Product ID: SQMIG20G2027
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 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.
Global Used Construction Equipment Market Report Snapshots
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