Construction Equipment Aftermarket Market Report, Global, 2023

The global construction equipment aftermarket market is expected to grow from $23.38 billion in 2022 to $25.20 billion in 2023 at a compound annual growth rate (CAGR) of 7.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The construction equipment aftermarket market is expected to reach $32.69 billion in 2027 at a CAGR of 6.7%.

The growing construction activities are expected to propel the growth of the construction equipment aftermarket market going forward. Construction activities refer to the various tasks and operations involved in constructing, renovating, or building structures, such as buildings, infrastructure, and facilities. The growing construction activities provide demand for construction equipment aftermarket products like machinery parts and equipment maintenance and repairs for excavators and bulldozers. For instance, in November 2021, according to the Office for National Statistics, a UK-based Statistics Authority, the value of new construction work in Great Britain increased by 15.3% to reach $119,750 million in 2021 from $103,815 million in 2020. Therefore, the growing construction activities are driving the growth of the construction equipment aftermarket market.

Product innovations are a key trend gaining popularity in the construction equipment aftermarket market. Major companies operating in the construction equipment aftermarket are innovating new products to sustain their position in the market. For instance, in May 2020, John Deere, a US-based heavy equipment and machinery manufacturer, launched the M Series front loaders for the construction equipment aftermarket market. M Series front loaders are designed for tractors up to 155 hp with a mechanical self-leveling (MSL) system. The hydraulic components are routed internally to protect them from any potential collision, and M Series loaders can be equipped with an optional suspension system. Customers that require a versatile, lightweight loader at a competitive price have been the target market for the M Series. The M Series versions are also entirely compatible with John Deere front hitches, enabling complete front axle oscillation and maximum steering degrees while providing space for significant tractor servicing locations.

Asia-Pacific was the largest region in the construction equipment aftermarket market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in construction equipment aftermarket report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the construction equipment aftermarket market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

Major players in the construction equipment aftermarket market are Caterpillar Inc., Komatsu Ltd., CNH Industrial N.V., Atlas Copco Group, Liebherr Group, XCMG Group, John Deere Construction & Forestry, Volvo Construction Equipment Corp., Yanmar Co. Ltd., Hitachi Construction Machinery Co Ltd., JLG Industries Inc., Zoomlion Heavy Industry Science and Technology Co Ltd., Sany Heavy Industry Co Ltd., SANY Group Co. Ltd., Terex Corporation, Guangxi Liugong Machinery Co. Ltd., Xuzhou Construction Machinery Group Co Ltd, Manitou Group, Palfinger AG, The Manitowoc Company Inc., Takeuchi Mfg. Co. Ltd., Tadano Ltd., Ammann Group, Bell Equipment Ltd., Hidromek Inc., Kobelco Construction Machinery Co Ltd., Doosan Infracore Co. Ltd., XGMA Machinery Co. Ltd., BOMAG GmbH, Hyundai Construction Equipment Co. Ltd., and LiuGong Machinery Corp.

In April 2020, All States Ag Parts LLC, a US-based construction equipment company, acquired H&R Construction Equipment Parts for an undisclosed amount. With the acquisition, All States Ag Parts LLC is strengthened to service the construction sector, and clients will have access to a wide range of new products, including farm components and a significantly increased assortment of construction equipment parts. H&R Construction Equipment Parts is a US-based supplier of heavy equipment parts, including construction equipment aftermarket.

The construction equipment aftermarket market research report is one of a series of new reports provides construction equipment aftermarket market statistics, including construction equipment aftermarket industry global market size, regional shares, competitors with a construction equipment aftermarket market share, detailed construction equipment aftermarket market segments, market trends and opportunities, and any further data you may need to thrive in the construction equipment aftermarket industry. This construction equipment aftermarket market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The main types of construction equipment aftermarket equipment are earthmoving and road building equipment, material handling and cranes, and concrete equipment. Earthmoving and road-building equipment refers to types of construction equipment specifically designed for tasks related to moving earth and constructing roads, highways, and other transportation infrastructure. The various applications are infrastructure, residential, and commercial and the sales channels are online, and offline.

The construction equipment aftermarket market consists of sales of engine parts, hydraulic and electrical components, and tires. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.



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