USD 115.32 billion
Global Used Construction Equipment Market Size, Share, Growth Analysis, By Equipment(Excavators, Loaders), By Applications(Infrastructure development, Residential and Commercial construction) - Industry Forecast 2024-2031
Report ID:
SQMIG20G2027 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
62 |
Figures:
75
Global Used Construction Equipment Market Insights
Global Used Construction Equipment Market size was valued at USD 115.32 billion in 2022 and is poised to grow from USD 122.01 billion in 2023 to USD 191.55 billion by 2031, at a CAGR of 5.8% during the forecast period (2024-2031).
The global used construction equipment market is a dynamic sector characterized by the buying and selling of previously owned machinery used in construction activities. Factors such as cost-effectiveness, reduced depreciation, and quick availability have fueled the demand for used equipment.
Emerging economies seeking infrastructure development contribute significantly to market growth. Online platforms have streamlined the buying process, expanding the market reach. Urbanization, infrastructure development, and technological innovation around the globe has greatly affected the upward trajectory of the global used construction equipment market.
North America, particularly the United states of America and Canada, contributes the majority share of the market with its developed infrastructure and construction projects, and Europe comes into a close second for boosting the demand for used construction equipment due to its well-established building sector. The APAC region is also an up-and-coming sector in the market, earning its name as the fastest-growing market segmentation due to rising urbanization and technological advancements in the construction industry. However, the global used construction equipment market faces a number of challenges including ensuring equipment quality, potential maintenance costs, and the need for up-to-date technology.
Overall, the market is influenced by construction trends, economic conditions, and environmental regulations. As sustainable practices gain importance, equipment refurbishment and emission compliance will play a pivotal role. The market's trajectory is shaped by technological advancements, economic fluctuations, and efforts towards more sustainable construction practices.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
excavators & loaders
Fastest Growth
Cranes
Growth Rate
5.8% CAGR
Global Used Construction Market ($ Bn)
Country Share for North America Region (%)
Global Used Construction Market By Equipment Type ($ Bn)
Global Used Construction Market By Equipment Type (%)
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Global Used Construction Equipment Market Segmental Analysis
Equipment types encompass heavy machinery such as excavators, loaders, and cranes. Applications segment is further categorized into infrastructure development to residential and commercial construction. Regionwise, the market is widespread into North America, Europe, Asia Pacific, Latin America and the Middle East and Africa.
Analysis By Equipment
Excavators and loaders tend to be among the largest segments due to their versatile applications across a wide range of construction projects. These machines are fundamental to tasks such as excavation, material handling, and site preparation.
Factors such as infrastructure development, urbanization, and technological innovation support the growth of any market segment. In recent years, the adoption of advanced technologies like telematics, GPS tracking, and autonomous features has been impacting the construction equipment market. Therefore, segments that incorporate these technologies might experience faster growth.
Analysis By Application
Earthmoving equipment usually comprises one of the largest sections due to its wide range of uses in various building projects. For jobs such as excavation, grading, and site preparation, these devices are indispensable. There is a continual need for earthmoving equipment due to worldwide urbanization and infrastructure initiatives.
In the construction sector, technology has been developing quickly, and equipment with improved features like automation, telematics, and GPS tracking has become more popular. This section contains tools that increase productivity, accuracy, and security on building sites. The need to streamline project schedules, cut expenses, and improve overall project management is what's driving the market for technology-enabled equipment.
Global Used Construction Market By Equipment Type, 2023 (%)
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Global Used Construction Equipment Market Regional Insights
North America's developed infrastructure and construction projects have made it a prominent market for used construction equipment historically. Key revenue generation of this region is derived from the United States and Canada. Excavators, loaders, bulldozers, and other construction equipment kinds are among the many varieties that make up this sector. Urbanization, remodeling projects, and the expansion of infrastructure boost equipment demand.
Europe has a sizable market for used construction equipment, with key participants including Germany, the UK, France, and Italy. The building sector in the area is well-established, and there is a steady need for both large and small machinery. The market for secondhand equipment is also indirectly impacted by laws and environmental concerns, which frequently result in a preference for newer, more efficient technology. The secondhand construction equipment industry in Asia-Pacific is projected to rise at a significant CAGR with key contributions coming from nations such as Japan, China, India, and South Korea, is vibrant and expanding quickly. Urbanization and the development of infrastructure are the main forces at work here. The market offers a broad variety of equipment types to meet these nations' varied construction needs.
Global Used Construction Market By Region, 2024-2031
- Largest
- Fastest
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Global Used Construction Equipment Market Dynamics
Drivers
Cost Savings
- The possibility of substantial savings in costs is one of the main factors propelling the market for used construction equipment. Many construction companies, especially smaller ones or those with narrower budgets, find that buying used equipment that is still in good working order is more economical because new equipment may be somewhat expensive.
Rapid Urbanization and Infrastructure Development
- The demand for construction equipment is always there due to the rise in infrastructure development and urbanization on a worldwide scale. Equipment like excavators, bulldozers, and cranes are required as more cities and regions grow. Since used equipment can be more readily available and reasonably priced for developing markets, it frequently satisfies this need.
Restraints
Depreciation and Maintenance Costs
- One problem with used construction equipment is depreciation. Equipment loses value with age, making it less desirable to resell. Older technology may also need more frequent maintenance and repairs, which might reduce its long-term cost-effectiveness and cancel out any early cost savings.
Technological Advancements
- Modern innovations, including enhanced safety measures, automation, and fuel efficiency, are frequently seen in newer versions of construction equipment. This can result in a predilection for new machinery, particularly among bigger construction firms that want to benefit from the newest advancements.
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Global Used Construction Equipment Market Competitive Landscape
There is fierce competition among major players in the global used construction equipment market as they compete for market share. Due to their broad product offerings, strong brand names, and vast distribution networks, well-established market players like Caterpillar, Komatsu, and Volvo Construction Equipment continue to rule the market. Regional participants are particularly important since they provide services and knowledge specific to the area. Online marketplaces for the purchase and sale of old equipment are offered through well-known e-commerce sites like MachineryTrader and IronPlanet. Technological advances, equipment quality, pricing, and customer service are some of the elements that influence the competitive dynamics of this industry. As sustainability gains importance, companies are focusing on eco-friendly equipment and efficient resource utilization. The emergence of rental and leasing options further diversifies the competition, requiring participants to adapt to changing customer preferences and digitalization trends to maintain a competitive edge.
Top Player’s Company Profiles
- Caterpillar Inc. - USA
- Komatsu Ltd. - Japan
- Volvo Construction Equipment - Sweden
- Liebherr Group - Switzerland
- CNH Industrial N.V. - UK (formerly Italy)
- JCB (J.C. Bamford Excavators Ltd.) - UK
- Terex Corporation - USA
- Doosan Infracore - South Korea
- Hyundai Construction Equipment - South Korea
- Kobelco Construction Machinery Co., Ltd. - Japan
- Wacker Neuson Group - Germany
- Sany Group - China
- XCMG Group - China
- Case Construction Equipment - USA
- Bobcat Company - USA
- Yanmar Co., Ltd. - Japan
- Manitou Group - France
- Bell Equipment - South Africa
- Takeuchi Manufacturing Co., Ltd. - Japan
Recent Developments
- In January 2023, Precision Attachments, a producer of attachments for loaders, excavators, and other construction machinery, was purchased by Caterpillar Inc.
- In February 2023, Power Equipment Distribution, a distributor of attachments and construction equipment, was purchased by Doosan Bobcat North America.
- In March 2023, An acquisition was made by Volvo Construction Equipment of SDLG, a Chinese equipment company.
Global Used Construction Equipment Key Market Trends
- Rising Demand for Rental and Used Equipment: Due to used equipment being more affordable, a great number of construction businesses and contractors are choosing this option. The availability of top-notch second hand construction equipment that could be bought or hired for a small portion of the price of new machinery is a major driver, along with economic uncertainty, served as the driving forces behind this trend.
- Technological Advancements in Used Equipment: Similar to the new equipment sector, the construction industry was seeing technical advancements. Features like GPS tracking, remote monitoring, telematics, and increased fuel efficiency are in a high demand for used construction equipment. These innovations sought to improve equipment fleet control, decrease downtime, and increase operational efficiency.
- Growing Online Marketplaces: The used construction equipment market was becoming more digitized. Used equipment sales and purchases were increasingly taking place on online marketplaces and platforms. These platforms gave customers access to a large variety of options from many suppliers, empowering them to locate cheaper rates and make smarter decisions.
Global Used Construction Equipment Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the global used construction equipment market is poised for promising growth due to various factors. As infrastructure projects continue to expand globally, the demand for cost-effective machinery rises. The market benefits from sustainability trends as reusing equipment aligns with environmental goals. Technological advancements enhance the quality and reliability of used machinery, further attracting buyers. Additionally, emerging economies' construction activities fuel market growth. However, market players must navigate challenges such as fluctuating equipment quality and regulatory changes. Overall, with increasing infrastructure needs and sustainable practices, the used construction equipment market holds a favorable outlook for sustained expansion in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 115.32 billion |
| Market size value in 2031 | USD 191.55 billion |
| Growth Rate | 5.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Used Construction Equipment Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Used Construction Equipment Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Used Construction Equipment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Used Construction Equipment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Used Construction Equipment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Used Construction Equipment Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Used Construction Equipment Market Report Snapshots
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