PUBLISHER: The Business Research Company | PRODUCT CODE: 1428201
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428201
Construction equipment aftermarket encompasses the sale of parts, accessories, and services for construction equipment after the initial purchase. These offerings play a crucial role in helping equipment owners and operators optimize the value of their investments and enhance the productivity of their construction operations.
The primary categories of construction equipment aftermarket include earthmoving and road building equipment, material handling and cranes, and concrete equipment. Earthmoving and road-building equipment are specific types of construction machinery designed for tasks related to earth movement and the construction of roads, highways, and other transportation infrastructure. These equipment find applications in infrastructure development, residential construction, and commercial projects. Sales channels for construction equipment aftermarket products include both online and offline platforms.
The construction equipment after Market research report is one of a series of new reports from The Business Research Company that provides construction equipment afterMarket statistics, including construction equipment aftermarket industry global market size, regional shares, competitors with a construction equipment afterMarket share, detailed construction equipment afterMarket segments, market trends and opportunities, and any further data you may need to thrive in the construction equipment aftermarket industry. This construction equipment afterMarket research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The construction equipment after 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 expansion observed in the historical period can be ascribed to factors such as the aging of equipment and the associated maintenance requirements, growth in the construction industry, adherence to stringent emission standards, cost-saving opportunities through aftermarket parts, and the demand for customization and performance enhancement.
The construction equipment after 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 anticipated expansion in the forecast period can be linked to factors such as the increasing prominence of the equipment rental market, a heightened focus on sustainability and fuel efficiency, the adoption of predictive maintenance practices, the growing complexity of equipment, and the emphasis on regulatory compliance and safety. Key trends expected in the forecast period encompass the utilization of 3D printing for aftermarket parts, the implementation of remote monitoring and diagnostics, the integration of e-commerce platforms for aftermarket sales, the adoption of circular economy practices, and the application of augmented reality (AR) for maintenance training.
The anticipated growth in the construction equipment after Market is expected to be driven by the increasing scale of construction activities. Construction activities involve a range of tasks related to constructing, renovating, or erecting structures such as buildings, infrastructure, and facilities. This surge in construction activities generates a demand for construction equipment aftermarket products, including machinery parts and maintenance and repair services for equipment such as excavators and bulldozers. For example, data from November 2021, as reported by the Office for National Statistics, a UK-based Statistics Authority, indicates that the value of new construction work in Great Britain increased by 15.3% to reach $119,750 million in 2021, compared to $103,815 million in 2020. Consequently, the increasing construction activities are propelling the growth of the construction equipment afterMarket.
The expected growth in the construction equipment after Market is attributed to the rise in equipment rental practices. Equipment rental involves temporarily leasing or renting out machinery, tools, vehicles, or other equipment for a specified duration. The growing trend of renting construction equipment creates a demand for aftermarket services to ensure the maintenance and servicing of rental fleets, guaranteeing their reliability and availability. For instance, data from December 2022, sourced from the American Rental Association, a US-based non-profit organization, projects a 3.4 percent increase in revenue from equipment rental in 2023, reaching nearly $57.7 billion. This follows a substantial 11% growth in 2022, where revenue reached almost $55.8 billion. Hence, the increasing equipment rental practices contribute to the growth of the construction equipment afterMarket.
Major players in the construction equipment after Market are strategically focusing on the development of innovative solutions, including advancements such as up-tower crane technology. Up-tower crane technology refers to sophisticated crane systems designed for specialized use in the construction and maintenance of wind turbines. An example of this innovation is demonstrated by LiftWerx, a Canada-based company specializing in lifting equipment. In August 2023, LiftWerx announced the introduction of the 'GenHook' crane system technology, utilizing up-tower crane technology to install a gearbox in a wind turbine. This electric system boasts a 75% smaller carbon footprint compared to conventional cranes, attributed to reduced mobilization requirements for trucks.
Strategic focus of major companies in the construction equipment after Market is the development of concrete strength sensing systems. These systems are designed to measure and monitor the strength of concrete in real-time during the curing and setting process. An illustration is the 'REBELTM Concrete Strength Sensing System' launched by Wavelogix Inc., a US-based connected devices and software provider, in December 2023. Leveraging piezoelectric technology and an AI-guided signal processing algorithm, the REBELTM system provides a cutting-edge solution to monitor the mechanical properties of concrete by analyzing acoustic signals from the specific concrete structure under consideration.
In October 2023, Metso Corporation, a Finland-based manufacturer of crusher equipment, completed the acquisition of Tedd Engineering Ltd for an undisclosed amount. This strategic move significantly enhances Metso's capabilities in leveraging digitalization and automation within its mobile equipment business, particularly in the aftermarket segment. Tedd Engineering Ltd, a UK-based manufacturing company, specializes in electronic control systems for heavy machinery.
Major companies operating in the construction equipment after 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.
Asia-Pacific was the largest region in the construction equipment after 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 report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the construction equipment afterMarket report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The construction equipment after Market consists of sales of engine parts, hydraulic and electrical components, and tires. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Construction Equipment After Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on construction equipment after market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for construction equipment after ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The construction equipment after market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.