Construction Machinery Attachment Market Predicted to Make a Strong Comeback After the Pandemic with a Rising CAGR of 4.8% in the 2022-2031 Timeframe [310-Pages] | Details by Research Dive
The global construction machinery attachment market is expected to observe prominent growth by 2031, due to the increasing construction projects in the industrial sector. The Asia-Pacific region held the largest market share in 2021
NEW YORK, May 18, 2023 /PRNewswire/ -- Global Construction Machinery Attachment Market Forecast Analysis:
As per the report published by Research Dive, the global construction machinery attachment market is predicted to generate a revenue of $9,448.7 million and grow at a CAGR of 4.8% over the estimated timeframe from 2022 to 2031 timeframe.
Segments of the Construction Machinery Attachment Market
The report has divided the construction machinery attachment market into the following segments:
- Attachment Type: excavator buckets, grapples, quick couplers, concrete pulverizers, rakes, forks, and others
- Excavator Buckets – Held the highest market share in 2021
The growing application of excavator buckets in ditching, backfilling, and grading and their use in transferring a large amount of debris and soil is expected to foster the growth of the market sub-segment forward. - Application: earthmoving, landscaping, roadwork, demolition, and miscellaneous
- Earthmoving – Generated the largest revenue in 2021
The growing use of earthmoving machines in a wide range of earthwork tasks such as grading soil, removing dirt and rocks, excavating trenches, installing foundations, and many more are predicted to boost the growth of the market sub-segment further. - Sales Channel: OEM and aftermarket
- Aftermarket – Held the biggest market share in 2021
The rising use of aftermarket parts across construction, the agricultural sector, and mining for various applications owing to their numerous benefits such as affordable equipment care is expected to augment the growth of the market sub-segment in the coming period. - End-Use Industry: construction, mining, trenching, solid waste management, and agricultural farm application
- Construction – Registered the highest revenue in 2021
The increasing use of advanced construction machinery in various construction activities due to its beneficial advantages such as quality, speed, safety, speed, and timeliness is expected to fuel the growth of the market sub-segment forward. - Region: North America, Europe, Asia-Pacific, and LAMEA
- Asia-Pacific – Garnered the maximum revenue in 2021
The rising need for the construction of large airports, energy projects, shopping malls, and various other large construction projects across the region is expected to drive the regional growth of the market over the forecast period.
Access to the Complete PDF Sample of the Construction Machinery Attachment Market
Dynamics of the Global Construction Machinery Attachment Market
The increasing number of construction projects such as multiplexes, malls, and hotels are expected to fortify the growth of the construction machinery attachment market during the analysis period. Besides, the rising government investment in the development of the country's infrastructure such as flyovers, highways, airports, and industrial zones is predicted to amplify the growth of the market over the estimated period. However, the high cost of construction machinery may hamper the growth of the market throughout the forecast period.
The tremendous growth in construction and mining activities post-pandemic such as the advancement of the voluntary vehicle scrappage program, decongestion of crucial locations on the road network, and many more are expected to create massive growth opportunities over the analysis period.
Covid-19 Impact on the Global Construction Machinery Attachment Market
The outbreak of the Covid-19 pandemic has brought numerous uncertainties across various industries. It has also had a negative impact on the construction machinery attachment market. The economic slowdown across many nations, disruptions in the supply chain, and import-export restrictions have decreased the demand for construction machinery attachment during the pandemic period. Moreover, the shutdown of several companies due to the government-imposed lockdowns and the spontaneous spread of the deadly virus has further declined the market growth over the crisis.
Key Players of the Global Construction Machinery Attachment Market
The major players of the construction machinery attachment market include
- Caterpillar Inc
- Kubota Corporation
- Komatsu Ltd
- Sany Group
- Hyundai Construction Equipment
- Dheere & Company
- Liebherr Group
- Joseph Cyril Bamford
- Volvo construction equipment
- Case Construction Equipment
These players are mainly working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to procure a leading position in the global industry.
For instance, in March 2022, Case Construction Equipment, a leading American manufacturer of construction machinery announced the launch of its new E-Series Crawler Excavator to offer better efficiency, excellence, and economy to help customers meet market challenges. The new E-series includes seven new models from 13 to 30 tons and new FPT Industrial Stage V engines, machine structure, improved hydraulics controls and settings, and many more.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Construction Machinery Attachment Market:
- Maximizing Efficiency: Latest Developments in Construction Machinery Attachments
- Growing Construction Projects in the Industrial Sector Globally to Propel the Growth of the Global Construction Machinery Attachment Market by 2031
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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