Report ID: SQMIG20G2027
Report ID:
SQMIG20G2027 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
62 |
Figures:
75
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.
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Report ID: SQMIG20G2027