Dublin, Sept. 23, 2024 (GLOBE NEWSWIRE) -- The "Used Construction Machinery - Global Strategic Business Report" has been added to ResearchAndMarkets.com's offering.
The global market for Used Construction Machinery was estimated at US$95.4 Billion in 2023 and is projected to reach US$122 Billion by 2030, growing at a CAGR of 3.6% from 2023 to 2030.
The market for used construction machinery is growing as more construction companies and contractors seek cost-effective alternatives to purchasing new equipment. Used machinery offers significant savings, allowing businesses to acquire the necessary equipment to complete projects without the high upfront costs associated with new machinery. The availability of well-maintained and refurbished equipment has also increased the appeal of used machinery, making it a viable option for businesses looking to expand their fleet or replace aging equipment. As construction activity continues to rise, particularly in emerging markets, the demand for used construction machinery is expanding, driven by the need for affordable and reliable equipment.
How Are Technological Advancements Impacting the Used Construction Machinery Market?
Technological advancements are impacting the used construction machinery market by improving the quality, reliability, and transparency of pre-owned equipment. Innovations in diagnostic tools and telematics are enabling more accurate assessments of machinery condition, providing buyers with detailed information about the history and performance of used equipment. Advances in refurbishment techniques, including the use of high-quality replacement parts and precision engineering, are enhancing the reliability and longevity of used machinery, making it a more attractive option for buyers.
Additionally, the rise of online marketplaces and digital platforms is facilitating the buying and selling of used construction machinery, providing greater transparency and access to a wider range of equipment. These technological advancements are driving the growth of the used construction machinery market, supporting the expansion of the market.
What Market Trends Are Driving the Demand for Used Construction Machinery?
Several key market trends are driving the demand for used construction machinery, including the increasing focus on cost-efficiency, the rise of sustainable practices, and the growing availability of high-quality used equipment. The increasing focus on cost-efficiency, driven by competitive pressures and budget constraints, is boosting demand for used machinery that can provide the same capabilities as new equipment at a lower cost. The rise of sustainable practices, including the emphasis on extending the lifecycle of machinery and reducing waste, is also driving demand for used equipment that can be refurbished and reused.
Additionally, the growing availability of high-quality used equipment, supported by the expansion of online marketplaces and refurbishment services, is making it easier for buyers to find reliable and well-maintained machinery. These trends are shaping the future of the used construction machinery market, driving innovation and growth in the industry.
What Is Driving the Growth in the Used Construction Machinery Market?
The growth in the used construction machinery market is driven by several factors. The increasing demand for cost-effective construction equipment, driven by the need to manage project budgets and improve profitability, is a major driver of market growth. Technological advancements in diagnostics, refurbishment, and online platforms are also contributing to market growth by improving the quality, reliability, and accessibility of used machinery. The rise of sustainable practices and the emphasis on reducing waste and extending the lifecycle of equipment are further supporting the adoption of used construction machinery.
Additionally, the ongoing growth of the construction industry, particularly in emerging markets, is creating new opportunities for growth in the used construction machinery market. These factors, combined with the ongoing need for affordable and reliable construction equipment, are driving the expansion of the used construction machinery market.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Used Cranes segment, which is expected to reach US$58 Billion by 2030 with a CAGR of a 4%. The Used Excavators segment is also set to grow at 2.7% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $26.0 Billion in 2023, and China, forecasted to grow at an impressive 6.9% CAGR to reach $25.5 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Key Questions Answered:
- How is the Global Used Construction Machinery Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as Caterpillar, Inc., Deere & Company, Hitachi Construction Machinery Co., Ltd., and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 289 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $95.4 Billion |
| Forecasted Market Value (USD) by 2030 | $122 Billion |
| Compound Annual Growth Rate | 3.6% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- World Market Trajectories
- Used Construction Machinery - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Global Urbanization Drives Demand for Used Construction Machinery
- Increased Infrastructure Spending Expands Market Opportunities
- Technological Upgrades Propel Relevance of Used Equipment
- Sustainability Trends Influence the Demand for Eco-Friendly Machinery
- Emerging Markets Generate New Growth Avenues for Used Equipment
- Rental Market Expansion Supports Sustained Demand for Used Machinery
- Innovations in Machinery Maintenance Enhance Longevity and Value
GLOBAL MARKET PERSPECTIVE
FOCUS ON SELECT PLAYERS (Total 49 Featured):
- Caterpillar, Inc.
- Deere & Company
- Hitachi Construction Machinery Co., Ltd.
- Infra Bazaar
- J C Bamford Excavators Ltd.
- Kobelco Construction Machinery Co., Ltd.
- Komatsu Ltd.
- Liebherr-International AG
- Maxim Crane Works, L.P.
- Shriram Automall
For more information about this report visit https://www.researchandmarkets.com/r/qzux37
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