What Has Been The Historical And Current Growth Of The Construction Equipment Aftermarket Market?
The construction equipment aftermarket market has seen considerable growth due to a variety of factors.
•In the past few years, the size of the construction equipment aftermarket market has substantially expanded. The market value is projected to increase from $26.87 billion in 2024 to $28.75 billion in 2025, with a compound annual growth rate (CAGR) of 7.0%.
The notable growth during the historic period is due to various factors including the aging and maintenance requirements of equipment, expansion of the construction industry, rigid emission norms, savings incurred through aftermarket components, customization, and enhancement of performance.
What Is The Forecast For The Construction Equipment Aftermarket Market By 2029?
The construction equipment aftermarket market is expected to maintain its strong growth trajectory in upcoming years.
• The estimated size of the construction equipment aftermarket market is projected to witness robust expansion in the coming years, with an anticipated market value of $37.85 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 7.1%.
Factors contributing to this growth during the forecast period include the booming equipment rental market, emphasis on sustainability and fuel efficiency, increasing regulatory compliance, adoption of predictive maintenance, and escalating equipment complexity and safety considerations. Key trends to dominate the predicted period comprise the rise of 3D printing for aftermarket parts, the popularity of utilising remote monitoring and diagnostics, the use of e-commerce platforms for aftermarket sales, the implementation of circular economy concepts, and the application of augmented reality (AR) for maintenance training.
What Are The Essential Drivers Behind The Growth Of The Construction Equipment Aftermarket Market?
The increase in construction activities is predicted to stimulate the expansion of the construction equipment aftermarket. These activities encompass construction, renovation, and building of structures including buildings, infrastructure, and facilities. The rise in these activities is spurring demand for aftermarket construction equipment products like machine components and maintenance and repair services for heavy machinery such as bulldozers and excavators. For instance, the Office for National Statistics, a UK-based statistics authority, reported that new construction work in Great Britain hit an all-time high of $179.53 billion in 2022, a 15.8% increase from the previous year. This surge was driven by a $18.32 billion growth in private sector projects and a $5.085 billion increase in public sector projects. Moreover, new orders for construction jumped by 11.4% to $109.13 billion, mainly due to increases in private infrastructure, private commercial projects, and several public non-housing sectors. Consequently, this increase in construction activities is propelling the expansion of the construction equipment aftermarket.
How Is The Global Construction Equipment Aftermarket Market Divided Into Key Segments?
The construction equipment after market 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
Subsegments:
1) By Earthmoving And Road Building Equipment: Excavators, Bulldozers, Backhoe Loaders, Graders, Skid Steer Loaders
2) By Material Handling And Cranes: Forklifts, Telehandlers, Tower Cranes, Mobile Cranes, Reach Stackers
3) By Concrete Equipment: Concrete Mixers, Concrete Pumps, Concrete Batching Plants, Concrete Finishing Equipment
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What Trends Are Reshaping The Future Of The Construction Equipment Aftermarket Market?
Leading businesses in the construction equipment aftermarket are concentrating on crafting innovative solutions like up-tower crane technology. This technology usually denotes advanced and unique crane systems that are purposely created for the construction and servicing of wind turbines. For example, LiftWerx, situated in Canada and professional in providing lifting equipment, announced in August 2023, the introduction of 'GenHook' crane system technology. This specific technology was used to fit a gearbox in a wind turbine. The entire system is electrical, and it has a 75% smaller carbon footprint compared to the traditional cranes, mainly due to its reduced dependence on trucks for mobilization.
Who Are the Key Players in the Construction Equipment Aftermarket Market?
Major companies operating in the construction equipment aftermarket market include:
• 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.
What are the Regional Insights into the Construction Equipment Aftermarket Market?
Asia-Pacific was the largest region in the construction equipment aftermarket in 2024. 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
