Used Construction Equipment Market Size By Product (Earthmoving & Road Building Equipment [Backhoes, Excavators, Loaders, Compaction Equipment], Material Handling & Cranes [Storage & Handling Equipment, Engineered Systems, Industrial Trucks, Bulk Material Handling Equipment], Concrete Equipment [Concrete Pumps, Crushers, Transit Mixers, Asphalt Pavers, Batching Plants]), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020-2026
Global used construction equipment market size is slated to witness notable growth in the near future, with several major infrastructure development projects across the globe. While development of sustainable infrastructure is a key challenge across emerging economies, developed economies are actively spending on refurbishment of existing infrastructure. Both emerging and developed countries are anticipated to make active investments in smart city development.
These trends are likely to create a substantial demand for used construction equipment, also known as pre-owned equipment. Quality used equipment has and continues to be a viable option for builders for expanding their fleets to keep pace with new projects and deadlines. While growing urbanization and industrial expansion are fueling new housing and commercial development, the need for utility work and road construction is also increasing.
The global used construction equipment market is classified into earthmoving & roadbuilding equipment, concrete equipment, and material handling equipment & cranes. Over the next few years, earthmoving and roadbuilding equipment are projected to witness a substantial demand.
Robust growth in urbanization and industrialization has fueled the need for new housing and road infrastructure. Increasing government investments in road construction and infrastructure development will certainly boost the demand for roadbuilding and earthmoving equipment which includes excavators, backhoes, compaction equipment, and loaders, among others.
Aging road networks and poor road infrastructure in many developing countries have created a massive demand for new road construction. With improved connectivity between small towns and cities, road transportation has increased considerably. Respective governments are making substantial investments in development of modern and robust road infrastructure solutions. For example, according to IBEF, the government of India had announced plans to invest more than US$741 billion in construction of 65,000 km of national highways by 2022.
From a regional frame of reference, the used construction equipment market in Middle East and Africa is estimated to witness substantial growth in the upcoming years. The regional demand can be associated with ongoing residential and commercial expansion projects, infrastructure refurbishment activities, and upcoming smart city development projects.
The region has witnessed a substantial rise in urban population and industrialization over the past decade. These factors are propelling the need for new affordable housing solutions, commercial spaces, and road and utility infrastructure.
In addition, the MEA region is expected to invest substantially in smart city development to improve the health and quality of life for its residents. Rapid growth of cities is a key challenge for Latin America, where urban regions are growing at an accelerated rate and nearly two-third of the population lives in them. Smart cities could help interconnect technology as a means to offer better services, improved quality of life, and greater sustainability.
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