Pre-Owned Construction Equipment Market to Reach $484.3 Billion, Globally, by 2031 at 11.2% CAGR: Allied Market Research
Increase in construction and mining activity in developing countries and rise in governments' investments on construction of various infrastructural projects drive the global pre-owned construction equipment market.
PORTLAND, Ore., Oct. 12, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "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." According to the report, the global pre-owned construction equipment market accrued a sum of $165.2 billion in 2021, and is estimated to reach $484.3 billion by 2031, witnessing a CAGR of 11.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers and Opportunities
Increase in construction and mining activity in developing countries such as Latin America and Africa, rise in governments' investments on construction of roads, airports, railway, and other infrastructural projects, and the benefit offered by pre-owned construction equipment of saving high operational and maintenance costs drive the growth of the global pre-owned construction equipment market. However, the lack of skilled workforce and saturation of construction & mining in developed countries hinder the market growth. On the other hand, manufacturers are developing advanced equipment, which are economical and sustainable. Moreover, integration of IoT is expected to help overcome shortage of skilled labors and provide enhanced safety to operators and end users. These factors are likely to present new opportunities for the market growth in the coming years.
Covid-19 Scenario
- The outbreak of the COVID-19 pandemic majorly affected the construction, manufacturing, hotel, and tourism industries, thereby impacting the global pre-owned construction equipment market negatively.
- Manufacturing activities were halted, leading to a decline in the production of various equipment used for pre-owned construction as well as their demand in the market.
- Conversely, industries are gradually resuming their regular manufacturing and services, thereby leading to re-initiation of pre-owned construction equipment companies at their full-scale capacities. This is helping the market to recover in the post-pandemic period.
The earthmoving and roadbuilding equipment segment to hold the lion's share during the forecast period
Based on product, the earthmoving and roadbuilding equipment segment held the largest share in 2021, grabbing more than two-thirds of the global pre-owned construction equipment market, and is expected to maintain a noteworthy growth during the forecast period. This is owing to the growing requirement for earthmoving in the construction and mining industry. However, the others segment is projected to witness the fastest CAGR of 12.6% from 2022 to 2031, owing to an increase in construction in developing countries.
The earthmoving segment to maintain its leadership status during the forecast period
Based on application, the earthmoving segment contributed to the largest market share of more than two-fifths of the global pre-owned construction equipment market in 2021, and is likely to maintain its dominance during the forecast period, owing to the huge requirement for earthmoving in the construction and mining industry. Moreover, the others segment is expected to exhibit the highest CAGR of 12.1% from 2022 to 2031, owing to industrialization and urbanization in developing countries.
The construction segment to maintain its leadership status during the forecast period
Based on end user industry, the construction segment contributed to the largest share of more than two-thirds of the global pre-owned construction equipment market in 2021, and is expected to maintain its leadership status during the forecast period. This is owing to the rise in the construction industry in developing countries. However, the defense segment is expected to exhibit the highest CAGR of 14.1% from 2022 to 2031, owing to increase in governments' budget for defense.
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Asia-Pacific to grow at the fastest rate by 2031
Based on region, Asia-Pacific held the highest market share in 2021, accounting for around half of the global pre-owned construction equipment market, and is expected to maintain its dominance during the forecast period, owing to huge construction and mining activities in the region. However, LAMEA is projected to manifest the fastest CAGR of 15.5% during the forecast period, owing to rapid industrialization and urbanization in the region.
Leading 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
The report analyzes these key players of the global pre-owned construction equipment market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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