Aftermarket Parts in Construction Industry Market Size (2024 –2030)

The Global Aftermarket Parts in Construction Industry Market was valued at USD 648.67 billion and is projected to reach a market size of USD 1140.85 billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 8.4%.

After construction equipment is sold, aftermarket parts and services function similarly to upgrades and repairs. They prolong the life, improve performance, and reduce downtime of these machines. Businesses provide a range of parts and services for different construction equipment, including trucks, excavators, cranes, and more. Thus, aftermarket parts and services are available to help if something goes wrong or you wish to enhance your machine.

Key Market Insights:

Asia-Pacific region accounts for nearly 30% of the global aftermarket parts in the construction industry market share, attributed to the rapid infrastructure development and the presence of a large fleet of construction equipment in the region.

The earthmoving equipment segment holds a market share of over 30% in the aftermarket parts in the construction industry market, owing to the high demand for replacement parts and components for excavators, loaders, and other heavy machinery.

Construction vehicles contribute to around 25% of the overall aftermarket parts in the construction industry market, driven by the need for replacement parts for concrete mixers, dump trucks, and other specialized vehicles used in construction projects.

The engines and transmissions grow at a rate of around 6% annually, driven by the increasing demand for repair and maintenance services to extend the lifespan of construction equipment and machinery.

Global Aftermarket Parts in Construction Industry Market Drivers:

Because of the growing construction industry, the aftermarket component market in the construction sector is growing quickly.

Construction companies are those that build buildings such as homes, offices, roads, and bridges. This covers large construction companies, builders, architects, and real estate agencies. The current global economic shifts are being driven by the construction of private homes, the advancement of transportation, and the use of economic techniques. It is anticipated that companies constructing stores and offices will continue to expand, particularly in the Middle East and China. Government spending on infrastructure projects like roads and airports benefits the construction sector as well. Because of all the construction projects going on, businesses that manufacture construction machinery are also expanding. There will be a greater need for these machines' attachments and tools as more infrastructure is constructed.

Mining and construction activities will grow quickly after the pandemic, creating excellent opportunities.

Building and mining projects have increased significantly since the pandemic. This includes building out airports and enhancing the terminals, control towers, and runways. As a result, the market for construction machine attachments is expanding. A growing number of crane attachments are being added by sectors such as manufacturing, forestry, oil and gas, and transportation to suit particular tasks. Cranes are widely used in construction because they are easier to add additional parts to and perform more efficiently than standard construction tools.

Aftermarket Parts in Construction Industry Market Challenges and Restraints:

The laws that local governments impose present a significant challenge for heavy construction equipment. Diesel pollution is a result of these machines' heavy diesel consumption. Large construction projects require companies to go through a protracted permissions process before they can begin. They have to make sure they're not damaging the environment by examining things like soil, water, culture, and nature. It is difficult for the market for spare machine parts to expand in the construction sector because of this sluggish process.

Aftermarket Parts in Construction Industry Market Opportunities:

The construction industry's aftermarket parts market is rife with opportunities. Technology advancements present an opportunity to develop novel components with attributes like predictive maintenance and remote monitoring. Since sustainability is important, there is a chance to create environmentally friendly products using recycled materials. Since people like customization, it's critical to provide parts that can be adjusted to meet particular requirements. Reach can be increased by investing in e-commerce platforms, as online sales are booming. With the global construction industry expanding, there is an opportunity to enter new markets. Customer satisfaction can be increased by offering value-added services like maintenance contracts and training courses. Working together with other industry professionals can also lead to new opportunities. Businesses can prosper in the aftermarket parts market and satisfy changing consumer demands by embracing these channels.

AFTERMARKET PARTS IN CONSTRUCTION INDUSTRY MARKET REPORT COVERAGE:

Global Aftermarket Parts in Construction Industry Market Segmentation: By Product

• Cooling Systems

• Accessories

• Electrical Systems

• Fuel Systems

Buildings may require cooling in regions that experience high temperatures or high heat fluxes from sources such as sunlight, occupants, or machinery. We refer to this as comfort cooling. Cooling is sometimes required for large-scale operations or to maintain cold conditions, such as in refrigerated storage. This is accomplished by using the most popular kind of cooling systems. These systems depend on a unique transformer that the electricity provider provides. To make the building safer, this transformer reduces the power of the electricity. Subsequently, the electricity is routed via primary switches and meters to monitor the amount consumed by each individual.

Global Aftermarket Parts in Construction Industry Market Segmentation: By Application

• Heavy Earthmoving

• Light Earthmoving

• Lifting & Material Handling

• Drilling & Trenching

• Trucking & Hauling

Heavy earthmoving equipment holds a significant market share in the construction machinery industry. Because of their size, these machines are easily recognizable on construction sites and are essential for constructing new infrastructure. They are employed in a variety of jobs, such as clearing debris and rocks from the ground, grading soil, installing foundations, and demolishing buildings. Technology breakthroughs have made a wide variety of earthmoving equipment available to efficiently handle various construction tasks. These machines are capable of digging, lifting materials, filling trenches, and laying pipelines. Additionally, for smaller projects like residential construction or smaller commercial developments, light earthmoving machinery is essential. These devices are capable of digging, leveling ground, and other duties. On construction sites, heavy construction equipment is indispensable due to its versatility and ability to perform a wide range of tasks.

Global Aftermarket Parts in Construction Industry Market Segmentation: By Region

• North America

• Europe

• Asia-Pacific

• South America

• Middle East and Africa

Asia-Pacific, which comprises nations like China and India, has the largest market for attachments for construction machinery. Large-scale projects like airports, shopping malls, and energy plants are becoming more and more necessary as a result of the significant changes these nations' economies and societies are going through. It is anticipated that this pattern will hold, propelling the attachment market's expansion. The demand for attachments will rise in the upcoming years due to China's robust construction industry and its expanding economy. It is anticipated that the market will expand significantly in the Middle East and Africa (MEA). This is a result of plans and policies from the government that are encouraging the construction industry. The primary cause of the rise in demand for construction machinery attachments in this area is the expanding construction industry.

COVID-19 Impact on the Global Aftermarket Parts in Construction Industry Market:

The home building industry has experienced difficulties as a result of the coronavirus, particularly in the supply chain. It was initially a Chinese issue, but it soon spread throughout the world. The length of the recession and the speed at which the economy recovers will determine how severe these issues become. The construction sector was doing well at the start of 2020, particularly for new homes. While new building permits in North America are halted, some projects that officials deem essential continue to proceed. For both new and ongoing projects, builders are scrambling to obtain permits, but unclear government regulations are making matters worse. Some homeowners are doing their projects. They don't want contractors to come to their homes because more people are staying at home. It is anticipated that the construction industry in the US will face comparable challenges to those in China and Europe, including supply chain interruptions, a shortage of labor, and the closure of some construction sites. Since many suppliers and logistics firms are located in China, American businesses are already experiencing difficulties obtaining materials. These companies have also stopped trying to stop the virus from spreading.

Latest Trend/Development:

There are numerous new aftermarket part trends and advancements in the construction industry. Businesses are concentrating on producing environmentally friendly parts and utilizing IoT technologies to make them more intelligent. Additionally, they are producing parts that can be ordered online for convenience and tailored to meet particular requirements. The desire for efficiency has led to a demand for parts that extend life and improve the performance of machinery. To keep equipment operating smoothly, businesses offer services like maintenance and repair in addition to selling parts. In general, the construction industry's aftermarket parts market is changing due to new technologies, client demands, and an emphasis on efficiency and sustainability.

Key Players:

1. XCMG Group

2. John Deere

3. Caterpillar Inc

4. Komatsu

5. Volvo

6. Kubota

7. Hidromek

8. SANY Heavy Industry Co. Ltd.

9. Takeuchi

10. Yanmar

Market News:

• The government gave the go-ahead in January 2022 to construct 21 brand-new airports around the nation. Additionally, they declared that construction on the largest airport in Gautam Buddha Nagar, Uttar Pradesh, would soon begin.