The construction industry is a booming market
worldwide. This industry has witnessed significant growth, particularly in the developing nations as the improving economy in these regions propels the market. The continuation of the development process especially in the developing countries will result in significant growth of this industry over the next few years. The growth of this industry has also witnessed a similar rise in the sale of aftermarket parts for the construction industry. These parts are installed across a range of applications and range from fuel systems to engine components.The Global Aftermarket parts in construction industry market
have been segmented based on end use application and product verticals as well as by geography. The market has been segmented based on end use verticals into Heavy Earthmoving, Light Earthmoving, Lifting & Material Handling, Drilling & Trenching, Trucking & Hauling, Light Equipment, Paving & Compacting and Ancillary. The market has also been segmented based on product verticals into Cooling Systems, Accessories, Electrical Systems, Engine Components, Filtration and Exhaust, Fuel Systems, Hardware and Fasteners, Long and Short Blocks, Pumps, Powertrain Components, Sealing Solutions, Undercarriage and Braking Components.
The growing heavy machinery market will be the major driver for this industry in the future. The construction aftermarket parts Market is estimated to be around $XX billion in 2015 and is growing at a CAGR of X% during the forecast period through 2021. The increasing demand for earthmoving equipment will propel the market growth.
The Aftermarket parts for construction industry market have also been segmented based on geography into Americas, Europe, APAC and RoW. APAC currently accounts for the largest market followed by Americas. The growing infrastructure development in APAC region will propel the aftermarket parts industry. The improving economies in South America, particularly Brazil, will also lead to a growing market. The growing utilization of vehicles in the construction industry has led to a rising market for automotive aftermarket parts in this industry.The Aftermarket parts in construction market are led by key players such as
These companies have focused on the development and launch of new aftermarket parts in order to capture the growing market.