Aftermarket Parts in Construction Industry Market Size (2023 – 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%. 

The components and services offered for the machinery used in the construction industry after it has been sold are known as aftermarket parts. Type and application are two of these components and services. The performance and efficiency of the construction equipment are improved, repaired, and maintained with the aid of aftermarket parts and services. They also aid in extending the equipment's life and decreasing downtime. These companies provide a variety of aftermarket components and services for different types of construction machinery, including cranes and hoists, backhoes, dump trucks, compactors, loaders, bulldozers, excavators, graders, telehandlers, pavers, scrappers/wheel tractor scrapers, skid steers, concrete pumps, drilling rigs, mixer trucks, shovels, specialty machines, and others.

Global Aftermarket Parts in Construction Industry Market Drivers:

The market for aftermarket components in the construction sector is expanding rapidly due to the expanding construction industry:

The primary industries in the construction sector include real estate firms, residential and non-residential building companies, developers, architecture firms, and heavy construction enterprises. Private homes, transportation, and cost-effective building techniques will for a brief period be the main drivers of changes in the global economy. The commercial construction industry will continue to dominate the market in the years to come, outpacing the expansion of other industrial sectors. Several of the reasons for the commercial sector's expansion include the economic prosperity of nations like China and several Middle Eastern nations. Spending by the government on different infrastructure improvement projects, such as building flyovers, airports, roads, and industrial zones, would further stimulate economic activity. Some of the causes influencing the growth of construction machinery manufacturers include investments in infrastructure, residential and commercial infrastructure, and higher institutional capital expenditures. During the projection period, there will be a rise in the demand for construction machinery attachments due to increasing infrastructure-building activities.

Rapid Post-Pandemic Growth in Mining and Construction Activities Will Create Excellent Opportunities:

Following the epidemic, building, and mining operations have significantly grown. This involves expanding and renovating existing terminals, developing brand-new terminals, and increasing or improving existing runways, technical blocks, aprons, and control towers for the Airport Navigation Services. Following the pandemic, these factors are predicted to drive the market share for construction machinery attachments. Positive market growth prospects are provided by the tendency to add more attachments to cranes for particular uses in industries including manufacturing, forestry, oil and gas, and transportation. Cranes are in great demand in these industries because they operate more effectively and efficiently than traditional construction tools. The ability to easily attach extra drives, motors, and axles with this equipment.

Global Aftermarket Parts in Construction Industry Market Challenges:

The development of aftermarket components in the construction sector may be constrained by strict government regulations:

One of the main challenges for heavy construction machines is regional government policy. More diesel engines are used in the construction industry than in any other business that contributes to environmental pollution. To start major construction, a corporation must go through a drawn-out and intricate procedure of getting a permit. Natural and cultural heritage, soil, vegetation, habitats, surface and groundwater hydrology, climatology, and ecosystems are all surveyed. It follows compliance and technical regulations before the permit is created and submitted to the regulatory body. Because of this, the construction industry's slow market expansion hinders the expansion of the aftermarket parts market in that sector.

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

The home building sector has been affected by the coronavirus's introduction. The supply chain is where the primary issue is. The influence on supply chains and international construction markets has shifted as a result of COVID-19’s metamorphosis from a China-specific problem into a worldwide pandemic. The kind and magnitude of these issues will be greatly influenced by the financial crisis, the length of the recession, and the recovery process. In the first quarter of 2020, the building industry did well, particularly in the new residential category, and activity increased in several areas. Due to the rise in cases in North America, many court-approved projects that government officials deemed essential have not been canceled, but new home-building licenses have been put on hold. For both new and continuing building projects, builders and contractors are rushing to secure permits. Construction firms and workers want to pick up where they left off. However, businesses and employees alike are now in the dark and confused as a result of new government standards and restrictions. Because families stay at home, homeowners in regions with high coronavirus infections restrict contractors' access to their properties and favor DIY projects. The US construction sector is anticipated to face comparable difficulties in terms of material supply chain disruption, labor shortages, and closure of building sites around the city based on the occurrences in China and Europe. American businesspeople are already having trouble with their material supply chain as a result of foreign suppliers and logistics companies, many of whom are headquartered in China, ceasing operations to prevent the epidemic.

Global Aftermarket Parts in Construction Industry Market Recent developments:

In January 2022: The creation of 21 Greenfield airports around the country received official clearance. According to an official government announcement, construction of the country's largest airport is scheduled to begin in the years to come at Gautam Buddha Nagar, Uttar Pradesh.

ROBOTICS MARKET REPORT COVERAGE:

Global Aftermarket Parts in Construction Industry Market Segmentation: By Product

• Cooling Systems
• Accessories
• Electrical Systems
• Fuel Systems

In hot areas or where there are considerable thermal gains (such as solar gain, people, and equipment), buildings may need to be cooled. Comfort cooling is another name for this cooling. Additionally, cooling could be required for industrial operations or refrigerated storage. The most prevalent sector is cooling systems. A step-down transformer supplied by the utility provider and positioned within or close to the building serves as the foundation for the electrical systems in these structures. Standard line potential is reduced by the transformer to two dual voltage systems, which are then routed through main breakers and electricity meters to track subscriber consumption.

Global Aftermarket Parts in Construction Industry Market Segmentation: By Application

• Heavy Earthmoving
• Light Earthmoving
• Lifting & Material Handling
• Drilling & Trenching
• Trucking & Hauling

The majority of the market was occupied by the heavy earthmoving category. In recent years, there has been a sharp increase in demand for new infrastructure. Due to its size and importance, earth-moving machinery is perhaps the most recognizable machinery on any construction site. In the field of building, it has a wide range of uses. They are employed for a range of earthwork projects, including trench excavation, foundation installation, soil grading, rock and dirt removal, and demolition work. Different kinds of earth-moving equipment can carry out all kinds of tasks, and thanks to technological advancements in the sector, there are now many different kinds of earth-moving equipment available on the market that can accommodate practically every kind of construction activity. Placing pipelines, filling trenches, lifting materials, excavation operations, and other activities are all part of earthmoving activities. During the analysis timeframe, these variables are predicted to accelerate the expansion of the earthmoving sub-segment.

For projects of every magnitude, from house building to significant commercial and civic developments, light earthmoving is necessary. A large variety of devices that can dig and level dirt and rocks as well as perform other tasks are referred to as earthmoving equipment. In addition to accelerating earth movement, heavy machinery may also be used for building and destruction. Heavy construction equipment can perform a variety of tasks, making it essential on building sites.

Global Aftermarket Parts in Construction Industry Market Segmentation: By Region

• North America

• Europe

• Asia-Pacific

• South America

• Middle East and Africa

The construction machinery attachment market in Asia-Pacific held the largest market share. The area is home to China and India, two of the largest emerging countries on the planet, both of which are now going through socioeconomic change. the expanding requirement for the building of huge airports, retail centers, energy projects, and several other sizable development projects. Over the course of the forecast period, these trends would likely persist in the region, fueling the growth of the market for construction machinery attachments. Being a significant actor in the Asia-Pacific region, China has a thriving building sector supported by its expanding economy. These elements are predicted to increase demand for construction machinery attachments in the upcoming years. During the projection period, the MEA (Middle East and Africa) region is likely to have considerable market expansion. The growth of the building sector in this area is supported by favorable government policies and plans. The expanding construction sector in this area is unquestionably thought to be the driver of the market growth rate since long-term development projects require construction equipment in optimal conditions.

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