Construction Equipment Aftermarket Growth Analysis & forecast Report | 2021-2027
The size of construction equipment aftermarket was registered at USD 20 billion in the year 2020 and is anticipated to cross USD 30 billion by 2027. Between the period 2021-2027, the market is expected to register a CAGR of 5%.
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 construction equipment aftermarket over 2021-2027.
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Spare parts have an impeccable role to play in enhancing the productivity, efficiency, and performance of the construction equipment, which is why the construction equipment aftermarket is projected to grow at an appreciable pace in the coming years.
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.
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.
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.
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.
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Data Tables
TABLE 1 Global construction equipment aftermarket industry 360º synopsis, 2017 - 2027
TABLE 2 Global Market, 2017 - 2020 (USD Million)
TABLE 3 Global Market, 2021 - 2027 (USD Million)
TABLE 4 Global construction equipment aftermarket, by product, 2017 - 2020 (USD Million)
TABLE 5 Global construction equipment aftermarket, by product, 2021 - 2027 (USD Million)
TABLE 6 Global earthmoving and road building equipment aftermarket, by product, 2017 - 2020 (USD Million)
TABLE 7 Global earthmoving and road building equipment aftermarket, by product, 2021 - 2027 (USD Million)
TABLE 8 Global hydraulic systems for earthmoving & road building equipment aftermarket, 2017 - 2020 (USD Million)
TABLE 9 Global hydraulic systems for earthmoving & road building equipment aftermarket, 2021 - 2027 (USD Million)
TABLE 10 Global engine parts for earthmoving & road building equipment aftermarket, 2017 - 2020 (USD Million)
TABLE 11 Global engine parts for earthmoving & road building equipment aftermarket, 2021 - 2027 (USD Million)
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