As per FMI, the global construction equipment maintenance and repair market growth is set to be valued at over US$ 21,955.6 Million in 2022, with a stable long-term projection. The market is anticipated to expand at over 4.3% CAGR from 2022 to 2032 and reach US$ 32,276.3 Million by the end of 2032.
Because businesses are anticipated to place a greater emphasis on research and development (R&D) operations for maintaining and repairing vehicles, the market for construction equipment maintenance and repair is predicted to rise at a steady rate. It would significantly extend the lifespan and functioning condition of different devices. Because of a few new emerging technologies in the automotive sector, there will be some changes to how vehicles are repaired and serviced.
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In addition, the market is anticipated to expand quickly as many businesses want to invest in R&D initiatives to offer cutting-edge services to the repair and maintenance industry. They want to offer diagnostic tools, which are utilised with a diagnostics scanner to identify the origin of any car damage.
By employing augmented reality (AR) software to understand challenging repairs, repair and maintenance service providers may also provide a live view of the vehicle, making it simpler for them to conduct efficient services. Many service providers are using big data to analyse customer and vehicle data, which will help them forecast vehicle repairs. The market for maintenance and repair services for construction equipment will expand as a result of these new technologies.
Key manufacturers all around the world have committed to offering value-added services while concentrating primarily on delivering the highest level of performance & dependability in a variety of situations. In the OEM sales channel, there is a moderate need for construction equipment maintenance and repair.
Key Takeaways: Construction Equipment Maintenance and Repair Market
- The U.S. construction equipment maintenance and repair market is predicted to expand by 4%CAGR in 2022.
- GCC countries are anticipated to surpass US$ 1,207.4 Mnby the end of 2032 in the construction equipment maintenance and repair market.
- The India construction equipment maintenance and repair market is projected to exceed US$ 2,410.6 Mnin terms of revenue by 2032.
- By component, the consumables segment is likely to create an absolute dollar opportunity of more than US$ 3,166.6 Mnbetween 2022 and 2032.
- Based on vehicle, the backhoe loaders category is expected to reach a valuation of more than US$ 2,060.1 Mnbetween 2022 and 2032.
“Demand for repair and maintenance services is increasing worldwide due to rising awareness about vehicle safety among operators of heavy equipment. Emergence of independent auto service and maintenance providers is also likely to boost the construction equipment maintenance and repair market,” says a Future Market Insights analyst.
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Competitive Landscape: Construction Equipment Maintenance and Repair Market
The construction equipment maintenance and repair market is fragmented and global players are acquiring around 65% to 70% of the overall market share. These players are likely to invest in new technology developments and expansion of their distribution networks to maintain their robust presence. Some of the key players in this industry include Chevron Lubricants, ExxonMobil, Atlas Copco, Castrol, Shell, Bosch, Denso, Caterpillar, Komatsu, and XCMG among others.
Construction Equipment Maintenance and Repair Market Outlook by Category
By Component:
- Consumable
- Grease
- Engine Oil
- Radiator Coolant
- Brake Oil
- Hydraulic Fluids
- Transmission Fluid
- Gear Oil
- Parts
- Excavator Bucket Teeth
- Hydraulic Cylinder
- Hydraulic Pumps
- Track Chain
- Belt
- Batteries
- Fuel Injector
- Engine Starter
- Air Filters
By Sales Channel:
- OEM
- OES
- After Market
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By Vehicle:
- Dozer
- Loaders
- Graders
- Scrapers
- Backhoe Loaders
- Compactors
By Service Provider:
- Authorized Service Center
- Third Party Service Center
- Independent Service Center
By Service Type:
- Repair and Maintenance
- Service Only
Find More Valuable Insights on Construction Equipment Maintenance and Repair Market
The research report analyzes the demand for construction equipment maintenance and repair. The global construction equipment maintenance and repair market has been analyzed with various macroeconomic factors, market trends, and market background. As per Future Market Insights, the market has been analyzed based on component, sales channel, vehicle, service provider, service type, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both supply-side and demand factors.
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