The global Construction Equipment Maintenance And Repair Market is anticipated to grow at a CAGR of 4.1% in 2023 and reach an estimated value of US$ 22.72 billion. In 2033, the construction equipment maintenance and repair industry is expected to be worth US$ 33.96 billion.
As businesses are anticipated to place a greater emphasis on research and development operations for maintaining and repairing vehicles, the construction equipment maintenance and repair industry is predicted to rise steadily.
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It would considerably improve the lifespan and operational state of many devices. Due to a few new emerging technologies in the automotive sector, there will be some changes to how vehicles are repaired and serviced.
Dynamics of the Global Construction Equipment Repair and Maintenance Market
Over the upcoming years, it is anticipated that the repair and maintenance services for both heavy and light construction equipment may continue to make up the same percentage of the construction equipment maintenance and repair market. Wheel loaders are anticipated to experience a significant growth rate among serious construction equipment repair and maintenance services.
Mini excavators are among the light constriction equipment predicted to continue a steady development rate. Repair and maintenance services for construction equipment are anticipated to expand significantly in Europe, largely thanks to increasing German residential construction industry demand.
Construction equipment maintenance and repair business are strengthening their efforts in developing nations like India and Latin America. The primary market-boosting initiatives are projects for new roads, improved infrastructure, new airports, irrigation systems, and urban infrastructure.
The market expansion for construction equipment maintenance and repair can be restrained by the ineffective availability of financing choices, poor uptime of construction equipment repair and maintenance services, a lack of government backing, and a sluggishly penetrated leasing or rental sector. One of the most prevalent industry trends is that OEMs are increasingly focusing more on repairing and maintaining construction equipment, which may increase construction equipment maintenance and repair market competition.
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Regional Outlook
Construction activity, infrastructure development, and economic expansion are some variables that affect the geographical outlook for the construction equipment maintenance and repair market. These services have historically been in high demand in North America, Europe, Asia-Pacific, and the Middle East.
More construction projects are underway in emerging economies in Latin America and Africa, which may help the industry expand. To assess the present and potential future of the construction equipment repair and maintenance services market in particular regions, it is critical to monitor regional trends, economic indicators, and infrastructural developments.
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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Latest Breakthroughs
- Launch
In September 2021, Foley Equipment launched a custom-built communications service that enables real-time technical assistance for customers, regardless of equipment brand. It utilizes smartphones and FaceTime to provide visual diagnostics and communication with Foley Lynx consultant technicians.
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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