The global construction equipment maintenance and repair market is projected to grow at a CAGR of 4.1% in 2023, reaching approximately USD 22.72 billion. This growth trajectory is anticipated to continue, with the market forecast to hit USD 33.96 billion by 2033.
The increase in this market is driven by a heightened focus on research and development for improving the maintenance and repair processes of construction equipment, which will likely enhance equipment lifespan and operational performance. Technological advancements in the automotive sector are also anticipated to play a significant role, bringing new methods for servicing and repair that could positively impact the construction equipment market.
Comprehensive Market Insights: Full Report Overview
Global Market Dynamics
Over the next decade, the demand for maintenance and repair services for both heavy and light construction equipment is expected to remain consistent. Among heavy equipment, wheel loaders are projected to see a notable growth rate, while mini excavators lead steady growth within the light equipment segment.
Europe is likely to see a strong demand for construction equipment repair and maintenance, particularly driven by Germany’s expanding residential construction sector. Meanwhile, companies are intensifying their efforts in emerging markets such as India and Latin America, spurred by new infrastructure projects, road construction, airports, and urban development.
However, market growth may be hampered by limited financing options, inadequate service uptime, insufficient government support, and low penetration of rental or leasing options. One emerging trend is the increasing focus of OEMs on equipment maintenance and repair, which could intensify competition within the market.
Key Takeaways
- United States: Expected to expand its market share in construction equipment maintenance and repair by 19.5% from 2023 to 2033.
- Germany: Projected to hold 6.9% of the global market over the same period.
- Japan: Anticipated to capture 7.8% market share from 2023 to 2033.
- Australia: Forecast to hold a 3.5% share between 2023 and 2033.
- China: The construction equipment maintenance and repair market in China is set to grow at a CAGR of 4.2% during the forecast period.
- United Kingdom: Expected to register a CAGR of 3.9% through 2033.
- India: The market in India is projected to expand at a CAGR of 4% between 2023 and 2033.
- Consumables Segment: Predicted to account for a significant 67.4% market share within the components category over the forecast period.
- Aftermarket Segment: Expected to hold a substantial 47.3% share in the sales channel category through 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
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.
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 Segmentations
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
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube