Press release
Global Construction Equipment Spare Parts Market Research Report 2023
Construction Equipment Spare Parts MarketThe global Construction Equipment Spare Parts market was valued at US$ million in 2022 and is anticipated to reach US$ million by 2029, witnessing a CAGR of % during the forecast period 2023-2029. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
Construction Equipment Spare Parts Market Trends
The ongoing global expansion of the construction sector is one of the key factors behind the growth of the construction equipment spare parts market. In both emerging and developed countries, rapid urbanization, infrastructural expansion, and population growth have increased building activity. Due to the increase in building projects, there is a greater need for spare parts to maintain and repair construction machinery. Aging fleets of heavy gear and equipment are owned by several construction firms and contractors. The requirement for spare parts to repair broken or malfunctioning parts increases as these devices age. As operators want to increase the equipment's lifespan, this constant maintenance demand helps the construction equipment spare parts market.
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In the building sector, productivity and efficiency are essential. Construction businesses are spending more money on updating and enhancing their equipment as a way to stay competitive. The need for spare parts is fueled by the critical role they play in modifying and adapting current machinery to meet improved performance and efficiency standards. In order to reduce downtime and expensive breakdowns, preventive maintenance has become a standard practice in the construction industry. Equipment dependability is enhanced by routine checks and the replacement of crucial parts. Construction organizations rely on a consistent supply of spare parts to maintain efficient operations as they implement preventative maintenance plans.
Globally, governments are implementing major infrastructure-building programs to boost the economy and improve transportation systems. These large-scale initiatives, including building roads, bridges, and airports, need a significant amount of construction machinery. As a result, the market for construction equipment spare parts gains from the need for parts to help with these large-scale infrastructure projects.
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A higher dependence on specialized electrical and mechanical components has resulted from the integration of cutting-edge technology into construction equipment. The demand for technologically superior replacement parts rises as construction equipment gets more complex. These high-tech components are provided by manufacturers and suppliers in the spare parts market through adaptation.
Construction Equipment Spare Parts Market Share
Construction equipment spare parts have a sizable market in North America, which includes the United States and Canada. The area boasts a thriving construction sector that includes mining operations, the construction of residential and commercial buildings, and infrastructure development. The necessity to maintain and repair a sizable fleet of construction equipment in this area is what is driving the need for spare parts.
Key Segmentations
By Company
Topy Industry
Thyssenkrupp
XCMG
Titan International
Caterpillar
Shantui
Komatsu
John Deere
USCO
Hitachi Construction Machinery
Verhoeven Group
Taiheiyo Seiki
Hoe Leong
Valuepart
Daechang Forging
Hengli Hydraulic
ZF Aftermarket
Geith
Segment by Type
Engine Parts
Undercarriage Parts
Hydraulic Parts
Others
Segment by Application
Excavator
Loaders
Compactors
Dump Truck
Bulldozers
Others
By Region
North America
United States
Canada
Europe
Germany
France
UK
Italy
Russia
Nordic Countries
Rest of Europe
Asia-Pacific
China
Japan
South Korea
Southeast Asia
India
Australia
Rest of Asia
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
Turkey
Saudi Arabia
UAE
Rest of MEA
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