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.
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Executive Summary and North America Heavy Construction Equipment Market Analysis:
The North American heavy construction equipment market is driven by infrastructure development, economic growth, urbanization, and technological innovations. The US, Canada, and Mexico are contributing significantly to the demand for heavy machinery and construction equipment such as excavators, cranes, bulldozers, backhoe loaders, and graders.
North America Heavy Construction Equipment Market Segmentation Analysis
Key segments that contributed to the derivation of the Heavy Construction Equipment market analysis are type and application.
By machinery type, the heavy construction equipment market is segmented into earthmoving equipment, material handling equipment, heavy construction vehicles, others. The earthmoving equipment segment held a larger share of the market in 2024.
In terms of propulsion type, the market is segmented into ICE, electric. The ICE segment held the largest share of the market in 2024.
In terms of power output, the market is segmented into less than 100 HP, 101-200 HP, 201-400, 401 HP. The 201-400 HP segment held the largest share of the market in 2024
By End Use Industry, the market is segmented into building and construction, forestry and agriculture, energy and power, mining, others. building and construction segment held the largest share of the market in 2024.
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.
North America Heavy Construction Equipment Market Country Insights
Based on Geography, the North America Heavy Construction Equipment Market comprises of US, Canada, and Mexico. The US held the largest share in 2023.
In October 2024, the US Department of Transportation's Federal Highway Administration announced an investment of US$ 62 billion to power several projects as a part of the nation's infrastructure development in 2025. These investments were made from the Biden-Harris Administration's Bipartisan Infrastructure Law for creating bridges, building roads, and tunnel projects across all 50 states. This is expected to boost demand for heavy construction equipment for public works such as roads, bridges, and transit systems. Further, rapid urbanization and population growth with the burgeoning need for housing, urban development, and commercial spaces are also major driving factors for the heavy construction equipment market. Population growth, especially in urban areas, necessitates new infrastructure and housing developments. Technological advancements by the major market players are creating ample opportunity for the heavy construction equipment market growth. For instance, in January 2025, Caterpillar Inc. launched the next generation of Cat Telehandlers for retailers and rental customers. The model names include the Cat TH0842, TH0642, TH1055, and TH1255, which replaced the previous models of TL642, TL943, TL1055, and TL1255 machines, respectively. Rising automation, telematics, and digitalization in construction equipment are also creating significant growth avenues in the market. Innovations in electric and hybrid equipment are also becoming more popular as sustainability becomes a higher priority in the construction industry.
North America Heavy Construction Equipment Market Report Highlights
Attribute
Details
Market Size (2024)
US$ 59.85 Billion
Market Size (2031)
US$ 89.29 Billion
CAGR (2025–2031)
6.05%
Historical Data
2022–2023
Forecast Period
2025–2031
Segments Covered
Machinery Type, Propulsion Type, Power Output, End Use Industry
Machinery Types
Earthmoving, Material Handling, Heavy Construction Vehicles
Propulsion Types
ICE, Electric
Power Output
<100 HP, 101–200 HP, 201–400 HP, >401 HP
End Use Industries
Building & Construction, Forestry & Agriculture, Energy & Power, Mining
Regions Covered
North America (US, Canada, Mexico)
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:
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