The global Construction Equipment Maintenance And Repair Market is set to surge with a CAGR of 4.1% in 2023, reaching a valuation of about USD 22.72 billion by 2023. The market is anticipated to be valued at USD 33.96 billion in 2033. Growth is mainly attributed to rising construction and infrastructure development activities worldwide.
The global construction equipment maintenance and repair market holds approximately 8% to 9% of the international maintenance and repair industry. The ability of maintenance and repair service providers to undertake various measures to tackle and prevent damages that could cause equipment or system failure is likely to aid growth in the global market.
Rapidly integrating several digital solutions like cloud computing and artificial intelligence in maintenance and repair techniques across the automotive sector may bode well for the global market. These techniques are mainly used to ensure high safety and quality levels of numerous components to avoid the risk of defects in machinery.
As poor production quality control often results in high financial and operational costs, the company developed a new solution for the industry to solve this issue at the production scale. The launch of similar tools and solutions by key construction equipment maintenance and repair market players is anticipated to aid growth.
Construction Equipment Maintenance and Repair Market (From 2018 to 2022):
| Attribute | Details |
|---|---|
| Market HCAGR (From 2018 to 2022) | 3.5% |
| Market Size - 2018 | USD 19.133 billion |
| Market Size - 2022 | USD 21.955 billion |
Construction Equipment Maintenance and Repair Market (From 2023 to 2033):
| Attribute | Details |
|---|---|
| Market CAGR (From 2023 to 2033) | 4.1% |
| Market Size - 2023 | USD 22.72 billion |
| Market Size - 2033 | USD 33.96 billion |
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The global construction equipment maintenance and repair market grew at a CAGR of about 3.5% between 2018 and 2022. The urgent need to boost internal efficiency, rapid digitization, and rising investments in maintenance operations across industries are likely to spur the global construction equipment maintenance and repair industry.
Rising emphasis on renewable energy sources to lower carbon emissions in the atmosphere is also expected to result in huge green energy targets for long- and short-term periods. During the evaluation period, it is anticipated to create a new potential for clean energy deployment and complement maintenance and repair services growth.
Owing to the factors mentioned above, the construction equipment maintenance and repair business is expected to develop at a 4.1% CAGR through 2033, according to Future Market Insights.
The Emergence of AI-powered Autonomous Vehicles
Innovation and technical breakthroughs in producing and maintaining automobiles and earth-moving equipment have spurred construction equipment maintenance and repair market expansion. Improvement in the quality of materials used in manufacturing various components has enhanced the average life of cars.
The emergence of AI-powered autonomous vehicles has resulted in the development of self-driving automobiles and simplified travel. These factors are pushing the demand for technologically advanced automobiles and novel repair and maintenance services.
Adoption of Remote Diagnostics Systems
Remote car diagnostics systems allow real-time vehicle characteristics monitoring to compare performance with the given benchmarks. Remote diagnostics systems have grown in popularity as automotive technologies have advanced.
There has been a greater emphasis on vehicle safety and linked automobiles. OEMs and authorized dealers focus on delivering innovative services such as remote diagnosis to gain a competitive advantage in the construction equipment maintenance and repair market.
Clients benefit from remote car diagnostics since they do not need to transport their vehicles to a service shop. Remote vehicle diagnostics solutions are gaining traction among fleet operators, allowing owners to discover onboard system faults early and improve vehicle maintenance schedules.
Principal Consultant
Some repair shops in emerging economies may sell something other than authentic auto repair components due to their expensive nature. Some customers may favor these local centers over authorized service locations due to the availability of low-cost parts.
These counterfeit components can cause problems with the vehicle's operation, harm the profitability of authorized service centers, and harm the growth of the repair and maintenance sector. It may also negatively influence the business of approved service centers and the expansion of the construction equipment repair and maintenance services market.
| Attributes | Details |
|---|---|
| United States Market Share - 2023 | 19.5% |
| Japan Market Share - 2023 | 7.80% |
| Australia Market Share - 2023 | 3.5% |
| Germany Market Share - 2023 | 6.90% |
Presence of Reputed Construction Equipment Repair Service Providers in the United States to Aid Growth
In 2023, the construction equipment maintenance and repair market in the United States is predicted to expand by 3.4% CAGR, says FMI. The United States market is expected to grow steadily over the forecast period, with many maintenance and repair companies in the country. According to the study, the United States market would reach USD 3,483.3 Million by the end of 2033.
Sales of electric vehicles are also projected to surge in the country, which may accelerate the market. As per the United States Department of Energy, in 2019, nearly 326,644 plug-in vehicles were sold nationwide. These numbers are anticipated to surge in the next decade, propelling the market.
| Attributes | Details |
|---|---|
| China Market CAGR (From 2023 to 2033) | 4.20% |
| India Market CAGR (From 2023 to 2033) | 4.00% |
| United Kingdom Market CAGR (From 2023 to 2033) | 3.90% |
Building Maintenance and Equipment Repair Companies Are Eying India's Infrastructure Sector
Rapid economic expansion and a growing population are boosting India's infrastructure development demand. International investors are showing interest in India's infrastructure sector.
With the increasing use of construction vehicles, demand for repair and maintenance services is also bound to surge in the country. By the end of 2033, the Indian market is expected to exceed revenues of USD 2,410.6 Million, finds FMI.
As per the India Brand Equity Foundation (IBEF), India plans to invest USD 1.4 Trillion in infrastructure through its National Infrastructure Pipeline in the next five years.
Infrastructure activities accounted for a 13% share of the overall FDI inflows of USD 81.72 Billion in FY21. Investments in infrastructure development are likely to grow quickly in the country, thereby pushing the demand for construction equipment maintenance and repair.
Due to the rising demand for reliable and efficient equipment in the construction sector, the construction equipment maintenance and repair market in Europe is expanding steadily.
Equipment downtime and repair expenses have emerged as major worries for construction companies as construction activity in the region continues to soar. As a result, there is an increasing demand for maintenance and repair services that guarantee peak performance and increase equipment longevity.
The need for specialized maintenance and repair services is being fueled by the implementation of strict safety requirements and the emphasis on minimizing environmental effects.
As a result, the construction equipment maintenance and repair market in Europe is anticipated to expand significantly during the next few years.
Exploration of Hydrocarbon to Push Sales of Construction Machinery Repair Services
With the increased exploration of hydrocarbons to reduce the rising energy demand, numerous corporations in GCC countries are engaging in production and construction activities. These factors would push the need for machinery and equipment maintenance, repair, and inspection services.
By the end of 2033, the construction equipment maintenance and repair market in GCC countries is set to surpass USD 1,207.4 Million, says FMI.
According to BP's Statistical Review of World Energy- 2020 Report, the Middle East accounts for 31% of oil and about 18% of gas production worldwide. Increasing initiatives by the government to initiate exploration activities are projected to spur the market.
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| Segment | Component |
|---|---|
| Segment Name | Consumables |
| Segment Share | 67.40% |
| Segment | Sales Channel |
|---|---|
| Segment Name | Aftermarket |
| Segment Share | 47.30% |
Heavy Equipment Repair Consumables to Gain Impetus
Consumables such as engine oil, transmission fluid, and hydraulic fluids are required in every vehicle for easy and efficient moving of parts. Vehicle parts also significantly impact the market as their replacement rates are high.
Besides, due to the extreme working conditions, the chances of critical parts' wear and tear are high, requiring periodic maintenance and repair. The consumables segment is to create an absolute dollar opportunity of USD 3,166.6 Million in the construction equipment maintenance and repair market between 2023 and 2033.
Backhoe Repair Services to Showcase High Demand in the Global Market
Backhoe loaders have a frequent repair and maintenance cycle as these are extensively used in construction and demolition. The teeth of the bucket, belt, and hydraulics are delicate and must be repaired and maintained periodically. The backhoe loader segment is expected to create an absolute dollar opportunity of more than USD 2,060.1 Million between 2023 and 2033.
Boost the Range of Services
Preventive maintenance, equipment inspections, on-site repairs, equipment refurbishment, spare parts sales, and equipment customization are additional services that manufacturers can offer.
They can improve revenue sources and draw in more clients by providing a full range of services.
Spend Money On Branding And Marketing.
Create a solid marketing plan to raise brand awareness and visibility. Use social networking sites, digital marketing channels, and industry-specific periodicals to reach the target demographic.
Highlight special selling factors like experience, client endorsements, swift turnaround times, and affordable prices. A strong brand presence can assist in drawing in new clients and increasing reputation in the marketplace.
Accept Technology
Adopting cutting-edge technologies can greatly increase productivity and efficiency.
The construction equipment maintenance and repair manufacturers can spend money on computerized maintenance management systems (CMMS) to schedule maintenance work, track the history of their equipment, and efficiently manage their spare parts inventories.
Utilizing the Internet of Things (IoT) sensors can also allow for real-time monitoring of equipment performance, allowing for the early detection of problems and avoiding expensive failures.
Boost Technical Knowledge
Invest in technician training programs to advance their equipment maintenance and repair expertise. The construction equipment maintenance and repair manufacturers should keep up with the most recent technological advancements and industry standards.
They can offer effective and dependable service because of their staff of highly qualified specialists, which promotes customer pleasure and loyalty.
Key businesses in the global construction equipment maintenance and repair market focus on acquisitions and expansions to strengthen their positions. A few other key construction equipment maintenance and repair market players are conducting research and development activities to develop novel methods for periodic maintenance.
Novel Advancements
| Company | Foley Equipment |
|---|---|
| Strategy | Foley Equipment Unveils Cutting-Edge Diagnostic Solution for Enhanced Equipment Maintenance |
| Details | In September 2021, Foley Equipment unveiled a custom-built communications service that would help the company provide real-time technical assistance to its customers, regardless of the equipment brand. It would also offer a visual dimension to the diagnosing equipment by connecting through the customer’s smartphone and enabling the Foley Lynx consultant technician to check the machine. The technician may further communicate information through FaceTime. |
ExxonMobil, RelaDyne, and Valvoline May Continue to Remain at the Top of the Ladder
ExxonMobil, one of the world's leading publicly listed oil and petrochemical businesses, develops solutions to improve quality of life and fulfill society's changing requirements. The company is decreasing greenhouse gas emissions and providing inexpensive and dependable electricity.
It was the first integrated energy corporation to declare its involvement in a program to verify natural gas output via a pilot at Poker Lake, New Mexico. It is a significant location for the company's Permian Basin operations, utilizing the criteria set by MiQ, a nonprofit organization.
ExxonMobil feels that advanced recycling is an important supplement to traditional mechanical recycling to help minimize environmental plastic waste. The business intends to construct its first large-scale advanced plastic waste recycling facility at its Baytown, Texas, site.
Likewise, RelaDyne is the world's largest provider of automotive, industrial, and commercial lubricants and dependability services. The company debuted My.RelaDyne.com, formerly RelaDyneExpress.com, a new and enhanced online ordering and account management platform.
On the other hand, Valvoline is just a little behind when it comes to leaving footprints in construction equipment and repair. The company's success relies on innovation. It provides a wide range of products like motor oil, gear oil, grease, and heavy-duty and transmission fluid. Valvoline collaborates with groups, including Building Homes for Heroes, a nonprofit that helps veterans and their families.
The market is valued at USD 22.7 billion in 2023.
Chevron Lubricants, ExxonMobil, and RelaDyne are key market players.
The market will reach USD 33.9 billion by 2033.
Adoption of remote diagnostics systems will drive the market prospects.
From 2018 to 2022, the market registered a CAGR of 3.5%.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Component 5.1. Consumable 5.1.1. Grease 5.1.2. Engine Oil 5.1.3. Radiator Coolant 5.1.4. Brake Oil 5.1.5. Hydraulic Fluids 5.1.6. Transmission Fluid 5.1.7. Gear Oil 5.2. Parts 5.2.1. Excavator Bucket Teeth 5.2.2. Hydraulic Cylinder 5.2.3. Hydraulic Pumps 5.2.4. Track Chain 5.2.5. Belt 5.2.6. Batteries 5.2.7. Fuel Injector 5.2.8. Engine Starter 5.2.9. Air Filters 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel 6.1. OEM 6.2. OES 6.3. After Market 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Vehicle 7.1. Dozer 7.2. Loaders 7.3. Graders 7.4. Scrapers 7.5. Backhoe Loaders 7.6. Compactors 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Service Provider 8.1. Authorized Service Center 8.2. Third-Party Service Center 8.3. Independent Service Center 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Service Type 9.1. Repair and Maintenance 9.2. Service Only 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 10.1. North America 10.2. Latin America 10.3. Western Europe 10.4. Eastern Europe 10.5. South Asia and Pacific 10.6. East Asia 10.7. Middle East and Africa 11. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 18. Key Countries Market Analysis 19. Market Structure Analysis 20. Competition Analysis 20.1. Chevron Lubricants 20.2. ExxonMobil 20.3. RelaDyne 20.4. Atlas Copco 20.5. Castrol 20.6. Taylor Oil Company 20.7. Valvoline 20.8. Uslube 20.9. Duralene 20.10. Polygraph 20.11. Shell 20.12. Donaldson 20.13. Filter Equipment Co. 20.14. Universal Air Filter 20.15. Bosch 20.16. Denso 20.17. BorgWarner (Delphie) 20.18. Children 20.19. HL Tooth 20.20. Tag Mfg 21. Assumptions & Acronyms Used 22. Research Methodology
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Construction Equipment Maintenance and Repair Market
