As per FMI, the global construction equipment maintenance and repair market is set to be valued at over US$ 21,955.6 Mn 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 Mn by the end of 2032.
The construction equipment maintenance and repair market is likely to grow at a stable pace as companies are expected to focus more on research & development (R&D) activities to maintain and repair vehicles. It would effectively improve the working condition and life cycle of various machines. Vehicle repair and servicing will undergo some changes due to a few new upcoming technologies in the automotive industry.
The market is further expected to grow rapidly as many firms are looking to invest in R&D activities to provide innovative services to the repair and maintenance sector. They are planning to provide diagnostics tools, which are used to detect the source of any damage to the vehicle using a diagnostics scanner.
Repair and maintenance service providers may also produce a live view of the car by using augmented reality (AI) applications to comprehend difficult repairs, thereby making it easier for them to deliver smooth services. Big data is assisting many service providers in analyzing customer and vehicle data, which would aid in predicting vehicle maintenance. These new technologies will foster growth in the market for construction equipment repair and maintenance services.
Globally, key manufacturers are committing to provide value added services and are mainly focusing on delivering ultimate reliability & performance in a wide range of environments. Construction equipment maintenance and repair has a moderate demand in the OEM sales channel.
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 Mn by 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 Mn in 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 Mn between 2022 and 2032.
Based on vehicle, the backhoe loaders category is expected to reach a valuation of more than US$ 2,060.1 Mn between 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.
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.
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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About FMI – Automotive and Transportation
The Automotive and Transportation division of FMI provides exclusive coverage and actionable insights about automotive and transportation industry encompassing automotive, aviation, shipping and marine, and railway sectors. Market findings and competition intelligence of OEM, aftermarket, services and technology landscape have helped numerous industry stakeholders’ right from automakers, component manufacturers, channel partners and service providers in taking informed decisions and keeping them up-to-date with market behaviour.