The global construction equipment attachments market will grow at a CAGR of 2.4% during 2020-2030. Construction equipment is poised to witness an increase in demand in the approaching years as government expenditure on infrastructure development projects in developing and developed nations is rising, which will complement the expansion of the construction equipment attachment market, globally.
Dubai, United Arab Emirates -- (SBWIRE) -- 11/18/2020 -- The global construction equipment attachments market will grow at a CAGR of 2.4% during 2020-2030. Construction equipment is poised to witness an increase in demand in the approaching years as government expenditure on infrastructure development projects in developing and developed nations is rising, which will complement the expansion of the construction equipment attachment market, globally.
"Rising construction projects such as highway, multiplexes, airports, hotels, malls, and others will boost demand for construction equipment attachments." says a Fact.MR analyst.
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Construction Equipment Attachment Market - Key Takeaways
Compact track loaders will remain lucrative among other attachment categories throughout the forecast period, followed by skid steers.
The aftermarket sales channel category will grow at a CAGR of 3.2% over the forecast period
Asian and Oceania nations jointly are poised to attain 45% of the overall construction equipment attachment market share, followed by North America.
Construction Equipment Attachment Market - Drivers
Government initiatives to build smart cities in the field of energy and mobility will boost demand for building equipment, consecutively boosting market demand.
Increasing investments in research & development of new attachments to enhance the efficiency of construction equipment will bolster market growth.
Increasing consumer awareness and rising trends towards electric construction equipment will prompt the growth of the overall market.
Construction Equipment Attachment Market - Constraints
Huge capital investments required for the construction equipment attachments are creating bottlenecks for broad adoption.
Declining construction activities in few regions of Western Europe and Russia has ensued in declined sales impacting the market growth.
Anticipated Market Impact by COVID-19 Pandemic
The COVID-19 outbreak has hugely impacted the construction equipment attachment market on the demand side, triggering a drop in sales. Post-crisis, a rise in government spending on new ventures coupled with growing expenditure in construction exercises will open new growth prospects for manufacturers in the global market.
Explore the Construction Equipment Attachment market comprising of 77 figures and 83 data tables, along with the table of contents. You can find a detailed market segmentation on @ https://www.factmr.com/report/5134/construction-equipment-attachment-market
The global construction equipment attachment market is fragmentized in nature, with the presence of several regional and local players. Leading companies in the global market are CNH Industrial N.V., Caterpillar Inc., Volvo Construction Equipment, Komatsu Limited, Doosan Corporation, Wacker Neuson SE, Kubota Corporation, Paladin Attachments, and Hitachi Construction Machinery Co., Ltd.
More on the Report
The Fact.MR's market research report provides in-depth insights into the Blood Gas and Electrolyte Analyzer market. The market is scrutinized based on attachment (skid steer loaders [buckets, augers, grapples, hammers, dozer blades, snow pushers, snow blades, pallet forks, breakers, sweepers, quick couplers, planers, backhoes, and graders], compact track loaders [buckets, augers, grapples, hammers, dozer blades, snow pushers, snow blades, pallet forks, breakers, sweepers, quick couplers, planers, backhoes, and graders], mini excavators [buckets, augers, grapples, breakers, rippers, pallet forks, and quick couplers], telescopic handlers [buckets, augers, grapples, pallet forks, sweepers, snow pushers, snow blades, trenchers, dozer blades, and quick coupler) and sales channel (OEMs and aftermarket), across seven major regions (North America, Europe, East Asia, South Asia, Oceania, Latin America, and Middle East & Africa (MEA).
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