Demand for construction equipment will increase over the coming years as government spending on infrastructure development projects in developed and developing countries is rising, which is expected to drive the growth of the global construction equipment attachment market. Furthermore, government initiatives to build bridges, dams, railways, and highways as part of the creation of smart cities in areas of energy, mobility and government will increase demand for building equipment, further boosting demand for construction equipment attachments.
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The global construction equipment attachment market is poised to expand at a value CAGR of 2.4%, and is expected to create an absolute dollar opportunity of US$ 1.4 Bn over the forecast duration of 2020-2030.
Key Takeaways from Construction Equipment Attachment Market Study
- Under the impact of COVID-19, the global construction equipment attachment market is expected to reach a market valuation of US$ 5.8 Bn by the end of 2020, and is anticipated to surpass a valuation of US$ 6.7 Bn by the end of 2030.
- The skid steer loader buckets segment is foreseen to grow 1.5X by 2030. On the other hand, telehandler attachments will account for 21% market share of all telescopic handler attachments during the forecast period.
- Attachments for telescopic handlers are projected to create an absolute $ opportunity of US$ 430 Mn from 2020 and 2030.
- By sales channel, aftermarket sales are estimated to account for 42% of the total sales in 2020, and are anticipated to create an absolute $ opportunity of more than US$ 1.Bn during the forecast period.
- By region, Asia is expected to emerge as the most lucrative region in the global construction equipment attachment market, and is projected to surpass a market valuation of US$ 2.3 Bn by the end of 2030.
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“The COVID-19 pandemic has hit the construction equipment attachment market hard on the demand side, causing a decline in sales. Post pandemic, increase in government spending on new projects coupled with increasing spending in construction activities is predicted to open new growth avenues for players in the construction equipment attachment market,” says a Fact.MR analyst.
Industry Players Focusing on Product Launches to Stimulate Growth
Key players in the construction equipment attachment market are Caterpillar Inc., Komatsu Ltd., Doosan Corporation, Volvo Construction Equipment, Kubota Corporation, CNH Industrial N.V, Hitachi Construction Machinery, Wacker Neuson SE, Paladin Attachments, and others. Prominent manufacturers are focusing on acquisitions and partnerships in order to broaden their customer base and gain a competitive edge over other players. For instance,
- Paladin Attachments introduced a latest model in collection sweepers from Sweepster, the SB215.
- In 2018, John Deere and Wacker Neuson joined forces in a bid to increase excavator sales in the Asia Pacific region. The agreement was to boost sales of mini and compact excavators in key growth markets, particularly China, Australia, and other countries in Southeast Asia, which is further foreseen to reinforce the demand for construction equipment attachments in the region.
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Find More Valuable Insights on Construction Equipment Attachment Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global construction equipment attachment market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges compelling insights on the construction equipment attachment market based on attachment (skid steer loaders [buckets, augers, grapples, hammers, dozer blades, snow pushers, snow blades, pallet forks, breakers, sweepers, quick couplers, planers, backhoes, and graders], compact track loaders [buckets, augers, grapples, hammers, dozer blades, snow pushers, snow blades, pallet forks, breakers, sweepers, quick couplers, planers, backhoes, and graders], mini excavators [buckets, augers, grapples, breakers, rippers, pallet forks, and quick couplers], telescopic handlers [buckets, augers, grapples, pallet forks, sweepers, snow pushers, snow blades, trenchers, dozer blades, and quick coupler) and sales channel (OEMs and aftermarket), across six major regions.
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