Ameco Research Analysts says that the global Construction Equipment Aftermarket accounted for USD 20.9 Billion in 2020 at a CAGR of 5.1% during the predicted years
The construction sector is flourishing all around the world. Countries are seeking not merely to accommodate an ever-increasing population, but also to compete on a global scale in order to prosper as states. Some countries are propelled forward by their rapid expansion, while others are bolstered by a powerful economic force. In 2020, Asia's construction investment accounted for over half of all global construction spending. According to our newest study, the region's recent strong expansion has mostly come at the price of decreases in both North America and Western Europe. While the economies of the Western world have slowed, Asia has maintained solid growth and has been less affected by the global economic slump in recent years. Asia's sustained expansion has also become increasingly reliant on domestic consumption, thanks to rising prosperity and urbanization. In 2012, Asia was the world's largest regional construction market, accounting for about 40% of global construction spending. By 2020, Asian construction investment is expected to account for nearly half of all global construction spending.
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The trend of adding extra attachments to cranes for specific uses, including manufacturing, forestry, oil and gas, and transportation, bodes well for market expansion. Cranes are in high demand in these verticals because they are more efficient and have superior operating performance than traditional construction tools. One of the key elements driving the expansion of aftermarket parts in the construction sector market is the flexibility these machines provide in terms of connecting extra drives, motors, and axles.
The construction business is worth more than $11 trillion globally, with residential buildings accounting for the majority of it. The introduction of coronavirus has thrown the residential construction business into disarray. The supply chain is the most affected. COVID-19's transition from a China-centric threat to a worldwide pandemic has had an influence on global supply chains and construction markets. The size and severity of these issues will be primarily determined by the financial crisis, the length of the recession, and the path to recovery.
Electric construction equipment's growing popularity is projected to offer new revenue streams for OEMs in the coming years. These machines run on batteries and offer a number of benefits, including less noise, less maintenance, and less vibration, as well as making field work simpler for laborers. They're still in the early stages, but they're expected to gain traction in the coming months.
Technological advancements in equipment, such as digital twin and networking solutions, are reducing equipment maintenance costs, which has an impact on industry revenue. Furthermore, to reduce downtime and maintenance costs, construction equipment owners are focusing on adopting fail-safe machinery with enhanced sensor integration. Fail-safe machines provide the owner with the component's total performance statistics, allowing for efficient management of equipment spare parts.
Global Construction Equipment Aftermarket Segmentation
The construction equipment aftermarket is divided into four categories: equipment type, sales channel, application, and geography. The equipment type segment includes earthmoving and road building equipment, material handling and cranes, and concrete equipment. By equipment type, earthmoving and road building equipment generated the maximum market share in 2020 because of the growing urban population and the demand for better infrastructure. Online and offline are the bifurcations of the sale channel segment. Based on the sales channel, the online segment is likely to attain the fastest growth rate in the coming years. On the basis of application, the market is divided into residential, commercial, and infrastructure. The infrastructure segment accumulated a considerable market share due to the increasing industrialization across the world. Meanwhile, the residential segment is anticipated to register the fastest growth rate during the projected years 2021 – 2028.
North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa (MEA) are the regional categorization of the global construction equipment aftermarket. Among all the regions, the Asia-Pacific region occupied the leading market share in 2020 and is likely to continue its inclination throughout the anticipated period 2021 – 2028. The market's expansion may mostly be attributed to favorable government policies aimed at boosting infrastructure projects in rising economies like India, China, and Southeast Asia. During the forecast period, the Middle East and Africa region is expected to see considerable market expansion. The expansion of the building industry in this region is being aided by favorable government policies and programmes.
The key companies offered in the report include Caterpillar Inc., Kobelco Construction Machinery Co., Ltd., John Deere, Palfinger AG, Tadano Limited, Hitachi Construction Machinery Co., Ltd., Liebherr Group, Terex Corporation, Sany Global, Volvo Construction Equipment, The Manitowoc Company, Inc., and Zoomlion Heavy Industry Science and Technology Co., Ltd.
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