The report on ‘Global Construction Machinery Attachment Market’ available with MarketStudyReport, claims that global construction machinery attachment market is anticipated to garner notable valuation during 2022-2028.
Expert predictions cite that extensive product usage due to increasing number of construction projects, soaring number of smart city projects, and rapid rate of urbanization around the world are impelling global construction machinery attachment market growth.
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For the unversed, construction equipment, also referred to as construction machinery, are any massive machines utilized in the construction industry. Loading and unloading components, supplying materials needed into production machinery, transporting goods from one spot to another, fetching materials from processing equipment, cutting down trees, etc., are all performed with these tools.
According to United Nations Conference on Trade and Development (UNCTAD), the market for construction machinery attachment is expected to rise during the projected period, due to 79% of the population residing in cities in developed nations.
Furthermore, widespread product application in loading and unloading materials, pulling materials out of processing equipment, and handling raw materials by shipping them to processing locations are augmenting market development.
On the contrary, high cost of equipment is likely to restrain the progress of the business landscape during the forecast period.
Based on attachment type, the market is divided into hammer, grappler, buckets, and others. In terms of end-use, worldwide construction machinery attachment market is bifurcated into aftermarket and OEM.
Regionally, the latest trends are studied across North America (U.S. Canada), Europe (Italy, Spain, France, UK, Germany, Rest of Europe), Asia Pacific (South Korea, Australia, Japan, India, China, and rest of APAC), Latin America (Brazil, Mexico), and Rest of the World.
Among these, Asia Pacific market is gaining traction at present and is poised to log colossal growth over the stipulated timeframe, as a result of increasing infrastructure development brought on by the large population of the region.
Moving to competitive landscape, Kubota Corporation, Volvo Construction Equipment, Sany Heavy Industry Co. Ltd., Liebherr Group, John Deere, Hyundai Construction Equipment, Komatsu Ltd., and Caterpillar Inc. are the leading players in global construction machinery attachment industry.