Pre-Owned Construction Equipment Market Expected to Reach $484.3 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Pre-Owned Construction Equipment Market," 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.

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.

However, dearth of skilled labors is a major factor that restrains growth of the global market. Moreover, saturation in the construction and mining industry in developed nations is another factor that hampers growth of the pre-owned construction equipment market.

In addition, the outbreak of COVID-19 led to halt in logistic and manufacturing activities across the globe that has led to interruption of supply chain, which hinders growth of the pre-owned construction equipment market. However, this situation is expected to improve as governments are relaxing norms around the world to resume business activities.

On the contrary, manufacturers are developing advanced equipment, which are economical and sustainable. For instance, in March 2021, Doosan Infracore launched 100-ton excavator, which uses smart power control and electronic integrated hydraulic system. It has in-house designed fuel optimization system to improve fuel efficiency and deliver ideal job performance with loss-free power and speed. Moreover, integration of IoT is expected to help to overcome shortage of skilled labors and enhanced safety of operators and end users. These factors are anticipated to offer remunerative opportunities for expansion of the pre-owned construction equipment industry during the forecast period.

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.

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.

Key findings of the study

• The report provides an extensive analysis of the current and emerging global pre-owned construction equipment market trends and dynamics. 
• By product, the earthmoving & roadbuilding equipment segment was the largest revenue generator in 2021.
• By application, the earthmoving segment generated the highest revenue in 2021.
• By end user industry, the construction segment dominated the market in 2021.
• Region-wise, Asia-Pacific is anticipated to dominate the global pre-owned construction equipment market share during the forecast period.
• The report provides an extensive analysis of the global pre-owned construction equipment market trends and emerging opportunities of the market. 
• The global pre-owned construction equipment market forecast analysis from 2022 to 2031 is included in the report.