Pre-Owned Construction Equipment Market By Product (Earthmoving and Roadbuilding Equipment, Material Handling and Cranes, Concrete Equipment, Others), By Application (Excavation, Earthmoving, Transportation, Others), By End User Industry (Construction, Mining, Oil and Gas, Defence, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
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, RÜKO GmbH, Sandhills Global, Inc., Shriram Automall India Limited, Terex Corporation and Truck1.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the pre-owned construction equipment market analysis from 2021 to 2031 to identify the prevailing pre-owned construction equipment market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the pre-owned construction equipment market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global pre-owned construction equipment market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product
Earthmoving and Roadbuilding Equipment
Material Handling and Cranes
Concrete Equipment
Others
By Application
Excavation
Earthmoving
Transportation
Others
By End User Industry
Construction
Mining
Oil and Gas
Defence
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Italy
Rest Of Europe
Asia-Pacific
China
Japan
South Korea
India
Rest Of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
AIS Construction Equipment Service Corporation
Caterpillar, Inc.
CEUK T/A Construction Equipment UK
Equippo AG
Hitachi, Ltd. (Hitachi Construction Machinery)
Hooray Machinery Co.,Ltd
Infra Bazaar
Kobelco Construction Machinery Co., Ltd.
Komatsu Used Equipment Corp.
Machine Hub Asia
Machinery Auctioneers
RÜKO GmbH
Sandhills Global
Shriram Automall India Limited
Terex Corporation
Truck1
Volve CE Used Equipment
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