Market Size of Europe Used Construction Machinery Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.20 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Used Construction Machinery Market Analysis
Europe Used Construction Machinery Market was valued at USD 21.87 billion in 2021 and is expected to surpass a net valuation of USD 30.43 billion by 2027 end, registering a CAGR growth of 4.20% over the forecast period.
Due to the COVID-19 pandemic, many industries across Europe, including construction witnessed a slump in investment in 2020. This came after government strict measures prevailed to restrain the spread of infection. In addition, with lockdown measures across the European Union, the construction industry witnessed a decline in its overall throughput which ultimately affected the demand for Used construction machinery.
Moreover, post-COVID-19, 2021 was marked as a year of transition, and growth is expected during 2022 attributed to the increasing investments and multiple construction projects including road, infrastructure and housing etc.. For instance, In 7 April 2022, United Kingdom government announced funding of EUR 30 million for highway decarbonization projects. The funding will support pioneering projects looking at ways to decarbonize local highways infrastructure in regions across the United Kingdom.
The Europe construction industry is highly dynamic, and numerous factors, such as the overall economy, budgets, and global economic scenario, are influencing the market's growth. Volatility in these aspects affects the businesses of construction equipment OEMs, which will, in turn, affect the used construction machinery demand.
Renting and leasing construction machinery is on the rise in Europe. Although there is a significant growth for re-selling of construction equipment owing to huge profits for equipment owners, owing to sales of used construction equipment. Germany, in particular, along with Northern and Western Europe, is seeing record levels in the used construction equipment market. Moreover, the recovery of poorly performing Southern Europe, Central, and Eastern European countries will now see improved forecasted sales in their respective regions. However, factors such as the free trade crisis and ongoing political and economic uncertainties could hinder the growth in the short term.
Considering these factors and the government's forefront in expanding construction and infrastructure development, demand for used construction machinery in Europe is anticipated to witness an improved sales bar during the forecast period.
