Authored By: Sarah
11 Jul 2024

 Used Construction Machinery Market Size to grow by USD 27.33 billion between 2023-2027

According to a research report “ Used Construction Machinery Market” by Product (Crane, Excavator, Material handling equipment, Others) Application (Commercial, Residential, Infrastructure) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 27.33 billion, at a CAGR of  5.3% during the forecast period. The Used Construction Machinery Market is experiencing significant growth due to the increasing demand for cost-effective solutions in the manufacturing and mining industries. With strict regulations and high labor costs leading to the closure of numerous businesses in Europe and the US, an abundance of secondhand machinery has become available. This trend is particularly prominent in emerging economies such as China, India, and Pakistan, where Asian contractors and mining companies are actively seeking to acquire affordable, high-quality secondhand European construction machinery, including excavators, to meet their infrastructure development needs.

Browse market data tables, figures, and in-depth TOC on “Used Construction Machinery Market” by Product (Crane, Excavator, Material handling equipment, Others) Application (Commercial, Residential, Infrastructure) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2027. Download Free Sample

 

By Product, the Crane segment is projected to dominate the market size in 2024

The commercial sector, comprising buildings such as shops, hotels, restaurants, offices, schools, hospitals, and industrial structures, is a significant contributor to the used construction machinery market. This segment's growth is attributed to the increasing investments in commercial infrastructure by both developed and developing economies during the forecast period. In the Middle East, countries like the UAE, Qatar, and Saudi Arabia are witnessing robust expansion in their commercial construction markets. Notably, in September 2020, Abu Dhabi National Oil Company secured two contracts worth USD245 million to modernize main oil lines and facilities within the UAE, underscoring the region's commitment to commercial development.

By Application, Commercial  segment is expected to hold the largest market size for the year 2024

The crane segment of the used construction machinery market is poised for steady growth, driven by the escalating demand for cranes in construction and industrial applications. This trend is particularly evident in the construction of chemical, energy, power distribution, utilities, and other industrial plants, as well as the increasing number of high-rise residential and commercial buildings. The Asia Pacific region and Nordic countries, including Sweden and Finland, are expected to significantly contribute to the expansion of the used crane market in the construction sector during the forecast period.

APAC is forecasted to hold the largest market size by region in 2024

The used construction machinery market in the Asia-Pacific (APAC) region is experiencing robust growth, driven by escalating construction activities in emerging economies such as India and China. The region's used construction machinery market is anticipated to expand steadily during the forecast period, fueled by the demand for new infrastructure development to accommodate the burgeoning urban population. Notably, in 2020, the Indian government earmarked USD8.58 billion for the Odisha Economic Corridor Project, which includes the establishment of 14 clusters in industrial areas like Gopalpur, Bhubaneswar, and Kalinganagar, and Paradip, Kendrapada, Dhamra, and Subarnarekha. This significant investment underscores the immense potential for growth in the construction sector in India and the subsequent demand for used construction machinery.

The Used Construction Machinery Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • AB Volvo
  • Ais Construction Equipment Service Corp.
  • Caterpillar Inc.
  • Deere and Co.
  • Equippo AG
  • Guangxi LiuGong Machinery Co. Ltd.
  • Hitachi Construction Machinery Co. Ltd.
  • Hyundai Construction Equipment Co. Ltd.
  • Infra Bazaar
  • Kobelco Construction Machinery Co. Ltd.
  • Komatsu Ltd.
  • Liebherr International AG
  • Mico Cranes & Equipment LLC
  • Plantmaster UK
  • Ritchie Bros. Auctioneers Inc.
  • Shriram Automall India Ltd.
  • Tadano Ltd.
  • Terex Corp.
  • Vintage Infra Equipment Solution Pvt. Ltd.
  • XCMG Group
.

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Research Analysis Overview

The used construction machinery market in Europe's construction industry is a thriving sector, with key players such as Motor graders, Cranes, Loaders, and Excavators being in high demand. Infrastructure projects like underwater tunnels for port extensions and railway tunnels for the Olympic Games require heavy machinery from OEMs like Atlas Crane Service. These projects, along with civil engineering sector developments, drive the demand for used construction machinery in the market. The real estate industry and commercial construction also contribute significantly to the market's growth. Technological innovation in heavy machinery, such as remote control and automation, is a major trend. Contractors often turn to third-party e-commerce websites to purchase used machinery, ensuring cost savings and access to a wider range of options. Urbanization and construction activities further fuel the demand for used machinery in Europe. Overall, the used construction machinery market is a dynamic and essential component of the European construction industry.

Market Research Overview

The used construction machinery market is witnessing significant growth due to the increasing demand from various sectors such as power, underwater tunnels, port extension, and railway tunnels. Dealers play a crucial role in linking buyers and sellers, offering certified pre-owned programs and rental equipment to cater to economic uncertainty. OEMs and contractors also contribute to the market's growth, with innovations in high-speed rail markets and infrastructure projects. The real estate industry and civil engineering sector are significant consumers of earthmoving equipment like motor graders, loaders, and excavators. Operational efficiency, downtime, and equipment fleet control are essential factors driving the market's growth. Modern innovations, such as fuel efficiency, automation, autonomous features, GPS tracking, and telematics, are transforming the industry. Technological innovation and urbanization are key trends in the market. Online marketplaces and third-party e-commerce websites are gaining popularity, making it easier for buyers to access a wide range of machinery. The construction activities related to the Olympic Games and infrastructure projects are expected to boost the market further. Despite the challenges of economic uncertainty and depreciation, the future of the used construction machinery market looks promising.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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