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

The Used Construction Machinery Market is segmented by Product (Crane, Excavator, Material handling equipment, and Others), Application (Commercial, Residential, and Infrastructure), and Geography (APAC, North America, Europe, South America, and Middle East and Africa). As per the Global Forecast research report 2023-2027 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. There are several companies that are contributing to the market as per this report. Growing trend of used construction equipment rentals .

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

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

Why is APAC forecasted to hold the largest regional market size 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.

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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 a segment of the expansive global capital goods market, specifically the construction machinery and heavy trucks sector. This market encompasses various product categories, including heavy-duty trucks, heavy earthmoving equipment, compact earthmoving machinery, road construction and compaction equipment, crushing and screening equipment, concrete machinery, civil engineering equipment, lifting equipment, and related accessories. According to Technavio's market analysis, the construction machinery and heavy trucks market size is determined by the combined revenue generated from the manufacturing sector of heavy-duty trucks, heavy earthmoving equipment, compact earthmoving machinery, road construction and compaction equipment, crushing and screening equipment, concrete machinery, civil engineering equipment, lifting equipment, and related equipment, as well as trading companies and distributors in this industry. - The Used Construction Machinery Market is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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