North America Heavy Machinery Maintenance and Repair Market Trends 2030

The North America heavy machinery maintenance and repair market size was valued at US$ 74.10 billion in 2022 and is projected to reach US$ 108.11 billion by 2030; it is expected to register a CAGR of 4.8% from 2022 to 2030.

Analyst Perspective:

Rising utilization of the used and rental machinery across the mining, construction, and agriculture sectors drives the North America heavy machinery maintenance and repair market. For instance, published in August 2023, according to the Insight Partners' estimates, the US construction machinery orders were valued at US$ 47.4 billion, which increased by 13.2% compared to 2022. Such growth in construction machinery has created a massive demand for repair and maintenance services across North America. The heavy machinery and equipment manufacturing sector in the US accounts for ~US$ 300 billion annually and supports 2.3 million jobs across the country. Heavy machinery that requires regular maintenance and repair includes excavators, dozers, gearboxes, industrial vehicles, mining equipment, and construction equipment. Increasing demand for industrial machinery across the construction and mining sectors is a major factor contributing to the North America heavy machinery maintenance and repair market growth. For instance, according to the US Bureau of Economic Analysis data, industrial manufacturing in the US was reported to be ~US$ 2.52 trillion in 2022, which is growing with rapid industrialization. Increasing construction activities and growing government funding for infrastructure development projects in North America are driving the demand for heavy machinery. These machineries require repair and maintenance services frequently. According to the Canada Construction Association report in 2022, the construction industry in Canada contributes approximately US$ 151 billion in revenue to its economy annually, which is growing at a rapid pace with government support and funding for development. Such growth in the construction sector, along with high demand for industrial machinery, is driving the North America heavy machinery maintenance and repair market.

Market Overview:

Heavy equipment maintenance is the frequent inspection, cleaning, and repair of numerous heavy machinery components, such as hydraulics, engines, and moving parts. Heavy machinery maintenance can be either preventative or reactive. Preventative maintenance entails routine upkeep of the equipment, such as oil changes, tire pressure checks, and cleaning. Reactive maintenance, on the other hand, occurs when a machine breaks or does not function properly. It might require significantly more downtime than preventative maintenance and cost more when personnel diagnose the equipment's flaws.

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North America Heavy Machinery Maintenance and Repair Market: Strategic Insights

North America Heavy Machinery Maintenance and Repair Market

• Market Size 2022
  US$ 74.10 Billion
• Market Size 2030
  US$ 108.11 Billion

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Regional Overview

• North America

Market Segmentation

Component

• Gearbox and Engine
• Electric Motors
• Electric Systems
• Hydraulic Unit
• Propeller Shaft

Application

• Aluminum & Steel Industry
• Hydropower Plants
• Construction
• Mining
• Marine
• Agriculture & Forest
• Pulp & Paper

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Market Driver:

Rapid Industrialization and Increased Sales of Heavy Machineries across Manufacturing Sector Fuels North America Heavy Machinery Maintenance and Repair Market Growth

North America has a well-established manufacturing sector. In the US, the manufacturing sector accounted for US$ 2.3 trillion of its GDP, and the sector employs more than 12 million people. The sector uses several heavy types of machinery such as textile machinery, packaging machines, heavy machinery, construction and earthmoving equipment, and mining machinery. There is a rise in manufacturing output, along with a surge in investments by the key manufacturers. North American manufacturers are investing in key technology areas to improve the productivity and work efficiency of their machinery. For example, in February 2024, the US government announced its plans to invest ~US$ 52.3 billion per year for advanced robotics solution implementation in the manufacturing industry. With such investments, the companies are improving their machine capability by deploying cost-effective equipment to automate their manufacturing activities.

Further, sales of industrial heavy machinery across the mining, construction, forestry, and agriculture sectors are increasing rapidly. According to the Insight Partners' estimates, sales of forestry, construction, mining, and industrial machinery and equipment in Canada increased by 26.4% in 2022 compared to 2021. In 2022, construction equipment and machinery sales reached ~318,000 units, which increased by 3.5% compared to 2021. Thus, rapid industrialization and increased sales of heavy machinery across the manufacturing sector drive the North America heavy machinery maintenance and repair market.

Segmental Analysis:

The North America heavy machinery maintenance and repair market analysis has been carried out by considering the following segments: component, application, and geography. On the basis component, the market is segmented into gearbox and engine, electric motors, electronic systems, hydraulic units, propeller shafts, and others. Based on application, the North America heavy machinery maintenance and repair market is segmented into aluminum and steel, hydropower plants, construction, mining, marine, agriculture and forest, pulp and paper, and others. Based on geography, the market is segmented into the US, Canada, and Mexico.

Based on component, the gearbox and engine segment held the largest North America heavy machinery maintenance and repair market share in 2022; this is owing to increasing demand for industrial vehicles across the US and Canada. Industrial vehicles include excavators, dozers, graders, bulldozers, tractors, and forklifts. These vehicles require regular repair and maintenance to work efficiently. Increasing demand for these vehicles across the construction & mining industry in North America drives the market. According to the US Bureau of Economic Analysis, in 2022, the construction machinery investment was valued at US$ 55.7 billion.

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Regional Analysis:

The scope of the North America heavy machinery maintenance and repair market report encompasses North America (US, Canada, and Mexico). In terms of revenue, the US dominated the North America heavy machinery maintenance and repair market share. The US holds the largest share of the North America heavy machinery maintenance and repair market owing to rising construction activities and the growing mining industry. The US construction industry output was valued at ~US$ 2.09 trillion as of December 2023, which increased by US$ 1.84 trillion compared to December 2022. The construction industry is the major contributor to the use of heavy machinery and equipment that require regular repair and maintenance. The equipment and machinery used in the construction industries include Backhoe Loaders, excavators, motor graders, road rollers and asphalt pavers, telescopic handlers, cranes, forklifts and aerial platforms. These machinery and equipment require regular repair and maintenance for their efficient working. With the rise in the agriculture and construction industries across the US, the demand for repair and maintenance services has shown immense growth. The key players offering heavy machinery repair and maintenance services witnessed significant growth in their revenue owing to increased demand across the construction and agriculture sectors. For instance, Mader Group, a US-based heavy machinery repair and services provider, reported an annual revenue of US$ 608.8 million in 2023, which increased from US$ 402.1 million compared to 2022. Such exponential growth is witnessed owing to huge demand from the construction, mining, and manufacturing industries.

Further, the manufacturing sector is a major contributor to the growth of the US heavy machinery maintenance and repair market. Per the National Association of Manufacturers (NAM), the manufacturing industry accounted for ~10.70% of the total output in the US, which was valued at approximately US$ 2.52 trillion in 2022. Such growth in the manufacturing industry and rapid rise in construction activities across the US have created massive demand for heavy machinery maintenance and repair services.

Mexico is growing at a moderate pace owing to rising demand from the automotive, mining, and agriculture sectors. The automotive sector in Mexico contributed 3.5% of the nation's GDP and ~20% of its manufacturing GDP value. The total investment from German, Japanese, and South Korean companies in Mexico reached US$ 13.3 billion in 2021. Growth in Mexican vehicle production volumes and a rise in demand for automotive components from the US and Canadian original vehicle manufacturers and suppliers drive the North America heavy machinery maintenance and repair market. Mexico is the seventh-largest global passenger vehicle manufacturer, producing more than 3 million vehicles annually. The automotive manufacturing industry requires several types of heavy machinery and equipment. This equipment requires regular repair and maintenance. The companies in Mexico are offering repair and maintenance services for several construction and mining equipment manufacturers such as Volvo Group, Caterpillar, Komatsu Ltd., Terex Corporation, Hitachi Construction Machinery, Doosan Infracore, CNH Industrial, JC Bamford, Liebherr Group, and Atlas Copco. L&H Industrial, Hardwick Machinery, Heavy Haulers, and W.W. Williams offer repair, rebuilding, and maintenance services for any heavy machinery, equipment assembly, or component.

Further, the construction and manufacturing industries are growing at a rapid pace in Mexico, which is among the factors contributing to the growing North America heavy machinery maintenance and repair market size. According to the International Trade Organization, the construction industry increased from US$ 102.88 billion in 2022 to US$ 120.58 billion in 2023.

Key Player Analysis:

United Rentals Inc., Hydrauliques Continental Inc., Wajax Corp., PSI Repair Service Inc., Halton Hydraulic Ltd., Select Fluid Power Ltd., RHK Hydraulic Cylinder Services Inc., Gir Del Hydraulic Services, Centre Hydraulique GMB Inc., and Simplex Location d'outils Inc. are among the key players profiled in the North America heavy machinery maintenance and repair market report. The report includes growth prospects in light of current North America heavy machinery maintenance and repair market trends and driving factors influencing the market.

Recent Developments:

Inorganic and organic strategies are highly adopted by companies in the market. These market initiatives are a strategy adopted by companies to expand their footprint across the globe and to meet the growing customer demand. The companies in the North America heavy machinery maintenance and repair market are mainly focusing on product and service enhancements by integrating advanced features and technologies into their offerings. A few recent developments by key players, as per their press releases, are listed below:

North America Heavy Machinery Maintenance and Repair Report Scope