Selbyville, Delaware, Oct. 05, 2021 (GLOBE NEWSWIRE) --
The construction equipment aftermarket revenue is anticipated to record a valuation of USD 30 billion by 2027, according to the most recent study by Global Market Insights Inc. Growing consumer spending on luxury furniture will spur industry growth. Rising demand for construction equipment across the globe Spare parts play a vital role in enhancing the efficiency, productivity, and performance of the construction equipment.
The outbreak of COVID-19 has negatively impacted the construction equipment aftermarket in 2020. Stringent lockdown imposed by various governments to curb virus transmission has resulted in a halt in global construction & mining activities. Additionally, several restrictions on international and domestic trades have disrupted the global logistics & supply chain, thereby hindering the market growth. The market is expected to showcase slow growth due to the uplifting of lockdown restrictions by several governments owing to COVID-19 cases reduction in 2021.
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The concrete equipment segment is experiencing high demand due to increasing road building and infrastructure development activities in Asia Pacific. Established players are focusing on partnerships and collaborations to enhance their customer experience. For instance, in October 2019, Sany India and Putzmeister collaborated to offer enhanced concrete equipment and to improve aftersales services in India. Both companies will focus on improving their delivery and spare parts replacement services across the country.
Leading industry participants are adopting several strategies including partnerships and collaborations to gain a competitive edge in the aftermarket. For instance, in January 2020, Konecranes announced the partnership with Yilport Holdings to refurbish 23 cranes at the Taranto Port, Italy. This helped Konecranes to enhance its aftermarket services business across Europe.
Some major findings in the construction equipment aftermarket report include:
- Increasing investments in construction activities in the residential and commercial sectors are increasing the demand for construction equipment in Asia. Frequent usage of construction equipment will result in component failure, thereby propelling spare parts sales in the region.
- Key road infrastructure projects in various MEA countries, such as the UAE, Egypt, Kuwait, Oman, Saudi Arabia, and South Africa, will provide a positive outlook for the market.
- The presence of established market players, such as Liebherr Group, JCB, Volvo Construction Equipment, Palfinger AG, CNH Industrial, and Manitou Group, is driving the construction equipment aftermarket growth in Europe.
- Rapid urbanization and the construction of various energy plants in Latin America are creating ample opportunities for construction equipment. The increasing adoption of backhoe loaders, excavators, mobile cranes, and truck loaders will boost spare parts sales in the region.
- Growing government investments in infrastructure development in North America are driving the construction equipment spare parts industry growth. Additionally, stringent government regulations on parts replacement to enhance the safety and performance of the equipment will further fuel the market growth.
- Prominent players operating in this market include John Deere, Kobelco Construction Machinery Co., Ltd., Komatsu Ltd., Caterpillar Inc., Sany Global, Volvo Construction Equipment, Zoomlion Heavy Industry Science and Technology Co., Ltd., Palfinger AG, Terex Corporation, Tadano Limited, Hitachi Construction Machinery Co., Ltd., and The Manitowoc Company, Inc.
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Partial chapters of report table of contents (TOC):
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on construction equipment aftermarket industry landscape
3.2.1 Global outlook
3.2.2 Regional impact
3.2.2.1 North America
3.2.2.2 Europe
3.2.2.3 Asia Pacific
3.2.2.4 Latin America
3.2.2.5 MEA
3.2.3 Industry value chain
3.2.3.1 Research & development
3.2.3.2 Manufacturing
3.2.3.3 Marketing
3.2.3.4 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.2 Technology providers
3.3.3 Manufacturers
3.3.4 End-use landscape
3.3.5 Profit margin analysis
3.3.6 Distribution channel analysis
3.3.7 Vendor matrix
3.4 Investment landscape
3.5 Technology & innovation landscape
3.6 Regulatory landscape
3.6.1 North America
3.6.2 Europe
3.6.3 Asia Pacific
3.6.4 Latin America
3.6.5 MEA
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 Growing construction activities across the globe
3.7.1.2 Increasing awareness about construction equipment performance and efficiency
3.7.1.3 Implementation of stringent government regulations for construction equipment emission in North America & Europe
3.7.1.4 Rising worker safety concerns on construction sites in Asia Pacific
3.7.1.5 Increasing demand for aftermarket construction equipment parts & components in MEA and Latin America
3.7.2 Industry pitfalls & challenges
3.7.2.1 Presence of several local players offering low cost products
3.7.2.2 Technological advancements in monitoring and tracking equipment’s performance
3.8 Growth potential analysis
3.9 Porter's analysis
3.9.1 Supplier power
3.9.2 Buyer power
3.9.3 Threat of new entrants
3.9.4 Threat of substitutes
3.9.5 Internal rivalry
3.10 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
