Construction Equipment Aftermarket Market Growth Analysis 2023-2027: Anticipated Growth Rate, Leading Segments And Regions As Per The Business Research Company's Construction Equipment Aftermarket Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Dec. 04, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s Construction Equipment Aftermarket Global Market Report 2023, the global construction equipment aftermarket market is set for substantial growth, forecasted to surge from $23.38 billion in 2022 to $25.20 billion in 2023, representing an impressive compound annual growth rate (CAGR) of 7.8%. The construction equipment aftermarket market is projected to reach $32.69 billion in 2027, maintaining a resilient CAGR of 6.7%.
Propelling Growth: Surging Construction Activities
The driving force behind this construction equipment aftermarket market growth is the surge in construction activities globally. Construction activities encompass a broad spectrum of tasks involved in building, renovating, or constructing structures, including buildings, infrastructure, and facilities. The increased construction activities generate demand for construction equipment aftermarket products, such as machinery parts and equipment maintenance and repairs for excavators and bulldozers. Notably, in 2021, the value of new construction work in Great Britain witnessed a substantial 15.3% increase, reaching $119,750 million from $103,815 million in 2020, as reported by the Office for National Statistics.
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Key Players Shaping the Market
Major players influencing the construction equipment aftermarket market include industry giants like Caterpillar Inc., Komatsu Ltd., CNH Industrial N.V., and John Deere Construction & Forestry. These players contribute significantly to the market's dynamics, providing a wide array of products and services.
Innovations Driving Trends in the Market
A key trend in the construction equipment aftermarket market is the focus on product innovations by major companies. Notably, in May 2020, John Deere launched the M Series front loaders tailored for tractors up to 155 hp, featuring a mechanical self-leveling system and optional suspension. Product innovations are crucial for sustaining market positions, and companies like John Deere are addressing the demand for versatile, lightweight loaders at competitive prices.
Strategic Acquisitions to Strengthen Market Presence
In April 2020, All States Ag Parts LLC acquired H&R Construction Equipment Parts, enhancing its capabilities to serve the construction sector. The acquisition expanded the range of products offered by All States Ag Parts LLC, including a significantly increased assortment of construction equipment parts, reinforcing the company's position in the construction equipment aftermarket.
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In conclusion, industry players can leverage the insights provided in the Construction Equipment Aftermarket Market Report to strategically position themselves in this dynamic landscape. Identifying opportunities within the growing construction sector, staying abreast of innovative trends, and understanding regional dynamics are crucial for businesses aiming to thrive in the construction equipment aftermarket. The construction equipment aftermarket market report serves as a comprehensive guide, offering actionable intelligence to guide strategic decisions, enhance market presence, and capitalize on the immense growth potential within the global construction equipment aftermarket.
Construction Equipment Aftermarket Global Market Report 2023 by The Business Research Company provides insights on the construction equipment aftermarket market size, construction equipment aftermarket market segments, construction equipment aftermarket market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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