Sales of construction equipment - North America 2022-2023
North American sales of construction equipment reached about 305,000 units in 2023. North America is one of the largest target markets for construction equipment worldwide.
North America overtaking China
The regional structure of the global construction equipment market experienced some major changes in the last years. Sluggish growth in the Chinese construction market coupled with continued idle production in the mining sector and the challenges posed by the COVID-19 pandemic put China’s industrial equipment sales growth to a halt. In 2022, China lost its leading position in the global construction equipment market and was overtaken by North America. It is expected that North America will remain the largest market at least until 2028.
Caterpillar as the leading U.S. manufacturer
The largest construction equipment manufacturer was Caterpillar of the United States. After a slump in sales in the aftermath of the global financial crisis in 2009, Caterpillar successfully fought its way back to the top of the construction equipment market. In 2023, Caterpillar was ranked first with construction equipment sales of some 27.4 billion U.S. dollars. In the same fiscal year, Caterpillar reported a total global revenue of around 67.1 billion U.S. dollars.
