North America Construction Equipment Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Equipment Type (Heavy Construction Vehicles, Earthmoving Equipment, Material Handling Equipment, and Others) and Application (Residential, Commercial, and Industrial)

The construction equipment market in North America is expected to grow from US$ 27,421.64 million in 2022 to US$ 46,057.60 million by 2028. It is estimated to grow at a CAGR of 9.0% from 2022 to 2028.

Public-private collaboration is a joint venture between the government and the private sector to build public infrastructure. In this collaboration, the private firm manages a government project and contributes technical and operational knowledge. Increased private sector engagement in infrastructure projects, particularly with private money at risk, can improve efficiency, if private developers are given a chance to put their risk-management expertise to work through a genuine transfer of risks and duties. Traditional procurement methods, which pay little attention to commercial and financial concerns, do not yield the same results. At the optimal level of participation and risk transfer, the private sector participants contribute specific risk-management skills, offer a long-term view and interest in the project, and absorb other risks without the fear of bankruptcy. Therefore, the rising number of public-private partnerships is fueling the construction equipment market.

With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America construction equipment market at a substantial CAGR during the forecast period.

North America Construction Equipment Market Revenue and Forecast to 2028 (US$ Million)

North America Construction Equipment Market Segmentation

The North America construction equipment market is segmented by equipment type, application, and country.Based on equipment type, the market is segmented into heavy construction vehicles, earthmoving equipment, material-handling equipment, and others. In 2022, the material-handling equipment segment held a larger market share and is expected to register a higher CAGR during the forecast period. Based on application, the market is segmented into residential, commercial, and industrial. 

The commercial segment held the largest market share in 2022 and is expected to register the highest CAGR in the market during the forecast period. Based on country, the regional market is segmented into the US, Canada, and Mexico. In 2022, the US held a larger market share and is expected to register a higher CAGR during the forecast period. 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. are the leading companies in the North America construction equipment market.