Construction Equipment Aftermarket Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

 

Overview and Scope
Construction equipment aftermarket refers to the parts, accessories, and services of construction equipment sold after the initial sale. They help equipment owners and operators maximize the value of their investments and the productivity of their construction operations.

Sizing and Forecast
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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Segmentation & Regional Insights
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

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

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Major Driver Impacting 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.

Key Industry 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., Terex 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.

The construction equipment aftermarket  market report table of contents includes:
1. Executive Summary
2. Construction Equipment Aftermarket Characteristics
3. Construction Equipment Aftermarket Trends And Strategies
4. Construction Equipment Aftermarket - Macro Economic Scenario
5. Global Construction Equipment Aftermarket Size and Growth
………………
32. Global Construction Equipment Aftermarket Competitive Benchmarking
33. Global Construction Equipment Aftermarket Competitive Dashboard
34. Key Mergers And Acquisitions In The Construction Equipment Aftermarket
35. Construction Equipment Aftermarket Future Outlook and Potential Analysis
36. Appendix