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

Industry Trends

Used Construction Equipment Market size valued at USD 98 billion in 2019 and is estimated to grow at a CAGR of over 5.5% between 2020 and 2026. Increasing number of reconstruction and refurbishment activities in the residential and commercial sectors is propelling the demand for used construction equipment globally.
 

A rapid increase in private and government investments for the development of new infrastructure projects is augmenting the industry growth. According to the industry update, in 2019, South Korean construction market players invested USD 2.8 billion in 56 new construction projects in the country.
 

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The availability of used construction equipment at significantly low costs compared to new equipment is fueling market demand. Construction contractors are shifting toward the purchase of used equipment for specific jobs such as earthmoving, piling, and compacting. The equipment is bought without huge initial investments and can be sold off after the task is completed. The amplifying market trend of purchasing used construction equipment to complete particular tasks in large public sector construction projects is expected to drive the market statistics through 2026.
 

One of the major market factors challenging the growth of the used construction equipment industry is the availability of low-quality construction equipment. Small domestic dealers and third-party e-commerce websites offer low-quality machines at extremely low prices, attracting price-sensitive customers. These low-quality equipment experience operational difficulties and break down within a few months of purchase. However, companies operating in the market are focusing on creating awareness related to the benefits of certified used equipment.
 

The used construction equipment market is experiencing steady growth during the COVID-19 pandemic. Decreasing consumer spending capacity has adversely impacted the real estate industry. Government authorities across the globe are also focusing on investing in healthcare & medical facilities instead of large public construction projects. Increasing financial insecurities and the shortage of capital are encouraging construction contractors to shift toward used equipment, boosting the market share in 2020.
 

Large public infrastructure projects driving the market revenue

The earthmoving and road building equipment market accounted for around USD 55 billion in 2019 and is projected to witness high growth during 2020 to 2026 due to the development of large public infrastructure projects globally.  The increasing focus of government authorities on the expansion of road networks is contributing to the used construction equipment market expansion.
 

Used excavators segment is expected to witness a significant growth rate through 2026 driven by increasing importance in construction activities. Several benefits and versatile functionality offered by excavators on construction sites are increasing their market representation. The ability of these machines to operate in diverse terrains for longer hours is propelling their demand. Excavators also allow construction contractors to carry out different sets of activities by mounting additional tools, boosting their adoption in the construction industry.
 

Several large construction companies are shifting toward used construction equipment to complete their projects with minimum investments and operating costs. Companies are leveraging this market trend to increase their revenues from the sales of used construction equipment.
 

Increasing demand for used construction equipment owing to economic uncertainties in Europe

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The Europe used construction equipment market is anticipated to reach above USD 35 billion by 2026. Rising economic uncertainties in several European countries including France, Spain, Germany, and Italy are encouraging construction companies in the region to reduce their operating expenses. According to the data provided by the European Commission, the adjusted GDP in the European Union decreased by 11.4% in the second quarter of 2020 with a sharp decline of 2.7% in employment rates.
 

The region is witnessing the emergence of new players in the market. These companies are leveraging online platforms to provide enhanced convenience to their customers, in terms of booking and delivery of equipment. The emergence of innovative services that allow buyers to purchase branded used construction equipment online will contribute to the positive market outlook in Europe.
 

Strategic partnerships with OEMs to enhance market demand

Companies are investing in partnerships with equipment manufacturers and technology providers to increase their revenues and gain a competitive edge over rivals. For instance, in November 2019, Ritchie Bros., a used equipment marketplace, partnered with Doosan Infracore to enhance the marketing of Doosan’s used construction equipment. Doosan leverages Ritchie Bros.’s SaaS solution, RB Asset Solutions Technology to launch its used construction equipment website, usedDoosan.com. This partnership aided both the companies to increase their penetration in Europe. Industry players are also expanding their business operations with the addition of new locations to serve a wider customer base.
 

The key players operating in the used construction equipment market are Machinery Trader, Equippo AG, Ais Construction Equipment Service Corporation, Shriram Automall India Limited (SAMIL), Infra Bazaar, Ritchie Bros., Komatsu Ltd., Caterpillar, Inc., Volvo CE, Terex Corporation, and Hitachi Construction Machinery.
 

This market research report used construction equipment includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2020 to 2026 for the following segments:
 

Market, By Product

• Earthmoving and Roadbuilding Equipment 
  • Backhoes
  • Excavators
  • Loaders
  • Compaction equipment
  • Others
• Material Handling and Cranes 
  • Storage & handling equipment
  • Engineered systems
  • Industrial trucks
  • Bulk material handling equipment
• Concrete Equipment 
  • Concrete pumps
  • Crushers
  • Transit mixers
  • Asphalt pavers
  • Batching plants

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Latin America
  • Brazil
  • Mexico
• MEA
  • Saudi Arabia
  • UAE
  • South Africa