|Fastest Growing Market:||Europe|
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The used Construction Equipment Market was valued at USD 109 billion in 2021 and is expected to reach USD 152 billion by 2027, growing at a CAGR of about 5.8% during the forecast period 2022-2027.
Amid COVID-19, the market is witnessing steady growth owing to an increase in financial insecurities across the globe which encourages to use of used construction equipment. The pandemic adversely affected the real estate company owing to a decrease in consumer spending. The growing investment by the government in healthcare facilities instead of large public infrastructure projects.
The rise in investment in private and government sectors for the development of new infrastructure projects is anticipated to witness major growth in the market. The construction industry is vastly different from the one in the past. Today we find remarkable changes and advancements not only in terms of structures built around us but, more importantly, the techniques and methods to create the very same structures, which would have required much higher labor cost, time for construction, and extraction of raw materials.
The growing adoption of bulk material handling equipment in heavy construction projects is likely to enhance the demand for used construction equipment. Renting and leasing of construction machinery is on the rise. However, 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.
Scope of the Report
Used Construction Equipment Market is segmented into product type, drive type, and geography. Based on the product type, the market is segmented into Crane, Telescopic Handler, excavators, Material Handling Equipment, Loader and Backhoe, and Others. Based on the drive type, the market is segmented into the internal combustion engine, electric, and hybrid. Based on geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. The report offers the market size and forecast in value (USD Billion) for all above-mentioned segments.
|Material Handling Equipment|
|Loader and Backhoe|
|Internal Combustion Engine|
|Rest of World|
Key Market Trends
High Cost of New Construction Equipment is driving the growth of the market
High cost of purchasing equipment, increasing economic uncertainty, lack of capital, technology upgradation, unpredictable construction and infrastructure growth, depreciation woes, costly breakdowns, and limited space availability market is seeing a demand for used equipment.
Owing to the high purchasing cost associated with the motor graders, many of the smaller companies prefer used motor graders. Excavators are extremely versatile and come with multiple attachments and provide better productivity, becoming the primary reason it's the growth. Third-party e-commerce websites offer low-quality machines at a minimum price which attracts consumers to buy the products. This low-quality equipment may face difficulty in a very short duration, which in turn is likely to increase the demand for used construction equipment.
Major developed countries are focusing on port extension, railway tunnels, and underwater tunnels and are seeing more significant demand for cranes, thus driving the used construction equipment market.
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Europe and Asia-Pacific dominating the market
Europe's construction industry in industry output has increased in recent years. The civil Engineering sector has generated 267.1 billion euros, the most significant income by any in the construction industry. The ongoing recovery of Europe's construction industry and favorable economic policies such as low-interest rates have further improved the growth of the used construction equipment market across the region. The German government has initiated several measures aimed at the development of the country's housing market. It has allocated EUR 5.0 billion under its housing policies towards the construction of 100,000 rental units in the next four years.
Followed by Europe, Asia-Pacific is also witnessing major growth in terms of revenue during the forecast period. The increasing demand for rapid mass transit to reduce traffic congestion and journey times is likely to drive the growth of the high-speed rail market. The long high-speed train network in China and Japan and the increased adoption of high-speed lines in South Korea and Turkey have placed the Asia-Pacific region as a market leader.
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The Used Construction Equipment Market is dominating, with the existing players such as Caterpillar, Kobelco Construction Machinery, Deere & Company, Komatsu Ltd, Volvo Group, Doosan Infracore, and XCMG.
- In March 2022, Volvo Construction Equipment introduced the ECR25 Electric excavator. The 2.5-ton battery electric compact excavator is the first electric machine by a major manufacturer to arrive in the Asian market, launching first in Korea with further rollout planned for China, Japan, and Singapore.
- In August 2021, Konatsu introduced the PW98MR-11 tight-tail excavator bridges the gap between compact and construction-sized machines and can work in a wide variety of construction, utility, and landscaping applications with improved efficiency.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Product Type
5.1.2 Telescopic Handler
5.1.4 Material Handling Equipment
5.1.5 Loader and Backhoe
5.2 Drive Type
5.2.1 Internal Combustion Engine
5.3.1 North America
5.3.4 Rest of World
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Volvo CE
6.2.2 Caterpillar Inc.
6.2.4 Kobelco Construction Machinery
6.2.5 John Deere & Co.
6.2.6 Mitsubishi heavy Industries Ltd.
6.2.7 Liebherr International
6.2.8 Manitou BF
6.2.9 Terex Corporation
6.2.10 Hitachi Construction Machinery
7. Market Opportunities and Future Trends
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Frequently Asked Questions
What is the study period of this market?
The Used Construction Equipment Market market is studied from 2018 - 2027.
What is the growth rate of Used Construction Equipment Market?
The Used Construction Equipment Market is growing at a CAGR of 5.8% over the next 5 years.
What is Used Construction Equipment Market size in 2018?
The Used Construction Equipment Market is valued at 109 Billion USD in 2018.
What is Used Construction Equipment Market size in 2027?
The Used Construction Equipment Market is valued at 152 Billion USD in 2027.
Which region has highest growth rate in Used Construction Equipment Market?
Europe is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Used Construction Equipment Market?
Asia-Pacific holds highest share in 2021.
Who are the key players in Used Construction Equipment Market?
Volvo CE, Komatsu Limited, Caterpillar Inc., Deere & Company, Kobelco Construction Machinery Co. Ltd. are the major companies operating in Used Construction Equipment Market.