Canada Construction Equipment Market Size

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.