The Business Research Company’s Construction Equipment Aftermarket Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Construction Equipment Aftermarket Global Market Report 2023 evaluates construction equipment aftermarket market size, growth rate, drivers, trends, and major companies.
The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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In the ever-evolving landscape of global commerce, the construction equipment aftermarket market stands as a beacon of growth and adaptation. A financial compass indicates that this market, valued at $23.38 billion in 2022, is poised to scale new heights, projecting an impressive ascent to $25.20 billion by the culmination of 2023, underpinned by a robust Compound Annual Growth Rate (CAGR) of 7.8%.
However, let us not underestimate the seismic impact of the Russia-Ukraine war, a geopolitical upheaval that has cast a shadow over the world’s path to economic recovery in the wake of the COVID-19 pandemic. The adversarial confrontation between these two nations has triggered a chain reaction of economic sanctions, creating ripples across multiple countries. This, in turn, has led to a surge in commodity prices and disruptive interruptions in global supply chains, subsequently giving rise to inflationary pressures felt across a multitude of industries and services worldwide.
Despite these formidable headwinds, the construction equipment aftermarket market remains unwavering in its course. It anticipates further expansion, with a promising projection of $32.69 billion by the year 2027, supported by a steady CAGR of 6.7%. This enduring growth narrative is emblematic of the market’s resilience, its ability to navigate intricate global dynamics, and its capacity to deliver vital solutions to the construction industry’s needs on a global scale.
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.
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The construction equipment aftermarket market segments in the report are:
1) By Equipment Type: Earthmoving And Road Building Equipment, Material Handling And Cranes, Concrete Equipment
2) By Application: Infrastructure, Residential, Commercial
3) By Sales Channel: Online, Offline
The table of contents in TBRC’s construction equipment aftermarket market report includes:
- Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
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- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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