Used Construction Equipment Market Size - By Product (Earthmoving & Road Building Equipment, Material Handling & Cranes, Concrete Equipment), Growth Drivers, Regional Insights & Global Forecast, 2023 - 2032

Used Construction Equipment Market Size - By Product (Earthmoving & Road Building Equipment, Material Handling & Cranes, Concrete Equipment), Growth Drivers, Regional Insights & Global Forecast, 2023 - 2032

Global Used Construction Equipment Market size will exhibit 5.8% CAGR between 2023 and 2032, driven by the growing concerns pertaining to workers' safety in Europe. According to the European Trade Union Institute, approximately 23% of European workers express concerns that their work poses risks to their safety and well-being, indicating that working conditions in Europe are not advancing. Despite an accelerating shift from manufacturing to service jobs in the region, employees still face challenges related to conventional physical hazards such as noise, handling dangerous materials, and heavy lifting.

These have prompted construction companies to prioritize safety and compliance with stringent regulations, driving the demand for well-maintained, reliable machinery, thus stimulating industry growth. Investing in used equipment that meets safety standards and is more affordable than new machinery becomes an attractive option. This trend is expected to drive the expansion of the used construction equipment market in Europe.

The overall used construction equipment market is segregated based on product and region.

The used concrete equipment industry will register appreciable growth throughout 2023-2032. Used concrete equipment includes items like concrete pumps, crushers, asphalt pavers, transit mixers, batching plants, etc. The construction industry benefits from cost-effectiveness when acquiring well-maintained, pre-owned machinery. Additionally, the need for upgrading or expanding infrastructure projects often prompts the purchase of used equipment to meet project requirements efficiently. Besides, environmental concerns and sustainability initiatives encourage the recycling and repurposing of concrete equipment, further propelling the demand for used machinery in construction and infrastructure development.

North America used equipment industry is experiencing substantial growth primarily due to the increasing emphasis on cost-efficiency in construction, manufacturing, and other sectors. Pre-owned machinery provides a cost-effective alternative to purchasing new equipment, enabling companies to maximize their budgets. Moreover, rapid technological advancements have led to the frequent replacement of machinery, making well-maintained used equipment attractive for those looking to upgrade their capabilities while minimizing expenses. This trend is evident in various sectors, such as construction, agriculture, and logistics, contributing to the industry's expansion in North America.