Construction Machinery Attachment Market

Construction Machinery Attachment Market Outlook 2031

The global construction machinery attachment market size was valued at USD 6.17 Billion in 2022 and is likely to reach USD 9.17 Billion by 2031, expanding at a CAGR of 4.5 % during 2023 – 2031. The market growth is attributed to the increasing construction activities across the globe.

Increasing construction activities are expected to boost the demand for construction machinery attachment in the coming years. Machinery attachments such as excavators, loaders, and bulldozers are used in construction activities to perform various tasks such as earthmoving, material handling, demolition, and road construction. These are also used for loading and unloading of waste on construction sites, which increases their adoption in construction activities. Therefore, rising construction projects are propelling the market. For instance,

• The size of the construction industry was valued at USD 6.4 trillion in 2020 and is expected to reach 14.4 trillion in 2030.

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The demand for construction machinery attachments is rapidly rising in the construction and mining industry, as these attachments increase the efficiency and productivity of construction projects. They also improve the accuracy and consistency of construction projects, which enhance their demand. Moreover, growing infrastructure development in emerging nations is expected to boost the demand for construction machinery attachment in the coming years.

The COVID-19 pandemic hampered the demand for construction machinery attachment. The manufacturing units of construction machinery attachment struggled during the pandemic in assembling products, due to the closure of international trade and the shortage of capital & manpower. In addition, construction projects all across the globe declined rapidly. This impeded the demand for construction machinery attachments, as these attachments are installed in construction machinery for soil excavation, loading, and unloading of materials. For instance,

• According to the Royal Institution of Chartered Surveyors, 25% of construction projects were halted globally in the second quarter of 2020.

Impact of Artificial Intelligence on Construction Machinery Attachment

The rapid adoption of artificial intelligence in manufacturing tools and equipment creates an immense opportunity in the market. AI plays a crucial role in the manufacturing of construction machinery attachments, as it optimizes production processes and creates efficient designs. AI helps manufacturers test attachment designs virtually before making physical prototypes, allowing quick design iterations. AI-powered attachments detect potential problems at an early stage and send the information to the operator to avoid breakdowns. AI also enhances the handling of attachments, which increases its adoption in construction machinery attachments.

Construction Machinery Attachment Market Dynamics

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Major Drivers

Growing urbanization across the globe is projected to boost the demand for construction machinery attachment during the forecast period. Urbanization leads to the increasing construction of malls, schools, offices, highways, roads, metros, and others, which create a demand for construction machinery attachment. These attachments move and lift objects at construction sites. These machinery attachments reduce labor costs and offer safety for operators, which enhances their adoption in building malls, schools, and other commercial spaces. Thus, increasing urbanization is propelling the market. For instance,

• According to a report published by the World Bank, 4.4 billion of the global population lives in cities, which is 56% of the population, and is expected to reach around 8.8 billion by 2050.

Increasing mining activities are expected to drive the market in the coming years. Construction machinery attachments such as augers and excavator arms are used to drill into the ground and make holes for laying utility lines or making access points for underground mining operations, which increases their demand for mining activities.

Existing Restraints

High cost associated with construction machinery attachments is projected to restrict the market during the forecast period. Construction machinery attachments are built with heavy and expensive materials. These attachments require very experienced and expensive labor to manufacture, assemble, and set up properly, which increases the cost of these materials and reduces their adoption among builders. Moreover, rising awareness regarding air pollution and growing norms on carbon emission are encouraging consumers to lessen the adoption of some construction machinery. This hampers the demand for construction machinery attachment.

Emerging Opportunities

Increasing smart city projects around the globe create an immense opportunity in the market. Governments in several countries are constructing smart cities and creating the demand for construction machinery attachments, as these attachments speed up the project execution. Moreover, rising investment in R&D activities by key players to launch construction machinery attachments creates a lucrative opportunity in the market. For instance,

• On July 19, 2021, Teran Industries, a global supplier of a complete line of attachments and replacement parts for heavy-duty machinery, announced the launch of the next-generation of 36-ton excavator buckets to meet the needs of new excavators that require high performance standards and durability from attachments they use.

Scope of the Construction Machinery Attachment Market Report

The report on the market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Attachment Type Segment Analysis

Based on attachment type, the construction machinery attachment market is categorized into excavator buckets, grapples, quick couplers, concrete pulverizers, rakes, forks, and others. The excavator buckets accounted for a major share of the market in 2022, due to the rising global construction and mining operations. Excavator buckets offer efficient excavation performance, as they have strong bucket teeth and durable bodies, making them suitable for heavy load operations such as mixing harder stones, sub-hard rocks, weathered rocks, and hard rocks in the soil.

The concrete pulverizers segment is anticipated to expand at a quick pace during the assessment period, owing to the expanding construction business in the emerging nations. Concrete pulverizers are used at construction sites to break the concrete into small pieces and cut through the embedded rebar, allowing the concrete to fall to the ground rather than hang onto the rebar. This increases the demand for concrete pulverizers in construction machinery.

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Application Segment Analysis

In terms of application, the global market is segregated into earthmoving, landscaping, roadwork, demolition, and others. The earthmoving segment registered growth in 2022, due to the increasing demand for increasing number of housing units and the growing mining & forestry industry. Construction machinery attachments perform a wide range of earthmoving operations such as grading, heavy lifting, excavation, and dredging. It also increases efficiency and productivity at construction sites and reduces labor costs, which enhances its adoption in earthmoving.

The roadwork segment is expected to expand at a rapid pace during the projected period, owing to the rising demand for transportation infrastructure and growing urbanization across the globe. Construction machinery attachments are widely used for roadwork, as they perform digging, excavating rocks & clay, or moving rocks or soil from the construction sites. These attachments also improve the accuracy and consistency of the construction projects, which increases their adoption in roadworks.

Sales Channel Segment Analysis

Based on sales channel, the construction machinery attachment market is bifurcated into OEM and aftermarket. The OEM segment held a large share of the market in 2022, due to advancements in construction machinery and the rising disposable income of consumers. OEM construction machinery attachments are preferred by consumers over aftermarket attachments, as they offer improved compatibility, performance, quality, and safety. Moreover, OEM attachments have a longer lifespan than aftermarket attachments, which enhances their adoption in construction machinery.

The aftermarket segment is projected to expand at a robust pace during the forecast period, owing to the increasing number of third-party suppliers and the rising globalization. Aftermarket construction machinery attachments have lower costs as compared to OEM attachments and help consumers save money on repairs or upgrades. Additionally, aftermarket attachments are widely available and offer a wide variety of options than OEM attachments, which increases their demand.

Regional Outlook

In terms of region, the construction machinery attachment market is divided into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific accounted for a major share of the market in 2022, due to the growing infrastructure development and the rising urbanization. Moreover, governments in the region are building and constructing smart city projects, which increase the demand for construction machinery attachments. These attachments are used in smart city projects for demolition/crushing, material handling, metal recycling, mining, and tunneling. For instance,

• The government of India launched a mission to develop 100 smart cities across the country, of which 22 smart city projects have been completed by April 2023.

The market in North America is anticipated to expand at a high CAGR in the coming years, owing to the technological advancements in construction machinery and the presence of established market players such as Caterpillar, Deere & Company, and Teran Industries in the region. Moreover, increasing spending on infrastructure and rising construction activities in the region are propelling the demand for construction machinery attachments, as these attachments are used in construction activities for moving materials or digging, including utility trenching and concrete footings. For instance,

• The size of the US construction sector was valued at around USD 1.8 trillion in 2022 and is expected to expand in the coming years.

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Segments

The construction machinery attachment market has been segmented on the basis of

Attachment Type

• Excavator Buckets
• Grapples
• Quick Couplers
• Concrete Pulverizers
• Rakes
• Forks
• Others

Application

• Earthmoving
• Landscaping
• Roadwork
• Demolition
• Others

Sales Channel

• OEM 
• Aftermarket

Region

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• AB Volvo
• Bobcat Company
• Caterpillar
• CNH Industrial N.V.
• Deere & Company
• HD Hyundai Construction Equipment Co., Ltd
• Hitachi Construction Machinery Co., Ltd
• J C Bamford Excavators Ltd
• Komatsu
• KUBOTA Corporation
• Liebherr
• MB Crusher
• SANY Group
• Tata Hitachi Construction Machinery
• Teran Industries

Competitive Landscape

Key players competing in the global market are AB Volvo; Bobcat Company; Caterpillar; CNH Industrial N.V.; Deere & Company; HD Hyundai Construction Equipment Co., Ltd; Hitachi Construction Machinery Co., Ltd; J C Bamford Excavators Ltd; Komatsu; KUBOTA Corporation; Liebherr; MB Crusher; SANY Group; Tata Hitachi Construction Machinery; and Teran Industries.

These companies adopted development strategies including collaboration, product launches, mergers, acquisitions, partnerships, and production expansion to expand their consumer base globally. For instance,

• On May 7, 2023, MB Crusher, a global supplier of a wide range of attachments capable of making construction sites independent and competitive, announced the launch of five new construction machinery attachments, including two sorting grapples and three padding buckets at Samoter 2023. The new grapples are equipped with a load-holding valve, which ensures maximum safety on the construction site and prevents accidental opening of the claws in the event of a sudden drop in pressure from the carrier machine.

• On March 20, 2023, Tata Hitachi Construction Machinery, a key company in construction and mining equipment, announced the launch of the ZX670H Mining Excavator that promises seamless performance and unparalleled productivity. It is designed and manufactured to meet customer expectations of high durability, unmatched efficiency, easy maintenance, low operating cost, maximum safety, and comfort.