Increasing demand and adoption of heavy earthmoving and road building equipment have been a catalyst for creating lucrative growth opportunities in the construction equipment aftermarket market. As construction and infrastructure activities such as digging of trenches and forestry work witness a steady increase, the demand for construction equipment is set to exhibit an upward trajectory. Due to long exposure to harsh environments, construction equipment is highly susceptible to wear and tear of vital parts. This can negatively affect their long-term functionality, resulting in permanent damage. As a result, industry leaders in the construction sector are driven towards procuring durable and cost-efficient equipment. In the near future, this is expected to propel key market players in the construction equipment market to engage in robust R&D endeavors and pursue strategic partnerships. These favorable business developments have created headways for phenomenal growth in the global construction equipment aftermarket market.
Housing Construction Projects Set to Soar Demand for Construction Equipment
As construction activities gain momentum, particularly in the residential sector, construction equipment aftermarket is expected to witness consistent growth over the forecast period. Residential housing projects have been on the rise globally, facilitating increased demand for construction equipment and spare parts. Moreover, mega projects in the commercial and public sector are projected to contribute to the expansion of the construction equipment aftermarket market. In the coming years, overall growth in both residential housing construction and commercial construction sectors are expected to positively influence the demand for construction equipment aftermarket, encouraging prominent market players to scale the manufacturing, production, and distribution of advanced construction equipment aftermarket.
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Online Retail Set to Offer Lucrative Growth Prospects
With the increased prevalence of online retail, the sale of construction equipment spare parts is expected to substantially increase in the foreseeable future. Moreover, the COVID-19 pandemic also affected offline retailers which, in turn, has motivated consumers to shop for spare parts online. In this context, major OEMs are rapidly strengthening their online retail capabilities to better suit today’s changing consumer behavior and leverage online platforms to interact with their dealers, suppliers and consumers. This is projected to translate into increased sales of construction equipment spare parts from online portals, thereby, massively contributing to the growth of construction equipment aftermarket market.
Tremendous Growth in Construction Sector to Position Asia Pacific as Key Regional Player
Increasing construction projects and promising government regulations in the Asia Pacific are expected to be the key market drivers of its construction equipment aftermarket market. Several projects in APAC’s leading as well as emerging economies are aimed at improving road networks, providing housing, and enhancing the essential infrastructural demands of the public. Furthermore, there is a growing need in the Asia Pacific to enhance the supply chain of construction equipment spare parts – another factor is poised to positively impact the demand for construction equipment aftermarket.
Prominent Market Players
Some of the most influential market players in the global construction equipment aftermarket market include Volvo Construction Equipment, Terex Corporation, The Manitowoc Company, Palfinger AG, John Deere, Caterpillar, Tadano Limited, Hitachi Construction Machinery, Liebherr Group, Sany Global, Kobelco Construction Machinery, and Zoomlion Heavy Industry ScienceandTechnology.
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