Dublin, Oct. 28, 2024 (GLOBE NEWSWIRE) -- The "Construction Machinery Attachment Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The construction machinery attachment market size has grown strongly in recent years, from $5.78 billion in 2023 to $6.08 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth during the historic period can be attributed to several factors such as a rise in global construction activities, the adoption of advanced construction technologies, expansion in infrastructure development projects, a heightened demand for efficient and versatile machinery, and trends in urbanization and industrialization.
The construction machinery attachment market size is expected to see strong growth in the next few years, growing to $7.46 billion in 2028 at a CAGR of 5.2%. The anticipated growth in the forecast period can be attributed to ongoing urbanization and infrastructure investments, advancements in attachment design and functionality, a heightened focus on sustainability and eco-friendly construction practices, expansion in the rental equipment market, increased construction activities in emerging markets, and rising adoption of automation and smart construction machinery.
Key trends expected during this period include innovations in attachment design and functionality, greater adoption of automation and smart machinery, growth in the rental equipment sector, emphasis on sustainability and eco-friendly practices, and continued technological advancements.
The anticipated growth in the construction machinery attachment market is expected to be driven by the rise in construction activities. This increase is attributed to heightened urbanization and infrastructure development, supported by economic growth and population expansion. Additionally, government investments in housing and commercial projects further boost the construction sector. Construction machinery attachments enhance versatility by enabling equipment to perform various tasks such as digging, lifting, and grading, thus improving efficiency and productivity on job sites. For example, in June 2024, data from the Federal Reserve Bank of St. Louis revealed that the number of new privately owned housing units under construction increased from 1.52 million units in 2021 to 1.69 million units in 2022. Hence, the growth in construction activities is set to propel the construction machinery attachment market.
Key players in the construction machinery attachment market are concentrating on developing advanced solutions, such as AI-powered excavators, to gain a competitive advantage. An AI-powered excavator integrates artificial intelligence technologies to enhance operational efficiency, precision, and safety. For instance, in January 2024, Hyundai Motor Company, a South Korean automobile manufacturer, introduced the AI-powered Concept X excavator. This excavator features autonomous operation driven by advanced algorithms, improving precision and efficiency on construction sites. It operates entirely on electric power, using electric motors and actuators rather than hydraulic systems for its boom arm.
In November 2022, Epiroc AB, a Sweden-based manufacturer of mining and infrastructure equipment, acquired Wain-Roy for an undisclosed amount. This acquisition aligns with Epiroc's strategy to strengthen its presence, expand manufacturing capabilities, and enhance product offerings in the North American construction market, thus increasing its competitiveness and growth potential in the region. Wain-Roy is a US-based manufacturer of excavator attachments for the construction industry.
Major companies operating in the construction machinery attachment market are Caterpillar, Deere & Company, Komatsu, Liebherr-International Deutschland, Sandvik Mining and Construction, Volvo Construction Equipment, Hitachi Construction Machinery Co., Joseph Cyril Bamford Excavators, Doosan Bobcat, SANY America, Epiroc Aktiebolag, Manitou Group, CNH Industrial, Kenco Group, Rockland SAS, Craig Manufacturing, Doosan Heavy Industries & Construction, Geith International, Tata Hitachi Construction Machinery, Hyundai Construction Equipment, Strickland Mfg, Mb Crusher India Private Limited, J.C. Bamford Excavators and Teran Industries.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Scope
Markets Covered:
- By Attachment Type: Excavator Buckets; Grapples; Quick Couplers; Concrete Pulverizers; Rakes; Forks; Other Attachment Types
- By Sales Channel: Original Equipment Manufacturer (OEM); Aftermarket
- By Application: Earthmoving; Landscaping; Roadwork; Demolition; Miscellaneous
- By End-Use Industry: Solid Waste Management; Agricultural Farm's Application; Construction; Mining; Trenching
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $6.08 Billion |
| Forecasted Market Value (USD) by 2028 | $7.46 Billion |
| Compound Annual Growth Rate | 5.2% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Construction Machinery Attachment Market Characteristics
3. Construction Machinery Attachment Market Trends and Strategies
4. Construction Machinery Attachment Market - Macro Economic Scenario
4.1. Impact of High Inflation on the Market
4.2. Ukraine-Russia War Impact on the Market
4.3. COVID-19 Impact on the Market
5. Global Construction Machinery Attachment Market Size and Growth
5.1. Global Construction Machinery Attachment Market Drivers and Restraints
5.2. Global Construction Machinery Attachment Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Construction Machinery Attachment Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Construction Machinery Attachment Market Segmentation
6.1. Global Construction Machinery Attachment Market, Segmentation by Attachment Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Excavator Buckets
- Grapples
- Quick Couplers
- Concrete Pulverizers
- Rakes
- Forks
- Other Attachment Types
6.2. Global Construction Machinery Attachment Market, Segmentation by Sales Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Original Equipment Manufacturer (OEM)
- Aftermarket
6.3. Global Construction Machinery Attachment Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Earthmoving
- Landscaping
- Roadwork
- Demolition
- Miscellaneous
6.4. Global Construction Machinery Attachment Market, Segmentation by End-Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Solid Waste Management
- Agricultural Farm's Application
- Construction
- Mining
- Trenching
7. Construction Machinery Attachment Market Regional and Country Analysis
7.1. Global Construction Machinery Attachment Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Construction Machinery Attachment Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8. Asia-Pacific Construction Machinery Attachment Market
9. China Construction Machinery Attachment Market
10. India Construction Machinery Attachment Market
11. Japan Construction Machinery Attachment Market
12. Australia Construction Machinery Attachment Market
13. Indonesia Construction Machinery Attachment Market
14. South Korea Construction Machinery Attachment Market
15. Western Europe Construction Machinery Attachment Market
16. UK Construction Machinery Attachment Market
17. Germany Construction Machinery Attachment Market
18. France Construction Machinery Attachment Market
19. Italy Construction Machinery Attachment Market
20. Spain Construction Machinery Attachment Market
21. Eastern Europe Construction Machinery Attachment Market
22. Russia Construction Machinery Attachment Market
23. North America Construction Machinery Attachment Market
24. USA Construction Machinery Attachment Market
25. Canada Construction Machinery Attachment Market
26. South America Construction Machinery Attachment Market
27. Brazil Construction Machinery Attachment Market
28. Middle East Construction Machinery Attachment Market
29. Africa Construction Machinery Attachment Market
30. Construction Machinery Attachment Market Competitive Landscape and Company Profiles
30.1. Construction Machinery Attachment Market Competitive Landscape
30.2. Construction Machinery Attachment Market Company Profiles
- Caterpillar Inc.
- Deere & Company
- Komatsu Ltd.
- Liebherr-International Deutschland GmbH
- Sandvik Mining and Construction GmbH
31. Construction Machinery Attachment Market Other Major and Innovative Companies
- Volvo Construction Equipment AB
- Hitachi Construction Machinery Co. Ltd
- Joseph Cyril Bamford Excavators Ltd
- Doosan Bobcat Inc.
- SANY America Inc
- Epiroc Aktiebolag
- Manitou Group
- CNH Industrial N.V.
- Kenco Group Inc.
- Rockland SAS
- Craig Manufacturing Ltd.
- Doosan Heavy Industries & Construction
- Geith International Limited
- Tata Hitachi Construction Machinery Company Private Limited
- Hyundai Construction Equipment Co. Ltd.
32. Global Construction Machinery Attachment Market Competitive Benchmarking
33. Global Construction Machinery Attachment Market Competitive Dashboard
34. Key Mergers and Acquisitions in The Construction Machinery Attachment Market
35. Construction Machinery Attachment Market Future Outlook and Potential Analysis
35.1 Construction Machinery Attachment Market in 2028 - Countries Offering Most New Opportunities
35.2 Construction Machinery Attachment Market in 2028 - Segments Offering Most New Opportunities
35.3 Construction Machinery Attachment Market in 2028 - Growth Strategies
Companies Featured
- Caterpillar Inc.
- Deere & Company
- Komatsu Ltd.
- Liebherr-International Deutschland GmbH
- Sandvik Mining and Construction GmbH
- Volvo Construction Equipment AB
- Hitachi Construction Machinery Co. Ltd
- Joseph Cyril Bamford Excavators Ltd
- Doosan Bobcat Inc.
- SANY America Inc
- Epiroc Aktiebolag
- Manitou Group
- CNH Industrial N.V.
- Kenco Group Inc.
- Rockland SAS
- Craig Manufacturing Ltd.
- Doosan Heavy Industries & Construction
- Geith International Limited
- Tata Hitachi Construction Machinery Company Private Limited
- Hyundai Construction Equipment Co. Ltd.
- Strickland Mfg LLC
- Mb Crusher India Private Limited
- J.C. Bamford Excavators Limited
- Teran Industries Inc.
For more information about this report visit https://www.researchandmarkets.com/r/1fk9o3
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