MEA and North America to make significant growth contributions to used construction equipment market scape over the upcoming years. The anticipated regional growth is primarily ascribed to the several smart city initiatives that are being undertaken by the regional governments across these regions. Moreover, increasing construction of commercial establishments across these areas should further stimulate the regional market share.
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The used construction equipment market would likely exceed a $142 billion valuation by 2026.
The global used construction equipment market is projected to observe significant expansion over the forthcoming timeframe owing to the rising adoption of the equipment in diverse applications like mining, forestry, agriculture, and manufacturing. Growing focus on deploying modern machines to decrease reliance on human labor is further complementing the market size.
With a rapidly expanding construction sector, both in semi-urban and urban areas, the APAC used construction equipment market is slated to witness a period of remunerative growth. Favorable employment opportunities and rapid industrialization are fueling a strong urban migration trend throughout the region, calling for more commercial and residential construction. Moreover, higher inclination of leading regional construction companies as well as small building contractors towards utilizing used construction equipment, owing to their affordability, would positively impel the regional market trends.
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Additionally, the growing adoption of used construction equipment across mining projects as well as the agricultural industry of Latin America would complement the market size further. In fact, according to the Food and Agriculture Organization of the United Nations, Latin America agriculture and fisheries industry has seen consistent growth of 2.7% over the past two decades. Additionally, it is expected that be the end of 2028, LATAM would account for approximately 25% of the world’s agricultural as well as fisheries exports. This unprecedented growth would create ample growth opportunities for the market.
With respect to product, the used concrete equipment segment is projected to expand at a rapid pace owing to rising government investments towards the construction of robust road infrastructure throughout the globe. In fact, various developing as well as developed nations like Saudi Arabia, Brazil, and India are heavily investing towards the expansion of their road networks to link towns and cities together. Taking 2019 for instance, the Government of India invested about $15.9 billion in its National Highway Project to improve connectivity in urban and rural regions of the country.
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Key players in the used construction equipment market are increasingly focusing on acquisitions, mergers, and product relaunches at cheaper rates in order to increase their foothold in the industry. Likewise, companies are also focusing on collaborating with equipment manufacturers as well as technology providers to surge revenues. Taking November 2019 for instance, Doosan Infracore, a South Korean engineering firm, inked a new collaboration agreement with Ritchie Bros., a leading industrial asset management and disposition firm, to help improve its network across Europe and consolidate its used construction equipment business.
The used construction equipment market landscape is inclusive of companies such as SAMIL (Shriram Automall India Limited), Ais Construction Equipment Service Corporation, Volvo CE, Equippo AG, Machinery Trader, Deere & Company, Hitachi Construction Machinery, Komatsu Ltd., Ritchie Bros., and Terex Corporation among others.
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Construction Equipment Rental Market: https://www.globenewswire.com/news-release/2020/02/28/1992451/0/en/Construction-Equipment-Rental-Market-to-register-over-4-5-CAGR-through-2026-Global-Market-Insights-Inc.html