New York, USA, May 02, 2023 (GLOBE NEWSWIRE) -- As per Research Dive’s latest report, the global construction machinery attachment market is expected to garner a revenue of $9,448.7 million by 2031 and grow at a stunning CAGR of 4.8% in the 2022-2031 timeframe. This latest report, published by Research Dive, provides a brief outlook of the contemporary architecture of the construction machinery attachment market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2022-2031. All the important market figures are also provided in this report to help new entrants gain insights into the market easily.
Dynamics of the Market
Drivers: In recent years, there has been an increase in the expanse of construction and mining activities across the globe which is predicted to boost the construction machinery attachment market in the forecast period. Along with this, advantageous government initiatives, including economic stimulus and reduced mortgage rates are predicted to help the market grow in the forecast period.
Opportunities: Growing construction projects in the industrial sector are anticipated to offer numerous growth opportunities for the market in the forecast period. Additionally, the rapid pace of urbanization across the world is expected to be the major factor behind the growth of the market in the forecast period.
Restraints: However, despite the various growth opportunities, the high cost of construction machinery is predicted to be a major restraint in the full-fledged growth of the construction machinery attachment market.
Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The construction machinery attachment market has been no exception to this phenomenon. In fact, the construction and mining sectors were the worst affected industries in the pandemic; the travel restriction led to shortages of labor and the lockdowns disrupted the supply of raw materials required for construction. These factors brought down the demand for construction machinery which affected the growth rate of the market in the pandemic period.
Segments of the Market
The report has divided the construction machinery attachment market into certain segments based on attachment type, application, sales channel, end use industry, and region.
Attachment Type: Excavator Buckets Sub-segment to be the Fastest Growing
The excavator buckets sub-segment is predicted to have the fastest growth rate by 2031. Growing application of excavator buckets in ditching, backfilling, and grading/clearing is expected to help the sub-segment grow in the forecast period.
Application: Earthmoving Sub-segment to be Immensely Lucrative
The earthmoving sub-segment of the construction machinery attachment market is anticipated to have a significant market share by 2031. The increasing utilization of earthmoving equipment for installing foundations, grading soil, removing dirt and rocks, excavating trenches, and demolition work is predicted to help in propelling the sub-segment forward.
Sales Channel: Aftermarket Sub-segment to be Highly Dominant
The aftermarket sub-segment is predicted to have a dominant market share by 2031. After-market parts are much more popular than OEM parts as they are manufactured in large numbers by local manufacturers and hence are easily available. The increase in popularity of aftermarket parts is expected to augment the growth rate of this sub-segment in the forecast period.
End Use Industry: Construction Sub-segment to Have a Significant Market Share
The construction sub-segment of the construction machinery attachment market is predicted to flourish immensely by 2031. The rising use of modern construction machinery for ensuring on-time completion of construction projects is predicted to help in propelling the sub-segment forward.
Market in Asia-Pacific Region to be the Most Profitable
The construction machinery attachment market in the Asia-Pacific region is expected to be the most profitable in the forecast period. The rapidly increasing expanse of infrastructural projects in the form of construction of large airports, shopping malls, and energy projects in countries like India and China is predicted to be the primary growth driver of the market in the forecast period.
Prominent Market Players
Some leading market players of the construction machinery attachment market are
- Case Construction Equipment's
- Kubota Corporation
- Hyundai Construction Equipment
- Joseph Cyril Bamford
- Caterpillar Inc.
- Liebherr group
- Dheere & Company
- Komatsu Ltd.
- Volvo construction equipment Inc.
- Sany Group
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market.
For instance, in November 2022, Epiroc, a global mining and infrastructure equipment manufacturer, announced the acquisition of Wain-Roy, a US-based excavator attachments manufacturer. This acquisition is expected to help Epiroc to expand its business and consolidate its lead in the construction machinery attachment market significantly.
Finally, the Research Dive report also summarizes many crucial aspects of the construction machinery attachment market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
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
