At 9.0% CAGR, the North America Construction Equipment Market is projected to be worth US$ 46,057.60 million by 2028, says Business Market Insights   

According to Business Market Insights’ research, the North America construction equipment market was valued at US$ 26,545.63 million in 2022 and is expected to reach US$ 46,057.60 million by 2028, registering an annual growth rate of 9.0% from 2022 to 2028. Burgeoning infrastructure investments post COVID-19 pandemic and raising focus on public–private partnerships (PPP).                

Economic activities across the region were considerably stifled due to the COVID-19 pandemic. According to a recent assessment by the Global Infrastructure Hub (GIH) in 2020, the short-term fiscal multiplier averaged 0.80 in one year and 1.53 in two to five years. The finding was derived from a sample of over 3,000 estimations from previous research conducted in developed and developing nations. Infrastructure investment has a long-term impact on productivity development, which can boost GDP in long run, albeit the scale of these effects is unknown. The GIH research states that the average elasticity of private GDP to public capital stock is roughly 0.19, implying that a 1% increase in the overall value of public capital stock will raise production by 0.19% annually. The reliance on communication infrastructure, including telecommunications and broadband services, has grown significantly with providers reporting a 60% rise in internet traffic since the COVID-19 crisis, according to OECD in 2020. To facilitate communication among employees and with consumers, businesses have used digital solutions and channels. Governments and educational institutions have done so as well. As a result, companies and government agencies are expanding the availability of digital material or converting existing content to digital format, owing to the growth of construction equipment market.  

On the contrary, reduced deal value of construction equipment projects. 

Based on equipment type, the North America construction equipment market is segmented into heavy construction vehicles, earthmoving equipment, material-handling equipment, and others. The material-handling equipment segment held 32.5% market share in 2022, amassing US$    8,776.03 million. It is projected to garner US$ 21,203.12 million by 2028 to expand at 15.8% CAGR during 2022–2028.

Based on application, the North America construction equipment market is segmented into residential, commercial, and industrial. The industrial segment held 34.9% market share in 2022, amassing US$ 9,573.60 million. It is projected to garner US$ 20,943.97 million by 2028 to expand at 13.9% CAGR during 2022–2028.

Based on country, the North America construction equipment market has been segmented into the US, Canada, and Mexico.  Our regional analysis states that the US captured 55.9% market share in 2022. It was assessed at US$ 15,320.81 million in 2022 and is likely to hit US$ 28,453.02 million by 2028, exhibiting a CAGR of 10.9% during the forecast period.  

Key players dominating the North America construction equipment market are Caterpillar Inc.; CNH Industrial N.V.; Komatsu Ltd.; Liebherr; Terex Corporation; Zoomlion Heavy Industry Science & Technology Co., Ltd.; J C Bamford Excavators Ltd. (JCB); Deere & Company; AB Volvo; and Hitachi Construction Machinery Co., Ltd among others.

• In January 2022, Caterpillar Inc. has announced that its worldwide headquarters will be relocated from Deerfield, Illinois, to the company's existing facility in Irving, Texas. The company will begin transitioning its headquarters to Irving in 2022.  

• In December 2021, CNH Industrial N.V. has announced the acquisition of NX9. This new R&D investment supports the Company's strategic goal of more efficiently innovating and developing precision agricultural solutions and delivering more value to its farming clients.

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