Home > Pressrelease > Construction Equipment Aftermarket worth $45 Bn by 2032
Construction Equipment Aftermarket worth $45 Bn by 2032
- Published Date: January 16, 2023
Construction Equipment Aftermarket size is projected to exceed USD 45 billion by 2032, according to the recent research report by Global Market Insights Inc.
The increasing need for superior performance and efficiency of construction equipment along with the growing awareness among operators will positively influence the industry outlook. The construction equipment aftermarket is experiencing a surge in demand for spare part replacements, fostering the expansion of production while ensuring lucrative business prospects. For instance, in September 2022, Terex Corporation announced plans to expand its business in India with the launch of Franna carry cranes and mobile cranes. Similar initiatives and collaborations by Liebherr Group, JCB India, and other industry majors will complement the market dynamics.
However, the thriving advancements in monitoring technologies for offering superior tracking equipment performance are limiting the industry growth to some extent. The demand for telematics has also gained momentum as it accelerates the adoption of fleet connectivity solutions to provide real-time insights into the performance and function of equipment with the help of sensors, IoT, and electronic systems.
Get more details on this report - Request Free Sample PDF
Rising demand for earthmoving & roadbuilding equipment in construction activities
The earthmoving & roadbuilding equipment sector captured over 50% of the construction equipment aftermarket share in 2022. The increasing number of construction activities, mining, and infrastructure development projects are pushing the demand for several parts and components used in earth-moving and road-building equipment.
Growing digitization trends to augment online sales of aftermarket products
Online sales channel segment held more than 20% industry share in 2022. Rapid penetration of smart technologies, such as smartphones and laptops and the increasing espousal of e-commerce are expected to offer lucrative scope for robust online sales of these products. The advent of digitization and the increasing number of digital platforms is providing access to a wide variety of aftermarket parts and components. Several leading OEMs are also foraying into the digital space with partnerships and self-designed online portals to expand their business reach and boost revenues.
Browse key industry insights spread across 190 pages with 263 market data tables & 33 figures & charts from the report, “Construction Equipment Aftermarket Size By Product (Earth Moving & Road Building Equipment [Hydraulic Systems, Engine Parts, Axle & Transmission Parts], Material Handling & Cranes [Hydraulic Systems, Engine Parts, Axle & Transmission Parts], Concrete Equipment [Hydraulic Systems, Engine Parts, Axle & Transmission Parts]), By Sales Channel (Online, Offline), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
Hefty investments to foster demand for construction equipment aftermarket parts in APAC
Asia Pacific industry is poised to expand at over 5% CAGR between 2023 and 2032 owing to the expanding construction sector in countries such as India, and China. With the constantly increasing population and swift urbanization, APAC is experiencing a significant rise in construction activities, in both commercial as well as residential domains. Several governments in the region are fostering the growth of the construction industry with massive investments, leading to notable demand for construction equipment, and equipment parts.
New product launches to boost industry development
Volvo Construction Equipment, Komatsu Ltd., Caterpillar, Inc., SANY Group, Zoomlion Heavy Industry Science and Technology Co., Ltd., XCMG Group, The Manitowoc Company Inc., Terex Corporation, Tadano Ltd., and Liebherr Group are some of the leading companies in the global business scenario. These participants are launching novel products to achieve a competitive lead.