Rental Machinery Services as Ideal Option to Limit Expenses Creating Lucrative Opportunities for Construction Equipment Attachment Manufacturers: Fact.MR Report
ROCKVILLE , MD, UNITED STATES, July 16, 2024 /
EINPresswire.com/ -- According to an updated industry research report by Fact.MR, revenue from the global
construction equipment attachment market is estimated to reach US$ 6.36 billion in 2024 and thereafter rise at a CAGR of 4.2% from 2024 to 2034. Demand for construction equipment attachments is rising mainly due to the expansion of the rental equipment industry worldwide.
By offering a variety of attachments that satisfy their construction activity requirements, companies that rent out construction equipment are facilitating the acquisition of machinery by contractors without requiring them to make a significant capital commitment. Because they are more affordable, end users favor the rental of construction equipment accessories. Due to rental services' ability to quickly switch between various attachments when project demands change, construction equipment attachments are growing in popularity.
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The building, mining, infrastructure, and construction sectors all have significant growth potential in East Asian countries. Rise in construction activity is projected to present enormous economic prospects for construction equipment attachment manufacturers over the coming years.
Key Takeaways from Market Study
The global market for construction equipment attachments is projected to achieve a remarkable valuation of US$ 9.59 billion by the end of 2034. Among the key regions, East Asia stands out, with an anticipated revenue generation of US$ 2.19 billion by the same year. North America is also poised to maintain a significant presence in this sector, holding an estimated 24.8% of the global market share in 2024. Compact track loaders, a crucial segment within the construction equipment industry, are projected to reach an impressive revenue mark of US$ 3.09 billion by 2034, highlighting the robust demand for versatile and efficient construction machinery.
Focusing on individual markets, Japan's construction equipment attachment sector is expected to expand at a compound annual growth rate (CAGR) of 4.9% through 2034, demonstrating steady growth. In the United States, the market is forecasted to generate substantial revenue, reaching US$ 1.95 billion by 2034. China, another significant player in the East Asian region, is projected to see its market size for construction equipment attachments reach US$ 689.9 million by 2024. These forecasts underscore the dynamic nature of the global construction equipment attachments market, driven by increasing infrastructure development and technological advancements in construction machinery.
“Construction rental companies are offering contractors affordable solutions and a large selection of construction equipment attachments to meet diverse activity needs. This is majorly contributing to market growth,” says a Fact.MR analyst.
Compact Track Loaders Maintaining Effectiveness in Muddy Situations
Rising sales of compact track loaders are driven by their adaptability and superior performance over other attachment types of construction equipment. Compact track loaders have great grip and float on soft or uneven ground, making them the ideal option for a variety of working sites and weather conditions.
Compact track loaders can work effectively in muddy or sandy situations that are challenging for wheeled loaders to handle because of their low ground pressure. Compact track loaders also provide exceptional stability, which enhances operator comfort and permits more precise operations.
Competitive Landscape
The construction equipment attachment market is seeing significant investments in R&D by key players, aiming to develop attachments with enhanced strength, durability, and efficiency. The rise in automation is driving demand for advanced tools to reduce operational costs and improve worker safety.
In June 2024, John Deere renewed its distribution agreement with Douglas Dynamics to continue selling and servicing Western Products' snow and ice removal attachments. In February 2024, FleetWatcher added a new telematics feature for tracking small tools and attachments, while Genie released new attachments for its GTH telehandlers, including multipurpose buckets and an auger tool. Ignite Attachments introduced a new line of nitrogen breakers and announced a forthcoming concrete chute bucket. Additionally, Rototilt launched a new generation of tool attachment frames with increased versatility, offering four new frames in 41 versions, including QuickChange and demolition configurations.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the construction equipment attachment market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on type (skid steer loaders, compact track loaders, mini excavators, telescopic handlers) and sales channel (OEMs, aftermarket), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
Explore More Related Studies Published by Fact.MR Research:
Construction Equipment Rental Market: Revenue from the global construction equipment rental market is estimated to reach US$ 131.2 billion in 2024. The market has been projected to climb to a value of US$ 201.81 billion by the end of 2034, expanding at a CAGR of 4.4% between 2024 and 2034.
Europe Construction Equipment Market: The European construction equipment market is slated to grow at over 6% in the forecast period ranging from 2022 to 2032. As of 2021, the industry was valued at US$ 161 Billion, and is poised to register a Y-o-Y expansion rate of 5.6% in 2022 to reach US$ 170 Billion by 2032, the market is slated to reach US$ 304.43 Billion.
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