NEWARK, Del, Sept. 01, 2022 (GLOBE NEWSWIRE) — According to the IMF, the global construction equipment maintenance and repair market will be valued at more than THE AMERICAN DOLLAR$ 21,955.6 METERnorth in 2022, with a stable long-term projection. The market is anticipated to expand to more than 4.3% CAGR from 2022 to 2032 and scope US$32,276.3 Mn at the end of 2032.
The construction equipment maintenance and repair market is likely to grow at a steady rate as companies are expected to focus more on research and development (R&D) activities to maintain and repair vehicles. It would effectively improve the working conditions and life cycle of various machines. Vehicle repair and service will undergo some changes due to some new technologies coming in the automotive industry.
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Furthermore, the market is expected to grow rapidly as many companies seek to invest in R&D activities to provide innovative services to the repair and maintenance sector. They are planning to provide diagnostic tools, which are used to pinpoint the source of any damage to the vehicle using a diagnostic scanner.
Repair and maintenance service providers can also produce a live view of the car by using augmented reality (AI) applications to understand difficult repairs, making it easier for them to provide services seamlessly. Big data is helping many service providers analyze customer and vehicle data, which would help predict vehicle maintenance. These new technologies will fuel the growth of the construction equipment repair and maintenance services market.
Globally, leading manufacturers are committed to providing value-added services with a primary focus on delivering maximum reliability and performance in a wide range of environments. Construction equipment maintenance and repair is in moderate demand in the OEM sales channel.
key takeaways: Maintenance and repair of construction equipment Market
- The US construction equipment repair and maintenance market is forecast to grow. 3.4% CAGR in 2022.
- GCC countries are expected to exceed US$1,207.4 Mn by the end of 2032 in the construction equipment maintenance and repair market.
- India’s construction equipment maintenance and repair market is projected to exceed US$2,410.6 Mn in revenue terms by 2032.
- By component, the consumables segment is likely to create an opportunity in absolute dollars of more than US$3,166.6 Mn between 2022 and 2032.
- Depending on the vehicle, the backhoe loader category is expected to achieve a valuation of more than US$2,060.1 Mn between 2022 and 2032.
“The demand for repair and maintenance services is increasing all over the world because growing awareness on vehicle safety between operators of heavy equipment. Appearance of independent auto service and maintenance providers is what’s more likely to increase the construction equipment maintenance and repair market,” says an analyst at Future Market Insights.
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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 Sixty-five% a 70% of the total market share. These players are likely to invest in new technological developments and expansion of their distribution networks to maintain their strong 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 information in the construction equipment maintenance and repair market
The research report analyzes the demand for maintenance and repair of construction equipment. The global construction equipment maintenance and repair market has been analyzed with various macroeconomic factors, market trends, and market background. According to Future Market Insights, the market was 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 and demand side factors.
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Table of Contents
1. Executive Summary
1.1. World Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key market trends
3.1. Key trends affecting the market
3.2. Product Innovation / Development Trends
About FMI – Automotive and Transportation
FMI’s Automotive & Transportation division provides exclusive coverage and actionable insights on the automotive and transportation industry spanning the automotive, aviation, shipping and maritime, and rail sectors. Market findings and competitive intelligence from the OEM, aftermarket, services, and technology landscape have helped numerous industry stakeholders, from automakers, component manufacturers, channel partners, and service providers. services, to make informed decisions and keep them updated with market behavior.
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