The construction equipment aftermarket is projected to showcase robust expansion by 2027 driven by mounting product demand across the globe. Moreover, growing popularity of e-commerce in the construction industry is slated to further support market growth over the forecast period.

Increasing consumer inclination towards buying parts online owing to easy access, safety, and cost-efficiency, among other benefits, has created massive growth potential for manufacturers and suppliers in recent years. Thus, to capitalize on this emerging trend, market participants have been implementing various tactics to gain a competitive edge in the industry.

For instance, in February 2020, SmartEquip, a key firm in the construction equipment aftermarket, launched its novel solution dubbed “SmartEquip e-Commerce”. The solution was developed to provide manufacturers as well as authorized distributors with an easy-to-use platform to help their clients access content and make payments to reduce cost of ownership.

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Following the COVID-19 outbreak, e-commerce in the sector saw an upsurge as customers needed to procure parts from the safety of their homes, which has positively influenced product outlook during the pandemic. Furthermore, industry players are adopting lucrative expansion strategies to extend their consumer reach to leading regions worldwide, which has been favorable for the competitive landscape.

To cite an instance, in September 2021, Hyundai Construction Equipment Americas (HCEA), a major construction equipment manufacturer, announced the integration of Taylor Construction Equipment to expand its authorized dealer network in North America. Taylor Construction Equipment is a leader in forklifts, construction equipment, and material handling products, and offers high quality products with the most responsive aftermarket services.

The construction equipment aftermarket has been bifurcated in terms of product, sales channel, and region. Based on product, the market has further been divided into material handling & cranes, earth moving & road building equipment, and concrete equipment.

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The material handling & cranes sub-segment is expected to see optimistic growth by 2027, registering a considerable CAGR over the assessment timeline. The proliferating transportation & logistics industry would boost the demand for mobile cranes, which is likely to support segmental adoption in the coming years.

With respect to sales channel, the construction equipment aftermarket has been segregated into online and offline. In 2020, the online sub-segment held a sizable volume share in the market and is estimated to grow at a stable pace over 2021-2027. Mounting prominence of online sales channel due to shifting consumer preference towards contactless product delivery is set to stimulate segmental development over the following years.

On the regional spectrum, the Middle East & Africa construction equipment aftermarket is calculated to observe significant growth by 2027, progressing at a steady CAGR through the forecast timeline. Rising adoption of construction equipment in mining activities across MEA is speculated to fuel regional market demand in the future.