Market Trends of Construction Machinery Attachment Industry
OEMs to Gain Traction During the Forecast Period
Construction equipment requires high capital investments, and technological advancement in the segment is at a very rapid pace. The equipments are designated to perform a specific job that is already fitted to suit the application requirements. Major players in the segment are spending on providing solutions for the end users so that they can obtain maximum productivity from their equipment.
Over the years, original equipment manufacturers, including Caterpillar, Komatsu, Volvo CE, etc., have been pre-fitting the required construction attachments over their machinery as per customer/fleet operators' requirements.
Players are offering better and more reliable offerings to gain a better competitive edge in the market. For instance,
- In April 2024, TENNA announced the launch of the TennaCAM 2.0 Heavy Equipment Camera. The dual-facing dash camera is designed to enhance safety standards by reducing blind spots while operating.
- In September 2022, SANY showcased its new line of products at the Bombay Convention & Exhibition Centre in Gurgaon. The company launched an exciting range of mini, small and medium range of excavators with interesting attachments designed to meet Indian customer demands.
Considering these ongoing developments by OEM and frequent launches, the segment is expected to portray higher potential during the forecast period.
Asia-Pacific to be the Fastest Growing Market
The Asia-Pacific region consists of two major developing nations in the world, China and India, with changing socio-economic factors. These countries alone make up over 36% of the world's population, and the region makes up around 60% of the world's population. These factors are giving rise to the need for the development of big airports, malls, energy projects, and many other big construction projects.
- For instance, under the Budget 2023-2024, the Government of India announced various measures to support the infrastructure development of the country, including the capital investment outlay for infrastructure to increase by 33% to INR 10 lakh crore (USD 122 billion), which would be 3.3% of GDP and almost three times the outlay in 2019-20.
Furthermore, construction industries in India and China are witnessing immense growth, which seems to have a positive impact on the construction machinery attachment market.
- For instance, in FY 2022, foreign direct investment (FDI) in India's construction and infrastructure activities was recorded at USD 3.25 billion.
China is one of the major countries in Asia-Pacific, with ample construction activities being supported by its growing economy. The country's growth rate is high but is gradually moving toward moderate as the population ages and the economy rebalances from investment to consumption, from manufacturing to services, and from external to internal demand.
- In April 2022, the Chinese government, under its geopolitical favors, planned to extend its reach in Bangladesh by extending belt and road initiatives. Beijing has proposed a road development project worth CNY 7.26 million (approximately USD 1 million) for these projects to enter Bangladeshi roadways.
Hence, during the forecast period, it is expected that such developments will continue in the region and drive the growth of the construction machinery attachments market.
