Dublin, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The "Used Construction Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
In the ever-evolving world of construction, efficiency and cost-effectiveness reign supreme. The Used Construction Equipment Market has emerged as a beacon of hope for organizations looking to navigate the complexities of infrastructure projects while keeping budgets in check. With the construction industry witnessing remarkable advancements, the demand for cost-effective and versatile equipment is on the rise. Factors such as increased investment in both private and public sectors for new infrastructure, the growing trend of equipment rental and leasing, and significant developments in the global construction scene are propelling the Used Construction Equipment Market forward.
Key Highlights:
- Valued at $109 billion in 2022, the Used Construction Equipment Market is poised for remarkable growth, with projections indicating it will reach $152 billion by 2028, growing at an impressive CAGR of approximately 5.8% during this period.
- Even amid the challenges posed by the COVID-19 pandemic, the market demonstrated resilience and continued to grow from 2021 onwards. Increased financial insecurities worldwide during the pandemic encouraged the use of used construction equipment.
- The demand for used construction equipment is driven by the high cost of new construction equipment, economic uncertainties, technology upgrades, and the growing trend of equipment rental and leasing.
- Infrastructure improvement projects, such as commercial building renovations, railway and airport expansions, and roadway and bridge extensions, are contributing to the market's growth globally. For instance, the Pinnapuram Integrated Renewable Energy Project in India, a massive integrated hybrid renewable energy project, is creating significant demand for construction equipment.
Market Trends:
- High Cost of New Construction Equipment: The prohibitive cost of new equipment, coupled with economic uncertainties, depreciation concerns, and limited capital, has led to a surge in demand for used construction equipment. Smaller companies, in particular, opt for used equipment due to budget constraints.
- Equipment Variety: Versatile equipment such as excavators, which offer multiple attachments and enhanced productivity, are driving market growth. Third-party e-commerce platforms are also contributing by offering affordable machines, although some may lack durability.
- Government Infrastructure Investment: Government initiatives for infrastructure development, like those in Europe and Asia-Pacific, are supporting the used construction equipment market. Europe, in particular, is seeing substantial growth, with low-interest rates and housing policies driving the construction industry.
Regional Dominance:
- Europe: Europe's construction industry has been on the rise, generating significant income and witnessing a resurgence. Favorable economic policies and government investments, including housing policies and preparations for the upcoming Olympic Games, are boosting the used construction equipment market.
- Asia-Pacific: The Asia-Pacific region is experiencing rapid growth, with a focus on high-speed rail networks and infrastructure projects. Countries like China are investing heavily in projects like the Shanghai Chip Manufacturing Plant, creating substantial demand for construction equipment.
Competitor Analysis:
- The Used Construction Equipment Market is fragmented, with key players including Caterpillar, Kobelco Construction Machinery, Deere & Company, Komatsu Ltd, Volvo Group, Doosan Infracore, and XCMG. Regional and domestic players also have a significant presence, contributing to market fragmentation.
- In May 2022, Bobcat launched the 'Bobcat Certified' Certified Pre-Owned Program, offering customers a reliable way to procure quality used machines, addressing the growing supply-demand gap in the market.
Companies Mentioned in the Report:
- Komatsu
- John Deere & Co.
- Volvo CE
- Caterpillar Inc.
- Kobelco Construction Machinery
- Mitsubishi Heavy Industries Ltd.
- Liebherr International
- Manitou BF
- Terex Corporation
- Hitachi Construction Machinery
For more information about this report visit https://www.researchandmarkets.com/r/avjwwb
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