Construction Equipment Market Size By Product (Earth Moving & Road Building Equipment [Backhoes, Excavators, Loaders, Compaction Equipment, Others], Material Handling & Cranes [Storage & Handling Equipment, Engineered Systems, Industrial Trucks, Bulk Mate

Construction Equipment Market Size By Product (Earth Moving & Road Building Equipment [Backhoes, Excavators, Loaders, Compaction Equipment, Others], Material Handling & Cranes [Storage & Handling Equipment, Engineered Systems, Industrial Trucks, Bulk Material Handling Equipment], Concrete Equipment [Concrete Pumps, Crushers, Transit Mixers, Asphalt Pavers, Batching Plants]), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028

The construction equipment aftermarket is anticipated to witness robust growth by 2028 owing to increasing worker safety concerns on construction sites. Additionally, novel techniques for digitized and real-time progress monitoring are likely to further spur market growth through the forecast period.

Recently, companies have been focusing on expanding their product portfolios, which has been favorable for the business landscape. For instance, in February 2022, Tadano Limited, a Japan-based manufacturer of cranes and aerial work platforms, introduced the “TM-ZX1200 Series” large size truck loader crane for the international market. It has a maximum lifting capacity of 12 metric tons, a crane capacity of 22 tm, and a maximum boom length of 16.0 meters.

Similarly, in February 2020, Liebherr Group, a German-Swiss multinational equipment manufacturer based in Bulle, Switzerland, presented the 42 M5 XXT truck mounted concrete pump and Powerbloc hydraulic drive unit in Las Vegas at the 2020 World of Concrete, marking its debut in the US industry.

In another instance, in June 2021, The Manitowoc Company, a key provider of lifting equipment in the construction industry, unveiled the new Potain Igo T 99, a self-erecting crane, which offers enhanced reach and capacity while upholding a compact design. The Potain Igo T 99 is a multifunctional self-erecting telescopic crane with a maximum capacity of 6 t (6.6 USt) and a maximum reach of 48 m (157 ft). The crane's 38.5 m (126 ft) under hook height makes it suitable for a variety of project sites.

Minimal transport dimensions, a compact footprint, and a revolutionary unfolding method make it easier to travel to job sites and install cranes in limited spaces. Moreover, Potain Smart Set-Up software, remote-controlled operation, and an ergonomic Ultra View Cab also make the crane easy to use in various circumstances.

The construction equipment aftermarket has been segmented based on product and region. Based on product, the construction equipment aftermarket has further been divided into earth moving & road building equipment, material handling & cranes, and concrete equipment.

The concrete equipment segment holds a considerable market share and is foreseen to witness significant growth over the forecast period. Increasing commercial construction and infrastructure development activities are likely to drive concrete equipment sales across the globe, which is slated to fuel segmental progress in the coming years.

From the regional point of view, the Middle East & Africa construction equipment aftermarket is estimated to grow significantly by 2028, progressing at approximately 4.4% CAGR through the forecast period. Increasing government investment in residential construction and landscaping activities is set to boost regional market growth in the future.