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Revving Up the Future: Construction Equipment Aftermarket Market Report 2024
Construction Equipment Aftermarket Market Report
Construction Equipment Aftermarket Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $35.04 billion In 2028 At A CAGR Of 6.6%.
The construction equipment aftermarket market size has grown strongly in recent years. It will grow from $25.2 billion in 2023 to $27.1 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to equipment aging and maintenance needs, construction industry growth, stringent emission standards, cost savings through aftermarket parts, customization and performance enhancement.
The construction equipment aftermarket market size is expected to see strong growth in the next few years. It will grow to $35.04 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to rising equipment rental market, focus on sustainability and fuel efficiency, adoption of predictive maintenance, increasing equipment complexity, regulatory compliance and safety. Major trends in the forecast period include 3d printing for aftermarket parts, remote monitoring and diagnostics, e-commerce platforms for aftermarket sales, circular economy practices, augmented reality (ar) for maintenance training.
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Construction Equipment Aftermarket Market Major Segments
The construction equipment aftermarket market covered in this report is segmented -
1) By Equipment Type: Earthmoving And Road Building Equipment, Material Handling And Cranes, Concrete Equipment
2) By Application: Infrastructure, Residential, Commercial
3) By Sales Channel: Online, Offline
Key Driver - Rising Construction Activities Drives The Construction Equipment Aftermarket Market Growth
The growing construction activities are expected to propel the growth of the construction equipment aftermarket market going forward. Construction activities refer to the various tasks and operations involved in constructing, renovating, or building structures, such as buildings, infrastructure, and facilities. The growing construction activities provide demand for construction equipment aftermarket products like machinery parts and equipment maintenance and repairs for excavators and bulldozers. For instance, in November 2021, according to the Office for National Statistics, a UK-based Statistics Authority, the value of new construction work in Great Britain increased by 15.3% to reach $119,750 million in 2021 from $103,815 million in 2020. Therefore, the growing construction activities are driving the growth of the construction equipment aftermarket market.
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Prominent Trend - Industry Leaders Embraces Up-Tower Crane Technology Construction Equipment Aftermarket Landscape
Major companies operating in the construction equipment aftermarket market are focusing on developing innovative solutions such as up-tower crane technology. Up-tower crane technology generally refers to advanced and specialized crane systems designed for use in the construction and maintenance of wind turbines. For instance, in August 2023, LiftWerx, a Canada-based company offering lifting equipment announced the launch of 'GenHook' crane system technology. Up-tower crane technology was utilized to install a gearbox in a wind turbine. It is entirely electric and boasts a carbon footprint that is 75% smaller than conventional cranes, primarily attributed to the decreased necessity for trucks in its mobilization.
Construction Equipment Aftermarket Market Players
Major companies operating in the construction equipment aftermarket market report are Caterpillar Inc., Komatsu Ltd., CNH Industrial N.V., Atlas Copco Group, Liebherr Group, XCMG Group, John Deere Construction & Forestry, Volvo Construction Equipment Corp., Yanmar Co. Ltd., Hitachi Construction Machinery Co Ltd., JLG Industries Inc., Zoomlion Heavy Industry Science and Technology Co Ltd., Sany Heavy Industry Co Ltd., SANY Group Co. Ltd., Corporation, Guangxi Liugong Machinery Co. Ltd., Xuzhou Construction Machinery Group Co Ltd, Manitou Group, Palfinger AG, The Manitowoc Company Inc., Takeuchi Mfg. Co. Ltd., Tadano Ltd., Ammann Group, Bell Equipment Ltd., Hidromek Inc., Kobelco Construction Machinery Co Ltd., Doosan Infracore Co. Ltd., XGMA Machinery Co. Ltd., BOMAG GmbH, Hyundai Construction Equipment Co. Ltd., LiuGong Machinery Corp.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the construction equipment aftermarket market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the construction equipment aftermarket market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Construction Equipment Aftermarket Market Report Structure
3. Construction Equipment Aftermarket Market Trends And Strategies
4. Construction Equipment Aftermarket Market - Macro Economic Scenario
5. Construction Equipment Aftermarket Market Size And Growth
…..
27. Construction Equipment Aftermarket Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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