The construction equipment aftermarket revenue is anticipated to record a valuation of USD 30 billion by 2027, according to the most recent study by Global Market Insights Inc. Growing consumer spending on luxury furniture will spur industry growth. Rising demand for construction equipment across the globe Spare parts play a vital role in enhancing the efficiency, productivity, and performance of the construction equipment.
The outbreak of COVID-19 has negatively impacted the construction equipment aftermarket in 2020. Stringent lockdown imposed by various governments to curb virus transmission has resulted in a halt in global construction & mining activities. Additionally, several restrictions on international and domestic trades have disrupted the global logistics & supply chain, thereby hindering the market growth. The market is expected to showcase slow growth due to the uplifting of lockdown restrictions by several governments owing to COVID-19 cases reduction in 2021.
The concrete equipment segment is experiencing high demand due to increasing road building and infrastructure development activities in Asia Pacific. Established players are focusing on partnerships and collaborations to enhance their customer experience. For instance, in October 2019, Sany India and Putzmeister collaborated to offer enhanced concrete equipment and to improve aftersales services in India. Both companies will focus on improving their delivery and spare parts replacement services across the country.