Construction Machinery Attachment Market Size is Projected to Generate $9,448.7 Mn by 2031Download Sample Reports Overview
The Global Construction Machinery Attachment Market Size is predicted to be valued at $9,448.7 million by 2031, surging from $5,890.0 million in 2021, at a noteworthy CAGR of 4.8%.
Impact Analysis of COVID-19 on the Construction Machinery Attachment Market
The COVID-19 pandemic has led to severe disruptions that have affected the demand, supply, import-export, and availability of construction machinery attachments across end-use industries. Construction machinery attachments are widely used across construction, automotive, and other sectors. The government of several countries implemented strict steps to limit the spread of the disease. Furthermore, as a result of global shutdown measures, the construction industry's total throughput fell, thereby affecting the demand for construction machinery attachments.
The COVID-19 pandemic had a negative impact on the construction activities in 2020 and the rapid growth in the infection rate resulted in the world coming to a standstill. The OEMs encountered supply chain difficulties and temporary shop closures, which delayed fresh purchases. However, there was a dramatic spike in demand for construction machinery attachment in 2021, owing to the restart of construction works that were delayed due to the pandemic which also included new projects. Lower housing prices increased demand for residential sectors, which in turn increased the demand for construction machinery attachment. All these factors have negatively affected the construction machinery attachment market growth during the pandemic.
Global Construction Machinery Attachment Market Analysis
The development in construction sector is expected to present a lucrative growth opportunity for the construction machinery attachment market. Despite the continual expansion of the global economy, excavator attachments remained a significant piece of construction equipment. These accessories are required for loading, unloading, trenching, and earthmoving. The transition from manual to mechanical labor is propelling the construction sector's growth, particularly in the developing nations. Construction is expanding at a rapid pace in China, the United States, and India. Factors such as large-scale demolition operations of residential and commercial complexes in the United States and India and rebuilding of old buildings, are increasing the need for excavator attachments. These are the major factors anticipated to boost the construction machinery attachment market share during the analysis timeframe.
However, the limited access to finance could be a significant restraint for the construction machine attachment market. Many construction companies, especially small and medium –sized businesses, may not have financial resources to purchase expensive attachment. Additionally, economic uncertainties caused due to COVID-19 pandemic, made it more difficult for companies to secure financing for their operations, which can lead to a decrease in demand for construction machine attachments, as companies are less likely to make large capital investment during uncertain economic times. Overall, these factors are predicted to limit the growth of the construction machine attachment market.
The ever-increasing population and the increased rate of migration of people from the under-developed economies to developing economies have driven residential building construction. Government spending to ensure that the inhabitants have a decent level of living has played a big influence in the growth of residential building development. In the year 2018, Beijing, for example, initiated 300 building projects, comprising 100 infrastructure projects, 100 programs to enhance people's livelihoods, as well as 100 industrial projects. According to the United Nations World Migration Report 2020, there were around 272 million international migrants worldwide in 2019, accounting for approximately 3.5 percent of the global population (UN). Residential building development is increasing to meet the growing number of migrants in urban regions, resulting in a larger need for construction equipment such as excavators and their attachments.
Global Construction Machinery Attachment Market, Segmentation
The global construction machinery attachment market is segmented based on attachment type, application, sales channel, end-use industry, and region.
The attachment type segment is further classified into excavator buckets, grapples, quick couplers, concrete pulverizes, rakes, forks, and others. Among these, the excavator buckets sub-segment accounted for a dominant market share in 2021. Excavator buckets are a necessary component of machinery for earthmoving efforts. They perform a variety of duties that help to speed up and simplify the process of digging, tearing, cutting, sifting through, and transporting dirt, rock, or thick stuff. A majority of buckets are built of high tensile steel plates, which makes them extremely durable and sturdy. Various excavator buckets that are easy to use, sturdy, and versatile are available in the market.
The application segment is further classified into earthmoving, landscaping, roadwork, demolition, and miscellaneous. Among these, the earthmoving sub-segment accounted for dominant market size in 2021. Earthmoving equipment is large machinery, mainly large trucks designed for earthwork construction tasks. They are used to move big volumes of soil, excavate landscape foundations, and so on. Heavy trucks, heavy machinery, construction equipment, engineering equipment, heavy vehicles, and heavy hydraulics.
The sales channel segment is further classified into OEM and Aftermarket. Among these, the OEM sub-segment is estimated to show the fastest growth during the forecast period. The OEM construction machinery attachments are reliable and can be customized based on the customer demand. OEM offers various benefits to their clients in terms of competitive pricing, excellent service & support. The OEM makes it easier for several construction businesses to reap excellent return on investment. These factors are anticipated to propel the demand for OEM sub-segment of sales channel during the analysis timeframe.
The end-use industry segment is further classified into construction, mining, trenching, solid waste management and agricultural farm's application. Among these, the construction sub-segment is anticipated to have a dominant market share in 2021. Construction equipment is utilized for a variety of functions in huge projects. Excavators are vital and commonly used tools in the construction sector. Their primary function is to excavate, but they are also employed for a variety of other tasks such as heavy lifting, demolition, river dredging, tree cutting, and so on.
The construction machinery attachment market in the Asia-Pacific region is projected to show the fastest growth. The region contains of two major developing nations in the globe, China and India, both of which are experiencing shifting socioeconomic circumstances. Furthermore, these nations alone account for 36% of the world's population, with the area accounting for about 60%. Thus, there is increased need for creation of large airports, shopping malls, energy projects, and a variety of other large construction projects. The infrastructure sector is the key focus of the Indian government right now. India and Japan have joined forces to improve the area's infrastructure in India's north-eastern states in order to execute key infrastructure projects for the region. Construction industries in India and China are expanding rapidly, which appears to be having a beneficial influence on the construction machinery attachment market.
Key Players in the Global Construction Machinery Attachment Market
Some of the leading construction machinery attachment market players are
- Caterpillar Inc.
- Komatsu Ltd.
- John Deere
- Doosan Corporation
- Hyundai Construction Equipment Co. Ltd.
- Volvo Construction Equipment AB
- Bobcat Company
In September 2022, SANY showcased its new product range at the Bombay Convention & Exhibition Centre in Gurgaon. The firm produced an attractive variety of tiny, compact, and medium excavators with interesting attachments tailored to meet the needs of Indian customers.