PUBLISHER: Allied Market Research | PRODUCT CODE: 1179803
PUBLISHER: Allied Market Research | PRODUCT CODE: 1179803
The global pre-owned construction equipment market was valued at $165,162.2 million in 2021, and is projected to reach $484,310.7 million by 2031, registering a CAGR of 11.2% from 2022 to 2031. Pre-owned construction equipment refers to used heavy-duty vehicles designed for executing construction tasks, most frequently involving earthwork operations.
Expansion of the pre-owned construction equipment industry is fueled by increase in building and mining operations in emerging economies of Latin America and Africa. The government of the U.S. has invested heavily in development of highways, railway tracks, airports, and other infrastructure, necessitating the use of excavators, loaders, and other heavy equipment. For instance, the U.S. president Trump announced a $2 trillion infrastructure plan in March 2021, which covers roads, telecommunications, electric grid, and residential & commercial buildings. These elements create immense opportunities for the market. In addition, extra expenses paid for equipment maintenance, excessive operational costs, and expensive pay of trained operators may be avoided by using pre-owned equipment for appropriate period, which adds considerably to the global market growth. Furthermore, significant initial expenditure required for purchasing equipment, as well as financial restraints, may be avoided by using pre-owned equipment, which drives the market growth.
However, lack of trained labor in the global market is a significant restraining factor of growth. Another issue that hinders the market expansion is the saturation of construction and mining industries in industrialized nations.
On the contrary, IoT integration aids in alleviation of skilled labor shortages and provides improved operator and end-user safety. Thus, these aspects are expected to provide lucrative opportunities for the market growth.
The pre-owned construction equipment market is segmented into product, application, end user industry, and region. By product, the market is categorized into earthmoving & roadbuilding equipment, material handling & cranes, concrete equipment and others. On the basis of application, the market is fragmented into excavation, earthmoving, transportation and others. The end user industry segment is fragmented into construction, mining, oil & gas, defense and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The COVID-19 pandemic forced many companies in the global pre-owned construction equipment market to halt business operations for a short term to comply with new government regulations to curb the spread of the disease. This halt in operations directly impacted revenue flow of the global pre-owned construction equipment market. In addition, there is a halt in manufacturing of industrial products, owing to lack of raw materials and manpower in the lockdown period. Further, no new consignments are received by companies that operate in this sector. Hence, halt in industrial activities and lockdowns for several months have affected the global pre-owned construction equipment market, and the market is anticipated to witness a slow recovery during the forecast period.
The key players profiled in the pre-owned construction equipment market report include, AB Volvo (Volvo CE Used Equipment), AIS Construction Equipment Service Corporation, Caterpillar, Inc., CEUK T/A Construction Equipment UK, Equippo AG, Hitachi, Ltd. (Hitachi Construction Machinery), Hooray Machinery Co.,Ltd, Kobe Steel, Ltd. (Kobelco Construction Machinery Co., Ltd.), Komatsu (Komatsu Used Equipment Corp.), Machine Hub Asia, Machinery Auctioneers, Ritchie Bros. Auctioneers Incorporated, RUKO GmbH, Sandhills Global, Inc., Shriram Automall India Limited, Terex Corporation and Truck1.
Key Benefits For Stakeholders
By Product
By Application
By End User Industry
By Region