Heavy Construction Equipment Market Size, Share & Global Insights 2022-2031

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 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.
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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.

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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Primary Research
The Insight Partners' conduct a significant number of primary interviews each year with industry stakeholders and experts to validate its data, analysis, and gain valuable insights. These research interviews are designed to:
• Validate and refine findings from secondary research.
• Enhance the expertise and market understanding of the analysis team.
• Gain insights into market size, trends, growth patterns, competitive dynamics, and future prospects.

Key Segmentation:
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.

Table of Contents

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.

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