Canada Construction Equipment Market Assessment & Forecasts, 2023 & 2024-2029: Mining Sector Spurs Demand, High Demand for Rentals, Rising Focus on Compacts, Focus on Green Transition
Dublin, May 23, 2024 (GLOBE NEWSWIRE) -- The "Canada Construction Equipment Market - Strategic Assessment & Forecast 2024-2029" report has been added to * ResearchAndMarkets.com's* offering.
The Canada construction equipment market is expected to attain a value of $14.59 billion by 2029 from $11.2 billion in 2023, growing at a CAGR of 4.27% from 2023-2029
The Canada construction equipment market is highly competitive, with a mix of local and international players. Major companies such as Wolff Group Construction Equipment Canada, Frontline Machinery Canada, and RockZone Americas Canada are key players in the market. These companies offer a wide range of construction equipment, including excavators, loaders, and cranes, catering to various segments like residential, commercial, and infrastructure development. Evolution Mechanical Ltd. is another significant player known for its expertise in providing heavy equipment solutions.
Caterpillar, Hitachi Construction Machinery, Volvo CE, SANY, XCMG, and Komatsu are the leaders in the Canada construction equipment market. These companies have strong market share and offer diverse sets of equipment.
Investments in infrastructure development, including affordable housing and transport facilities, support the growth of Canada's construction equipment market. However, major challenges include the growing risk of economic recession, supply chain pressures, and overdependence on foreign labor forces. The government aims to achieve the carbon-neutral goal by 2050. Hence, it is increasing its focus on applying renewable energy sources and reducing fossil fuel usage. It promotes the use of electric vehicles in the transportation sector and installs solar panels in buildings for electric generation.
Construction activity in Canada is expected to decelerate over the next few quarters. However, a potential rebound could occur in spring 2024 if inflation moderates and debt markets stabilize, boosting builder confidence. Material costs are forecasted to rise by 3% to 5%, while employee wages are expected to increase by 4% to 6%. Overall costs are projected to climb by 3% to 6%.
The Canadian construction industry is facing skilled labor shortages and declining productivity. Therefore, enhancing workforce competency and efficiency will be crucial. Focus areas for the sector include retention, upskilling, and building trust among workers. In February 2023, the federal government issued its initial budget estimates for the fiscal year 2023-24. They included CAD198.2 billion (USD 153.8 billion) in budgetary expenditures for operational and capital expenditures, for a total of CAD432.9 billion (USD 335.9 billion) in spending. The province of Ontario published its 30-year transit plan in 2023. Over the next ten years, building a transportation network primarily focused on new highways, rail lines, and subway systems will cost CAD 84.7 billion (USD 65.7 billion).
*TRENDS*
· High Demand: There's a strong demand for equipment like excavators, bulldozers, graders, and asphalt pavers to support infrastructure development and maintain existing networks. Demolition activities are also rising, further propelling equipment needs.
· Shifting Preferences: The industry is showing a growing interest in sustainable practices, increasing demand for electric and hybrid construction equipment.
*KEY HIGHLIGHTS*
· Earthmoving equipment accounted for the largest market share of the Canada construction equipment market in 2023. Excavators in the earthmoving segment accounted for the largest share in 2023. Rising investment in housing, port expansion, and public infrastructure projects is expected to drive the demand for excavators in the Canada construction equipment market.
· The region is experiencing a residential and commercial construction boom, particularly in urban areas. This drives demand for equipment like forklifts, aerial work platforms, and concrete mixers in the Canada construction equipment market.
· Rising interest rates and higher commodity prices may hinder the growth of the construction equipment market in the region.
· The growth in infrastructure investment and the surge in civil engineering & housing projects in 2023 are expected to support the demand for excavators in the Canada construction equipment market.
· The government's dedication to allocating around 5% of GDP each year to infrastructure development is expected to open opportunities for construction companies in transportation, energy, and water sectors.
*MARKET TRENDS*
· Focus on Green Transition Will Prompt Investments in the Construction Industry
· Increasing Focus Toward Remote Monitoring Technology in Construction Equipment
· Rising Focus on Compact and Electric Construction Equipment
· Surge in Infrastructure Projects to Boost the Canada Construction Equipment Market
· Increasing Number of Transport Projects to Propel the Demand for Road Construction Machinery
· Prominent Mining Sector Supports the Demand for Heavy Construction Equipment
· Land Scarcity Will Hamper the Development of Infrastructure Across the Country
· High Demand for Rental Construction Equipment to Hinder the New Construction Equipment Sales
*KEY QUESTIONS ANSWERED*
· How big is the Canada construction equipment market?
· Who are the key players in the Canada construction equipment market?
· What is the growth rate of the Canada construction equipment market?
· What are the trends in the Canada construction equipment industry?
· Which are the major distributor companies in the Canada construction equipment market?
*Key Attributes:*
*Report Attribute* *Details*
No. of Pages 223
Forecast Period 2023 - 2029
Estimated Market Value (USD) in 2023 $11.2 Billion
Forecasted Market Value (USD) by 2029 $14.59 Billion
Compound Annual Growth Rate 4.5%
Regions Covered Canada
*VENDOR LANDSCAPE*
*Prominent Vendors*
· Caterpillar
· Hitachi Construction Machinery
· Komatsu
· Liebherr
· Volvo Construction Equipment
· Kobelco
· Kubota
· Zoomlion Heavy Industry Science & Technology Co. Ltd
· SANY
· Xuzhou Construction Machinery Group Co. Ltd. (XCMG)
· SUMITOMO CONSTRUCTION MACHINERY CO., LTD.
· JCB
· John Deere
· Develon
*Other Prominent Vendors*
· Yanmar
· Tadano
· Takeuchi
· Manitou
· GEHL
· MERLO Group
· Bobcat
· Terex Corporation
· CNH Industrial
· Mecalac
· Shandong Lingong Construction Machinery (SDLG)
· Ammann
· The Miller Group
· MacLean
· Hidromek
*Distributor Profiles*
· National Equipment Dealers
· SMS Equipment
· Great West Equipment
· Finning International Inc.
· Cooper Equipment Rentals
· Wolff Group
· Frontline Machinery
· RockZone Americas
· Machinery Partner
· Evolution Mechanical Ltd.
· SITECH
*SEGMENTATION ANALYSIS*
Earthmoving Equipment
· Excavator
· Backhoe Loaders
· Wheeled Loaders
· Other Earthmoving Equipment (Other loaders, Bulldozers, Trenchers)
Road Construction Equipment
· Road Rollers
· Asphalt Pavers
Material Handling Equipment
· Crane
· Forklift & Telescopic Handlers
· Aerial Platforms (Articulated Boom Lifts, Telescopic Boom lifts, Scissor lifts)
Other Construction Equipment
· Dumper
· Tipper
· Concrete Mixer
· Concrete Pump Truck
End Users
· Construction
· Mining
· Manufacturing
· Others (Power Generation, Utilities Municipal Corporations, Oil & Gas, Cargo Handling, Power Generation Plants, Waste Management)
For more information about this report visit https://www.researchandmarkets.com/r/ohat3b
*About ResearchAndMarkets.com*
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
*Attachment*
· Canadian Construction Equipment Market
CONTACT: CONTACT: ResearchAndMarkets.com
Laura Wood,Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900