Factors fueling expansion include increased construction activity and equipment usage and global emissions requirements. The construction equipment aftermarket, consisting of parts and service offerings after a new equipment sale, was projected to exceed $20 billion for 2020 and continue to grow at more than 5% CAGR from 2021 to 2027, when it is projected to reach more than $30 billion, according to Global Market Insights, Inc. Active efforts by suppliers to expand their service portfolios and boost their market presence will help to fuel the industry growth. Factors fueling expansion in the construction equipment aftermarket include the significant increase in global construction activity, which has resulted in higher equipment usage and accelerated wear and tear on parts and components, as well as growing equipment safety concerns and government regulations on equipment emissions. READ FULL ARTICLE>>
