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Canada Construction Equipment Market Size (2024 - 2029)

The Canada Construction Equipment Market is projected to experience significant growth over the forecast period, driven by the country's rich natural resources and the increasing urbanization that demands extensive construction activities. This growth in market size is further supported by the shift towards cost-effective and environmentally friendly machinery, as manufacturers respond to regulatory pressures for lower emissions by adopting electric and hybrid vehicles. The presence of major construction equipment manufacturers and ongoing investments in research and development are also key factors contributing to the expansion of the market.

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Market Size of Canada Construction Equipment Industry

Canada Construction Equipment Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 3.20 Billion
Market Size (2029) USD 4.90 Billion
CAGR (2024 - 2029) 7.30 %
Market Concentration Medium

Major Players

Canada Construction Equipment Market Major Players

*Disclaimer: Major Players sorted in no particular order

Canada Construction Equipment Market Analysis

The Canada Construction Equipment Market size is estimated at USD 3.20 billion in 2024, and is expected to reach USD 4.90 billion by 2029, growing at a CAGR of 7.30% during the forecast period (2024-2029).

Over the medium term, Canada is rich in natural resources, including oil, minerals, timber, and others. The extraction and processing of these resources often require construction equipment, which, in turn, is likely to enhance the demand for construction equipment in the coming years.

Also, as the urban areas in Canada continue to grow, there is a consistent need for residential, commercial, and industrial construction. This ongoing urbanization fuels the demand for construction equipment to build and maintain infrastructure.

The demand for cost-effective machines, with regulatory pressures for lower emissions, is pressurizing construction equipment manufacturers to opt for electric and hybrid vehicles over the traditional hydraulic and mechanical ones.

Major presence of construction equipment manufacturers such as SANY Heavy Machinery Canada Ltd., Liebherr Group, Wacker Neuson, Deere & Company, Kubota Canada Ltd., Komatsu, and Volvo Construction Equipment. Canada is investing in research and development. It is anticipated to boost the market during the forecast period. For instance,

In February 2022, Aecon, one of Canada's leading construction companies, is partnering with Volvo Construction Equipment to launch a second pilot project of electric heavy machinery on Ontario job sites. It is a sign that the industry is there and is growing interest in zero-emission equipment.

Canada Construction Equipment Industry Segmentation

Construction equipment is defined as any equipment used for the execution, completion, erection, operation, or maintenance of any construction project or work. Construction equipment is also used in earthmoving works during the construction of roads, bridges, and dams. Some types of construction equipment, like excavators and wheel loaders, are also used in mining.

Canada Construction Equipment Market is segmented by machinery type and drive type. By Machinery type, the market is segmented into Cranes, Telescopic Handlers, Excavators, Loaders and Backhoes, Motor Graders, and Others. By Drive type, the market is segmented into Internal Combustion Engines and Electric and hybrid.

For each segment, the market sizing and forecast are done based on the value (USD).

By Machinery Type
Cranes
Telescopic Handlers
Excavators
Loaders and Backhoes
Motor Graders
Other Machinery Types
By Propulsion
Internal Combustion Engine
Electric and Hybrid
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Canada Construction Equipment Market Size Summary

The Canadian construction equipment market is poised for significant growth over the forecast period, driven by the country's rich natural resources and ongoing urbanization. The demand for construction equipment is expected to rise as the extraction and processing of resources such as oil, minerals, and timber necessitate advanced machinery. Additionally, the expansion of urban areas in Canada creates a continuous need for residential, commercial, and industrial construction, further fueling the market. The shift towards cost-effective and environmentally friendly machines, including electric and hybrid vehicles, is reshaping the industry landscape. This transition is supported by major construction equipment manufacturers like SANY Heavy Machinery Canada Ltd., Liebherr Group, and Volvo Construction Equipment, who are investing in research and development to meet regulatory pressures and market demands.

Government investments in infrastructure projects, including transportation networks and public transit systems, are significantly boosting the demand for construction equipment. The rise in demolition activities and the expansion of the housing market also contribute to this growth. Technological advancements and digitalization in construction equipment are expected to enhance market expansion, with new product launches and innovations driving adoption. The rental business for loaders is gaining traction, supported by real-time data analytics for fleet management. Major players in the market, such as Komatsu Ltd. and AB Volvo, are focusing on expanding their product portfolios and market presence through strategic acquisitions and collaborations. These developments indicate a robust growth trajectory for the Canadian construction equipment market in the coming years.

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Canada Construction Equipment Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

      1. 1.1.1 Growing Infrastructure Activities Across the Country

    2. 1.2 Market Restraints

      1. 1.2.1 Rapid Expansion of Construction Equipment Rental Industry

    3. 1.3 Porter's Five Forces Analysis

      1. 1.3.1 Bargaining Power of Suppliers

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Threat of New Entrants

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size in Value - USD)

    1. 2.1 By Machinery Type

      1. 2.1.1 Cranes

      2. 2.1.2 Telescopic Handlers

      3. 2.1.3 Excavators

      4. 2.1.4 Loaders and Backhoes

      5. 2.1.5 Motor Graders

      6. 2.1.6 Other Machinery Types

    2. 2.2 By Propulsion

      1. 2.2.1 Internal Combustion Engine

      2. 2.2.2 Electric and Hybrid

Canada Construction Equipment Market Size FAQs

The Canada Construction Equipment Market size is expected to reach USD 3.20 billion in 2024 and grow at a CAGR of 7.30% to reach USD 4.90 billion by 2029.

In 2024, the Canada Construction Equipment Market size is expected to reach USD 3.20 billion.

Canada Construction Equipment Market Report Snapshots

Canada Construction Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)