Pre-Owned Construction Equipment Market Analysis In Construction Segment to Reach $484.3 bn At a CAGR of 11.2% by 2031
Several small players cannot afford to buy new and expensive machinery, owing to which they opt for pre-used equipments.
WILMINGTON, DELAWARE, January 29, 2024 /EINPresswire.com/ — Mining activities in different developing nations such as Latin America and Africa drives the pre-owned construction equipment market growth. Governments in different countries are investing on construction of roads, airports, railway, airports, and other infrastructural projects. Thus, this requires use excavators, loaders and different other heavy equipment.
In March 2021, the U.S. President introduced infrastructural plan by investing about $2 trillion. The plan had infrastructural construction projects that includes transportation, broadband, electric grid and residential & commercial constructions. Thus, these factors are expected to create new opportunities for the market.
In addition, high operational cost and maintenance cost could be saved by using pre-owned equipment. Moreover, high amount of investment needed in order to purchase the equipment could be avoided by using pre-owned construction equipment. Thus, such factors propel the market growth.
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Market Scope:
The pre-owned construction equipment market size was valued at $165.2 billion in 2021, and is estimated to reach $484.3 billion by 2031, growing at a CAGR of 11.2% from 2022 to 2031.
Pre-owned construction equipment is referred to as the equipment that is already used once and is purchased again by another owner in order to get the required equipment at effective price.
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The pre-owned construction equipment market report is segmented into product, application, end user industry, and region.
By product, the market is categorized into earthmoving & roadbuilding equipment, material handling & cranes, concrete equipment and others.
On the basis of application, the market is fragmented into excavation, earthmoving, transportation and others.
The end user industry segment is fragmented into construction, mining, oil & gas, defense and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Top Players:
The key players profiled in the pre-owned construction equipment market analysis include, AB Volvo (Volvo CE Used Equipment), AIS Construction Equipment Service Corporation, Caterpillar, Inc., CEUK T/A Construction Equipment UK, Equippo AG, Hitachi, Ltd. (Hitachi Construction Machinery), Hooray Machinery Co.,Ltd, Kobe Steel, Ltd. (Kobelco Construction Machinery Co., Ltd.), Komatsu (Komatsu Used Equipment Corp.), Machine Hub Asia, Machinery Auctioneers, Ritchie Bros. Auctioneers Incorporated, RÜKO GmbH, Sandhills Global, Inc., Shriram Automall India Limited, Terex Corporation and Truck1.
David Correa
Allied Analytics LLP
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