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Market Size
- Report ID: GMI5131
- Published Date: Jan 2023
- Report Format: PDF
Construction Equipment Aftermarket Size
Construction Equipment Aftermarket size surpassed USD 25 billion in 2022 and is expected to record 4% CAGR from 2023 to 2032. The rising number of construction activities and the surge in government investments for infrastructure development will positively influence the industry outlook.
Rapid urbanization and the increasing population worldwide have led to large-scale mining and excavation activities, propelling the demand for construction equipment. Several mining companies are foraying into strategic deals with equipment providers to boost production, leading to robust sales of equipment spare parts.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Construction Equipment Aftermarket Size in 2022: | USD 25 billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 4% |
| 2032 Value Projection: | USD 45 billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 190 |
| Tables, Charts & Figures: | 296 |
| Segments covered: | Product, Sales Channel, Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The influx of very stringent regulations imposed by several governments across North America and Europe to curb emissions associated with construction equipment will also play an ideal role in the construction equipment aftermarket expansion. The growing emphasis on climate change is encouraging equipment owners to focus on maintenance and replace engine components as well as filtration systems after regular intervals of time.
For instance, in November 2022, the California Air Resources Board (CARB) rolled out an ambitious climate plan to reduce air pollution and greenhouse gas emissions by 71% and 85% respectively by 2045. Such aggressive carbon emission reduction goals and sustainability targets will pave the way for improved industry development.
Ease of availability of low-cost alternatives may hamper product demand
The widespread availability of low-cost construction spare parts and accessories could negatively impact the industry dynamics by 2032. The rising number of third-party suppliers and the higher consumer preference for outsourcing construction spare parts has introduced new challenges for the OEMs, such as Liebherr Group, Caterpillar Inc., and SANY Group. However, the upgradation of vehicles and modernization of engine technologies is expected to add impetus to the market expansion while consolidating the space of aftermarket for construction equipment users as well as suppliers.
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Construction Equipment Aftermarket Scope
