According to the recent research report titled ‘Construction Equipment Aftermarket Size By Product (Earth Moving & Road Building Equipment [Hydraulic Systems, Engine Parts, Axle & Transmission Parts], Material Handling & Cranes [Hydraulic Systems, Engine Parts, Axle & Transmission Parts], Concrete Equipment [Hydraulic Systems, Engine Parts, Axle & Transmission Parts]), By Sales Channel (Online, Offline), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, global construction equipment aftermarket is predicted to observe considerable growth over 2021-2027.
 

Global construction equipment aftermarket growth can be credited to growing popularity of e-commerce in construction industry. Consumers' shifting preference towards purchasing components online owing to convenience, safety, and cost-efficiency has created huge growth potential for manufacturers and suppliers in recent years.
 

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Market participants have been employing various techniques to establish a competitive edge. Citing an instance, in February 2020, SmartEquip unveiled SmartEquip e-Commerce, a revolutionary solution to give manufacturers and authorized distributors an easy-to-use platform for assisting their customers access content and make payments, subsequently lowering their total cost of ownership.
 

Citing another major development, Hyundai Construction Equipment Americas (HCEA) construction equipment manufacturer announced the integration of Taylor Construction Equipment in September 2021 in order to grow its authorized dealer network in North America.
 

Speaking of COVID-19 impact, the pandemic positively impacted global construction equipment aftermarket as e-commerce gained traction, with customers seeking parts from the comfort of their own homes.
 

Coming to product type, material handling & cranes segment is projected to witness considerable growth over 2021-2027, owing to rapid progress of transportation & logistics industry.
 

Based on sales channel, online segment accounted for a major portion of the aftermarket share in 2020 and is predicted to expand further by end of forecast period, due to customer inclination towards contactless product delivery.
 

Geographically, Middle East & Africa aftermarket is expected to amass significant returns by 2027, creditable to growing demand for construction equipment in mining activities.
 

Top companies operating in construction equipment aftermarket are Liebherr Group, Kobelco Construction Machinery Co. Ltd., John Deere, Hitachi Construction Machinery Co. Ltd., Terex Corporation, and Zoomlion Heavy Industry Science and Technology Co. Ltd. among others.