The global trencher attachments market stood at around US$ 402.9 Mn in 2021 and is expected to expand at a CAGR of 4.1% during the forecast period from 2022 to 2032. The global market is anticipated to reach a valuation of US$ 619.6 Mn by 2032.
Insights revealed by the study on the Trencher Attachment market portray substantial gains, with the market expanding at a healthy CAGR of 6% to 7% from 2021 to 2031. Significant development of the global construction sector, particularly in developing economies, is largely driving demand for trenchers attachments.
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Trenchers can dig at a quicker rate than excavators, hence they are extensively used by construction and agriculture industry. These accessories are said to increase the scope of desired trenching and ploughing activities as required in agriculture and construction sectors.
What is Driving Demand for Trencher Attachment?
The attachments assists irrigation, drainage, plumbing, civil and agriculture by making the task faster and easier to complete with the proper trencher attachment. The growing need to cut expenses necessitates selecting the correct attachment that minimizes repair expenses. This are developed to fulfil a range of needs, with innovative choices and features that provide diversity while producing greater productivity and efficiency.
Rising customization of trenching activities in small spaces and exclusive solutions designed by OEM’s to focus on building machines attachment has proved to be profitable owing to value added propositions earned from sales. This trend is anticipated to continue in the assessment period.
Although there a few constraints associated with it associated with the market. The key factor that may hinder the growth of market is the downfall of the agriculture mining and construction industry, where this attachment are used most.
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Construction Sector Recovery Likely to Augment Sales of Accessories
According to International Labor Organization prior to the pandemic, the construction sector employed around 7.7 percent of the world workforce, with forecasts for 2020 predicting that it would produce 13.4 percent of global GDP. However, in the context of the current crisis, declining income and growing project delivery issues have caused the industry to contract in most markets, with a corresponding negative impact on the economy.
These attachments are extensively used in the construction sector. The rise in construction activity has spurred need for quicker and more efficient equipment, which in turn increases demand for trenchers attachment.
North America Market Outlook
U.S. and Canada considered to be one of the prominent markets for Trencher Attachment owing to demand from established agriculture sector. U.S. Trencher Attachment sales will also be impacted by the construction sector recovery in 2021.
The US construction sector though at present facing a challenging year is however, expected to rebound towards a healthy growth rate. The perceived momentum is likely to hold ground, which will provide an impetus to a range of construction material, including Trencher Attachment.
Canada market is primarily expected to be driven by agriculture and commercial landscaping projects which will imbibe a sound rate of trencher attachment to drive the demand of the accessories.
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APAC Demand Scenario
Prominent drivers of the market in the region has been rapid expansion of construction industries in India and China over the assessment period. In Indian there has been key support of government in accelerating construction activities.
Programs like “Housing for All” for instance has significantly contributed to India’s construction industry. Australia and New Zealand are also expected to be the key emerging regional markets wherein individual farmers are expected to rent or procure the trencher attachment in a greater degree in the upcoming years.
The agriculture industry in the region has also supported the trencher attachment market in the region and anticipated to grow further in the future.
Who are the Key Manufacturers and Suppliers of Trencher Attachment?
Some of the leading manufacturers and suppliers of Trencher Attachment include
- Soni Agrotech.
- Caterpillar
- TERRAWAY ATTACHMENTS LTD
- Virnig Manufacturing
- Deere & Company
- McLaren Industries Inc
- Tao-Tang Boring Co.LTD
- CNH Industrial America LLC
- Eqipment Traders
- Foley Equipment
- Others.
OEM’s manufacturer supply their products through network of dealers around the world
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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