 2024, the US Department of Transportation’s Federal Highway Administration announced a landmark US$62 billion investment for 2025 infrastructure projects. Funded through the Biden-Harris Administration’s Bipartisan Infrastructure Law, this allocation will support bridge construction, road development, and tunnel projects across all 50 states. This significant spending is set to further boost the demand for heavy construction equipment used in public works.
Beyond government spending, rapid urbanization and population growth are also fueling market expansion. The growing need for housing, commercial spaces, and urban development—especially in densely populated urban areas—continues to drive infrastructure projects and heavy equipment demand.
Technological innovations are opening new growth avenues as well. For example, in January 2025, Caterpillar Inc. introduced its next generation of Cat Telehandlers, including the TH0842, TH0642, TH1055, and TH1255 models, which replace older lines and offer enhanced performance for rental and retail customers. Rising adoption of automation, telematics, and digital technologies in construction equipment is transforming the market. Moreover, the shift toward electric and hybrid machinery is gaining traction, as sustainability becomes a top priority in the construction industry.
Market leaders and key company profiles
ď‚·Â JC BAMFORD EXCAVATORS LTD
ď‚·Â AB VOLVO
ď‚·Â CATERPILLAR INC
ď‚·Â HITACHI LTD
ď‚·Â HYUNDAI CONSTRUCTION EQUIPMENT CO LTD
ď‚·Â DOOSAN CORP
ď‚·Â CNH INDUSTRIAL NV
ď‚·Â DEERE & CO
ď‚·Â KOMATSU LTD
ď‚·Â LIEBHERR
North America Heavy Construction Equipment Market Company Profiles
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 Research Methodology :
The following methodology has been followed for the collection and analysis of data presented in this report:
- Secondary Research
The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:
- Company websites, annual reports, financial statements, broker analyses, and investor presentations.
- Industry trade journals and other relevant publications.
- Government documents, statistical databases, and market reports.
- News articles, press releases, and webcasts specific to companies operating in the market.
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Author’s Bio
Akshay
Senior Market Research Expert at Business Market Insights
