The Sale of Compact Construction Equipment in North America Market to reach 317.9 Thousand Units by 2029 - Arizton

According to Arizton's latest research report, the North America compact construction equipment market is growing at a CAGR of 4.62% during 2022-2028.

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Several infrastructure development projects are under progress in North American countries in 2023. For instance, the construction of the NFL's Buffalo Bills Stadium in New York. The project includes construction of 1.35 million-sq-ft open air stadium and 18,750 square feet ancillary building. The estimated cost of project is $1.4 billion. It started in 2023 and is estimated to be completed in 2026.
Similarly, in Canada a major construction project is under progress in 2023. Expansion project of corridors for (Greater Toronto and Hamilton Area) that focuses on rehabilitation and renewal of the railway transit corridor and civil infrastructure. The projects is estimated to be completed by 2025 with an estimated cost of $15.6 billion.

Key Highlights
Track loaders accounted for the largest market share of the North America compact construction equipment market in 2022. Construction end-users accounted for the largest North America compact construction equipment market share. Compact track loaders are growing rapidly in the market. This equipment is versatile & can operate on rough & muddy surfaces with great accuracy.

Infrastructure upgradation projects such as the renovation of commercial buildings, railway stations, airports, repair of runways, and extension of roadways & bridges in rural parts of the region drive high demand for compact construction equipment in the North America compact construction equipment market.

Compact track loaders & compact excavators have the highest demand in North American countries. This equipment generates nearly 68% of compact equipment sales in the market.

The OEMs in North American countries have diverse product offerings and started focusing on compact electric equipment. For instance, Wacker Neuson announced to launch electric mini excavator, EZ17E, in North America in 2024, and Volvo CE launched the EC230 electric excavator in 2022.

Track loaders challenge the market share of skid steer loaders due to their versatile uses compared to skid steer loaders. The limited use of a skid steer loader that can only operate better on even terrain restricts its demand.
Compact backhoes and wheeled loader sales are growing steadily in the North American compact construction equipment market in 2023. Some major OEMs launched a new compact backhoe loader equipped with the latest technology in the North American market.

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North America Compact Construction Equipment Market to Play a Significant Role in Mining Industry

The use of compact construction equipment in the mining industry to reach 5,283 units by 2029, growing at a CAGR of 3.32%.

Mining is one of the major contributor of Canadian GDP. In Budget 2022, the government proposed $3.8 billion in support over six years as part of Canada's Critical Mineral Strategy. The Strategy includes a total of $1.5 billion directed towards support for critical minerals projects, with priority given to manufacturing, processing, and recycling applications.

The government focuses on developing green technology to eliminate carbon emission during mineral extractions. The country is a major producer of precious metal such as cobalt, gold and copper in the world. In 2023, Ottawa planned to invest $14 million in six Canadian mining projects focused on producing the minerals needed to power electric vehicles, such as nickel, lithium and rare earth elements.

The application of compact construction equipment by value in the mining industry is expected to reach $321.7 million by 2029, growing at a CAGR of 3.49%.

Key Questions Answered in the Report:
How big is the North American compact construction equipment market?
What is the growth rate of the North America compact construction equipment market?
Who are the key players in the North American compact construction equipment market?
What are the trends in the North America compact construction equipment market?
Which are the major distributor companies in the North America compact construction equipment market?

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