Construction Equipment Aftermarket Size By Product (Earth Moving & Road Building Equipment [Hydraulic Systems, Engine Parts, Axle & Transmission Parts], Material Handling & Cranes [Hydraulic Systems, Engine Parts, Axle & Transmission Parts], Concrete Equi

Construction Equipment Aftermarket Size By Product (Earth Moving & Road Building Equipment [Hydraulic Systems, Engine Parts, Axle & Transmission Parts], Material Handling & Cranes [Hydraulic Systems, Engine Parts, Axle & Transmission Parts], Concrete Equipment [Hydraulic Systems, Engine Parts, Axle & Transmission Parts]), By Sales Channel (Online, Offline), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032

Construction Equipment Market is set to witness growth between 2023 and 2032, primarily due to the rising concern around worker safety on construction sites in the Asia Pacific region. Besides, there is an increase in the demand for construction equipment parts in Latin America and the Middle East and Africa region, which will drive the market growth during the foreseeable future.

In addition, the key providers are also seeking to strengthen their market position by expanding their existing portfolios and entering valuable mergers and acquisitions. To cite an instance, in October 2022, Komatsu, a leader in construction equipment, launched its all-electric hydraulic excavator, the PC210E. As per reports, the advanced excavator boasts of lesser noise and increased sustainability, making it a suitable choice for Komatsu, which has pledged to achieve carbon neutrality by 2050.

Overall, the construction equipment market has been segmented in terms of product, sales channel, and region.

On the basis of the product, the market is likely to be characterized by the concrete equipment segment, which is anticipated to grow at more than 5% CAGR during 2023-2032. The segmental expansion will result from the increasing construction activities and favorable government policies that are focused on improving the transportation infrastructure. For instance, in January 2023, the UK government announced funding more projects in underdeveloped regions. In an attempt to achieve that goal, the federal bodies declared awarding USD 83 million for transportation projects across the country.

Based on sales channel, the online segment is expected to experience rapid growth over the next ten years. The increasing adaptation of digital channels, including social media channels and websites, will be the primary reason supporting the segmental expansion.

In the regional context, the North America construction equipment market was valued at more than USD 5 billion in 2022. The regional market growth can be accredited to the increasing construction activities in North America. According to a report published in December 2022, in the USA, construction activities have been increasing steadily, and non-residential construction went up by 3.8% in November 2021, due to the emerging data center and hotel projects. Besides, major companies operating in this region are also offering their services to quickly repair the equipment, which will further bolster the market growth.