Used Construction Machinery

Used Construction Machinery

Global Used Construction Machinery Market to Reach US$122.0 Billion by 2030

The global market for Used Construction Machinery estimated at US$95.4 Billion in the year 2023, is expected to reach US$122.0 Billion by 2030, growing at a CAGR of 3.6% over the analysis period 2023-2030. Used Cranes, one of the segments analyzed in the report, is expected to record a 4.0% CAGR and reach US$58.0 Billion by the end of the analysis period. Growth in the Used Excavators segment is estimated at 2.7% CAGR over the analysis period.

The U.S. Market is Estimated at US$26.0 Billion While China is Forecast to Grow at 6.9% CAGR

The Used Construction Machinery market in the U.S. is estimated at US$26.0 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$25.5 Billion by the year 2030 trailing a CAGR of 6.9% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 1.2% and 2.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.9% CAGR.

Global Used Construction Machinery Market - Key Trends & Drivers Summarized

Why Is the Market for Used Construction Machinery Growing?

The market for used construction machinery is growing as more construction companies and contractors seek cost-effective alternatives to purchasing new equipment. Used machinery offers significant savings, allowing businesses to acquire the necessary equipment to complete projects without the high upfront costs associated with new machinery. The availability of well-maintained and refurbished equipment has also increased the appeal of used machinery, making it a viable option for businesses looking to expand their fleet or replace aging equipment. As construction activity continues to rise, particularly in emerging markets, the demand for used construction machinery is expanding, driven by the need for affordable and reliable equipment.

How Are Technological Advancements Impacting the Used Construction Machinery Market?

Technological advancements are impacting the used construction machinery market by improving the quality, reliability, and transparency of pre-owned equipment. Innovations in diagnostic tools and telematics are enabling more accurate assessments of machinery condition, providing buyers with detailed information about the history and performance of used equipment. Advances in refurbishment techniques, including the use of high-quality replacement parts and precision engineering, are enhancing the reliability and longevity of used machinery, making it a more attractive option for buyers. Additionally, the rise of online marketplaces and digital platforms is facilitating the buying and selling of used construction machinery, providing greater transparency and access to a wider range of equipment. These technological advancements are driving the growth of the used construction machinery market, supporting the expansion of the market.

What Market Trends Are Driving the Demand for Used Construction Machinery?

Several key market trends are driving the demand for used construction machinery, including the increasing focus on cost-efficiency, the rise of sustainable practices, and the growing availability of high-quality used equipment. The increasing focus on cost-efficiency, driven by competitive pressures and budget constraints, is boosting demand for used machinery that can provide the same capabilities as new equipment at a lower cost. The rise of sustainable practices, including the emphasis on extending the lifecycle of machinery and reducing waste, is also driving demand for used equipment that can be refurbished and reused. Additionally, the growing availability of high-quality used equipment, supported by the expansion of online marketplaces and refurbishment services, is making it easier for buyers to find reliable and well-maintained machinery. These trends are shaping the future of the used construction machinery market, driving innovation and growth in the industry.

What Is Driving the Growth in the Used Construction Machinery Market?

The growth in the used construction machinery market is driven by several factors. The increasing demand for cost-effective construction equipment, driven by the need to manage project budgets and improve profitability, is a major driver of market growth. Technological advancements in diagnostics, refurbishment, and online platforms are also contributing to market growth by improving the quality, reliability, and accessibility of used machinery. The rise of sustainable practices and the emphasis on reducing waste and extending the lifecycle of equipment are further supporting the adoption of used construction machinery. Additionally, the ongoing growth of the construction industry, particularly in emerging markets, is creating new opportunities for growth in the used construction machinery market. These factors, combined with the ongoing need for affordable and reliable construction equipment, are driving the expansion of the used construction machinery market.

Select Competitors (Total 49 Featured) -

• Caterpillar, Inc.
• Deere & Company
• Hitachi Construction Machinery Co., Ltd.
• Infra Bazaar
• J C Bamford Excavators Ltd.
• Kobelco Construction Machinery Co., Ltd.
• Komatsu Ltd.
• Liebherr-International AG
• Maxim Crane Works, L.P.
• Shriram Automall

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher.