The global construction equipment maintenance and repair market is poised for substantial growth, with a projected CAGR of 4.1% in 2023, reaching approximately US$ 22.72 billion by the same year and anticipated to surge to US$ 33.96 billion by 2033. This upward trajectory is primarily fueled by the escalating construction and infrastructure development activities worldwide. Furthermore, innovation and technical advancements in both automobile and earth-moving equipment production and maintenance play a significant role in driving market expansion. Notably, improvements in material quality have increased the average lifespan of cars, contributing to the demand for maintenance and repair services.
Additionally, the advent of AI-powered autonomous vehicles has revolutionized the automotive industry, leading to the development of self-driving automobiles and streamlined travel experiences. As a result, there is a growing demand for technologically advanced automobiles and innovative repair and maintenance solutions to cater to the evolving needs of consumers. These factors collectively underscore the dynamic landscape of the construction equipment maintenance and repair market, presenting substantial opportunities for growth and innovation in the years ahead.
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Key Takeaways
- The United States might increase its market share for construction equipment maintenance and repair by 19.50% % between 2023 and 2033.
- Between 2023 and 2033, Germany may hold 6.9% of the construction equipment maintenance and repair industry.
- Japan’s share of the construction equipment maintenance and repair industry could reach 7.8% between 2023 and 2033.
- Australia to hold a 3.5% share of the construction equipment maintenance and repair business from 2023 to 2033.
- During the forecast period, Chinese construction equipment maintenance and repair business to expand at a CAGR of 4.2%.
- From 2023 to 2033, the United Kingdom construction equipment maintenance and repair industry to register at a 3.9% CAGR.
- Through 2033, the Indian construction equipment maintenance and repair market to record a CAGR of 4%.
- The consumables segment to acquire a substantial market share of 67.4% in the components category between 2023 and 2033.
- The aftermarket segment to hold a significant market share of 47.3% in the sales channel category between 2023 and 2033.
Competitive Landscape
With so many companies striving for market share, the rivalry in the construction equipment maintenance and repair may be fierce. Competition in the market may come from construction equipment maintenance and repair manufacturers, specialized repair and maintenance service providers, equipment rental businesses, and even original equipment manufacturers (OEMs).
The key to remaining competitive in construction equipment maintenance and repair industry is adapting to new technology, providing complete services, and forming solid bonds with customers.
Top Key Players in Construction Equipment Repair and Maintenance Market
- Chevron Lubricants
- ExxonMobil
- RelaDyne
- Atlas Copco
- Castrol
- Taylor Oil Company
- Valvoline
- Uslube
- Duralene
- Polygraph
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Key Segments
By Component:
- Consumable
- Grease
- Engine Oil
- Radiator Coolant
- Brake Oil
- Hydraulic Fluids
- Transmission Fluid
- Gear Oil
- Parts
- Excavator Bucket Teeth
- Hydraulic Cylinder
- Hydraulic Pumps
- Track Chain
- Belt
- Batteries
- Fuel Injector
- Engine Starter
- Air Filters
By Sales Channel:
- OEM
- OES
- After Market
By Vehicle:
- Dozer
- Loaders
- Graders
- Scrapers
- Backhoe Loaders
- Compactors
By Service Provider:
- Authorized Service Center
- Third-Party Service Center
- Independent Service Center
By Service Type:
- Repair and Maintenance
- Service Only
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- The Middle East and Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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