Used Construction Equipment Market Forecast and CAGR
According to the latest research study by Fact.MR.Used construction equipment market is expected to grow at a high pace during 2021-2031. Increasing demand for cost-effective equipment to complete construction projects increases the requirement of used construction equipment.
Contractors associated with construction projects are also preferring used construction equipment over new ones which leads to more profit. Important quantities or accessories from OEM, such as Volvo and Caterpillar, Inc., are in demand.
What is Driving Demand for Used Construction Equipment?
The adoption of bulk material handling equipment in large construction projects drives the demand for used construction equipment. Furthermore, massive grade projects like railway tunnels, port extension and underwater tunnels seeing remarkable demand for used construction equipment. Crane is the most demandable equipment in the massive project's work.
Another highly demandable used equipment is motor grader, due to the high purchasing cost of motor graders small-scale companies and contractors choosing used motor graders over new ones. Increase spending on the refurbishment of existing infrastructures by developing economies globally boosting up the demand for used construction equipment. Asian countries are witnessing more demand for used construction equipment for existing infrastructure refurbishment. Several countries governments are also spending and supporting used construction equipment for cost-effectiveness.
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Growing Construction Projects Likely to Augment the Used Construction Equipment Sales
Due to COVID-19, all the construction works globally has been shut down for a long period of time throughout the year 2020. Which directly impacted the used construction equipment market.
With the market recovery, the demand graph again started taking a vertical rise.
Though the pandemic created a hash situation globally still the development in terms of urbanization and industrialization never be stopped and started with full fledge pace again.
The used construction equipment market is directly proportional to urbanization and industrialization. Owing to the rapid urbanization and industrialization the market will grow at a high pace.
US and Canada Used Construction Equipment Market Outlook
North America witnessing the highest growth for used construction equipment across the globe. The region used construction equipment valued at over USD 17.3 billion in 2019. Increasing population shifting to urban locations for the sake of employment and better living create a robust demand for commercial and residential infrastructures in the US and Canada.
Increasing government investment in the development of public and residential buildings further support the market to grow. For instance, on 22 April 22, 2021, the U.S. Department of Agriculture invest USD 487 million in Rural Water, Energy and Biofuel Infrastructure. In view of the Canadian federal budget 2018-19, the government invested about USD 16 billion in building reconstruction and development.
The presence of leading manufacturers is also witnessing the growth of the used construction market in the US and Canada. Companies in these countries are adopting organic and inorganic strategies leads to recent developments like merger and acquisition with local players, sign contract with massive projects which make the region most valuable for used construction equipment market.
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Europe Demand Outlook for Used Construction Equipment
The European construction industry and industrial production has increased in recent years and exceeded 1.58 billion euros in 2016.
The Civil Engineering sector in Europe has generated over 260 billion euros, one of the most significant income shown by any sector. The recovery of the European construction industry and sound economic policies such as interest rates have led to an increase in the use of used construction equipment.
In 2016, the European Commission received a request for more than 45 million euros for funding for 500 projects across the EU. Many countries requested funding infrastructure development, among all the countries in Europe Poland requested the most and shown a rise in productivity by 18%. Most of the projects that demanded funding was related to the power sector and traffic linking. Which shows the demand for used construction equipment in Europe is high in developing road.
However, some part of Europe witnessed demand diminution due to Covid-19. Nevertheless, developed countries in Europe are also investing in new technologies, research and development to cope up with the growing demand and led to replace old-fashioned building techniques with sophisticated construction tools. So the technological advancement in construction sector drives the demand for used construction equipment in the region.
Who are the Key Manufacturers and Suppliers of Used Construction Equipment?
Some of the leading manufacturers and suppliers of used construction equipment include
- Terex Group
- Volvo CE
- Hitachi Construction Machinery
- Deere & Company
- Infra Bazaar
- ShriramAutomall India Limited (SAMIL)
- Ais Construction Equipment Service Corporation
- Kobelco Construction Machinery
The used construction equipment market is consolidated in nature the old and renounced market player grab the market in a better way and due to their brand value, their used construction equipment is also chosen first by the contractors.
Dealers are also getting benefitted by the brand value of the equipment and able to create a better deal in terms of service to the customers. The customers also get a chance to hire heavy equipment at a lower cost to get the work done more conveniently.
An Adaptive Approach to Modern-day Research Needs
Used Construction Equipment Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
- Wheel Loaders
- Material handling Equipment
- Industrial Trucks
- Bulk material handling equipment
- Concrete Equipment
- material handling
- excavation & mining
- Oil & Gas
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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