Emerging Growth Patterns Driving Expansion in the Construction Equipment Aftermarket Market

The construction equipment aftermarket is positioned for significant expansion over the coming years, driven by advancements and shifting industry needs. As the sector evolves, it is adapting to incorporate new technologies and growing demands, setting the stage for sustained growth through 2030.

Anticipated Growth in the Construction Equipment Aftermarket Market Size
The construction equipment aftermarket market is projected to reach a valuation of $40.39 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.3%. This robust expansion is fueled by various factors such as an increasing shift towards predictive maintenance solutions and wider adoption of digital aftermarket platforms. Additionally, a growing need for durable, high-performance hydraulic and electrical parts, the rise of online procurement channels, and innovations in sustainable replacement part technologies are all contributing to the market's positive trajectory. Key trends shaping this growth include heightened demand for engine and hydraulic components built to last, an increase in maintenance services driven by aging equipment fleets, and expanded aftermarket support for earthmoving and road construction machinery. The rising popularity of third-party and OEM-compatible spare parts, along with the growth of online sales platforms for components and accessories, also plays a pivotal role.

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Leading Corporations Driving the Construction Equipment Aftermarket Market
Several major players dominate the construction equipment aftermarket industry, including: 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., ere*x 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., and LiuGong Machinery Corp.

In a notable development from October 2023, Finland-based crusher equipment manufacturer Metso Corporation acquired UK-based Tedd Engineering Ltd, a company specializing in electronic control systems for heavy machinery. This acquisition enhances Metso's capabilities in digitalization and automation, especially within its mobile equipment aftermarket segment.

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Emerging Trends and Technology Advances in the Construction Equipment Aftermarket
Key players in the construction equipment aftermarket are concentrating on innovations such as concrete strength sensing systems, which monitor concrete curing and setting in real-time. For example, in December 2023, US-based company Wavelogix Inc. introduced the REBEL Concrete Strength Sensing System. Utilizing piezoelectric technology combined with AI-driven signal processing algorithms, this system provides an advanced solution to a longstanding challenge by analyzing acoustic signals to accurately assess the mechanical properties of concrete during its setting phase.

Segments Making Up the Construction Equipment Aftermarket Market
The market divides into several main segments based on equipment type, application, and sales channel. Equipment types include Earthmoving and Road Building Equipment, Material Handling and Cranes, and Concrete Equipment. Applications cover Infrastructure, Residential, and Commercial sectors. Sales channels are categorized into online and offline platforms.

Subsegments for Earthmoving and Road Building Equipment consist of Excavators, Bulldozers, Backhoe Loaders, Graders, and Skid Steer Loaders. Material Handling and Cranes include Forklifts, Telehandlers, Tower Cranes, Mobile Cranes, and Reach Stackers. Concrete Equipment covers Concrete Mixers, Concrete Pumps, Concrete Batching Plants, and Concrete Finishing Equipment.

This segmentation reflects the diversity of the construction equipment aftermarket, highlighting areas of focus for manufacturers, suppliers, and service providers as the market continues to grow.

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This release was published on openPR.