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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).

There is fierce competition among major players in the 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. 'Caterpillar Inc. - USA', 'Komatsu Ltd. - Japan', 'Hitachi Construction Machinery Co., 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'

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.

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.

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.

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Global Used Construction Equipment Market

Product ID: SQMIG20G2027

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