The Construction Equipment Aftermarket is set to grow from its current market value of more than USD 20 billion to over USD 30 billion. It is unsurprising to note that the population worldwide is growing at an unprecedented pace today, resulting in a sturdy rise in the need for construction of new buildings, road infrastructure, bridges, and more. According to the latest report by ICE’s Global Construction 2030 forecast, the construction industry worldwide is projected to grow by 85% to USD 15.5 trillion by 2030 end. This offers a lucrative opportunity for the growth in the demand for construction equipment, presenting a developmental path to the market by 2027.
Spare parts have an impeccable role to play in enhancing the productivity, efficiency, and performance of the construction equipment, which is why the market is projected to grow at an appreciable pace in the coming years.
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Another market gimmick announced by one of the prominent leaders of the construction equipment aftermarket, John Deere, was the introduction of a service program for construction equipment- John Deere Protect Service Plan. The company, through this launch, is seeking to offer required maintenance at every 500-hour interval by a professional dealer service technician. This would eventually enable the customers to decrease their risk and long-term ownership costs.
Considering this rising demand, various construction companies operating in the region are taking up strategic initiatives like partnerships and collaborations, acquisitions, product developments, and more to consolidate their position in the overall market. A recent example for the aforesaid can be offered by Sany India and Putzmeister.
In October 2019, both the companies announced a collaboration to provide enhanced concrete equipment and to augment the aftersales services in the Indian subcontinent. Reportedly, both the firms are required to focus on improving their delivery and spare parts replacement services across the nation.
The novel outbreak of coronavirus pandemic has had a severe impact on the global construction industry during the first half of 2020. This has indeed affected the sales curve of construction equipment aftermarket owing to the shutdown in construction sites and disruptions in the logistics and supply chains.
The novel outbreak of coronavirus pandemic has had a severe impact on the global construction industry during the first half of 2020. This has indeed affected the sales curve of construction equipment aftermarket owing to the shutdown in construction sites and disruptions in the logistics and supply chains.
However, the market witnessed an upscale in the demand during the second half of the pandemic year, 2020, with the construction projects being back on track. It would thus be overt to state that as the construction industry is recuperating from the losses incurred during 2020, the construction equipment aftermarket is set to account for remunerative growth in the years to come.
For the uninitiated, 60% of the world’s population (nearly 4.3 billion people) is currently residing in the APAC region. Besides, the urban population in the region is anticipated to surpass 3.3 billion counts by 2050 end, significantly enunciating the need for construction and construction equipment. Frequent use of construction equipment would result in component failure, leading to a spurt in the demand for spare parts.
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Some Point from Table of Contents:
Chapter 5 Construction Equipment Aftermarket, By Product
5.1 Key trends, by product
5.2 Earthmoving & roadbuilding equipment
5.2.1 Market estimates and forecast, 2017 – 2027
5.2.2 Hydraulic Systems
5.2.2.1 Market estimates and forecast, 2017 – 2027
5.2.3 Engine Parts
5.2.3.1 Market estimates and forecast, 2017 – 2027
5.2.4 Axle & Transmission Parts
5.2.4.1 Market estimates and forecast, 2017 – 2027
5.2.5 Others
5.2.5.1 Market estimates and forecast, 2017 – 2027
5.3 Material handling & cranes
5.3.1 Market estimates and forecast, 2017 – 2027
5.3.2 Hydraulic Systems
5.3.2.1 Market estimates and forecast, 2017 – 2027
5.3.3 Engine Parts
5.3.3.1 Market estimates and forecast, 2017 – 2027
5.3.4 Axle & Transmission Parts
5.3.4.1 Market estimates and forecast, 2017 – 2027
5.3.5 Others
5.3.5.1 Market estimates and forecast, 2017 – 2027
5.4 Concrete equipment
5.4.1 Market estimates and forecast, 2017 – 2027
5.4.2 Hydraulic Systems
5.4.2.1 Market estimates and forecast, 2017 – 2027
5.4.3 Engine Parts
5.4.3.1 Market estimates and forecast, 2017 – 2027
5.4.4 Axle & Transmission Parts
5.4.4.1 Market estimates and forecast, 2017 – 2027
5.4.5 Others
5.4.5.1 Market estimates and forecast, 2017 – 2027
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