PORTLAND,OR, March 13, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global construction machinery attachment market garnered $5.9 billion in 2021, and is estimated to generate $9.5 billion by 2031, manifesting a CAGR of 4.8% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $5.9 billion |
| Market Size in 2031 | $9.5 billion |
| CAGR | 4.8% |
| No. of Pages in Report | 310 |
| Segments covered | attachment type, application, sales channel, end-use industry, and region |
| Drivers | Rapid growth in construction equipment industry |
| Opportunities | The ongoing infrastructural developments such as construction of roads, highways, residential & commercial buildings |
| Restraints | Expensive to maintain, buy, and repair |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global construction machinery attachment market, owing to implementation of global lockdown which resulted to the drastic reduction in construction activities.
- Supply chain was disrupted due to import & export restrictions. Manufacturers faced shortage of labor and unavailability of raw materials.
- However, the market has already recovered in the post-pandemic.
The research provides detailed segmentation of the global construction machinery attachment market based on attachment type, application, sales channel, end-use industry, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on attachment type, the excavator buckets segment held the highest share in 2021, accounting for around one-fourth of the global construction machinery attachment market, and is expected to continue its leadership status during the forecast period. This segment is expected to register the highest CAGR of 5.6% from 2022 to 2031.
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Based on application, the earthmoving segment accounted for the highest share in 2021, contributing to nearly one-thirds of the global construction machinery attachment market, and is expected to maintain its lead in terms of revenue during the forecast period. This segment is expected to manifest the highest CAGR of 5.5% from 2022 to 2031.
Based on sales channel, the aftermarket segment accounted for the highest share in 2021, holding nearly three-fifths of the global construction machinery attachment market, and is expected to continue its leadership status during the forecast period. However, the OEM segment is estimated to grow at the highest CAGR of 5.2% during the forecast period.
Based on region, Asia-Pacific held the largest share in 2021, contributing to around one-third of the global construction machinery attachment market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the same region is expected to manifest the fastest CAGR of 5.4% during the forecast period.
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Leading Market Players:
Leading market players of the global construction machinery attachment market analyzed in the research include Caterpillar Inc., Komatsu Ltd., John Deere, JCB, Doosan Corporation, Liebherr, Hyundai Construction Equipment Co., Ltd., Volvo Construction Equipment AB, Sany, Bobcat Company.
The report provides a detailed analysis of these key players of the global construction machinery attachment market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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