The used material handling & cranes market is projected to expand at more than 7% CAGR through 2026 driven by the increasing demand in large construction & utility distribution projects globally.
Selbyville, Delaware, Nov. 01, 2020 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on used construction equipment market which estimates the global market valuation for used construction equipment will cross US$ 142 billion by 2026. Increasing adoption of used equipment in applications such as manufacturing, agriculture, forestry, and mining will fuel the market growth. Moreover, increasing focus on deploying modern machines to reduce dependency on human labor is augmenting the industry expansion.
The ongoing COVID-19 health crisis has led to a temporary slowdown in the construction industry. The demand for new residential & commercial properties is hampered due to plummeting consumer disposable incomes in several countries across the globe. This is providing new opportunities for the used construction equipment market demand. Construction companies are purchasing second-hand equipment at low costs to forego high investments in new equipment.
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The used concrete equipment segment is anticipated to grow at a rapid pace through 2026 owing to increasing government investments in the development of road infrastructure globally. Several countries including India, Brazil, and Saudi Arabia are investing in the expansion of road networks to connect cities and towns. For instance, in 2019, the Indian government invested approximately USD 15.9 billion in the National Highway Project to enhance connectivity between rural and urban areas.
The Asia Pacific used construction equipment market share is likely to witness a high growth rate from 2020 to 2026 driven by the increasing construction of residential buildings in urban and semi-urban areas. Rapidly growing industrialization and favorable employment opportunities are driving a population shift from rural to urban locations. The high inclination of construction companies and small building contractors toward the adoption of affordable used construction equipment is providing a positive outlook to the regional market growth.
Major market players are laying a strong emphasis on partnering with government organizations to ensure a steady stream of revenue. For instance, in July 2019, Ritchie Bros. partnered with the Saskatchewan Urban Municipalities Association (SUMA) in Canada to provide used construction equipment to over 400 municipalities in the Saskatchewan region.
Browse key industry insights spread across 200 pages with 219 market data tables & 24 figures & charts from the report, “Used Construction Equipment Market Share & Forecast, 2020-2026” in detail along with the table of contents:
Some major findings in the used construction equipment market report include:
Increasing market share of used construction equipment is supported by rising industrialization and population shift toward urban locations globally.
Increasing deployment of used construction equipment in the agricultural sector and mining projects in Latin America is propelling the regional market share.
The establishment of stringent regulations related to worker safety due to the increasing number of accidents on construction project sites is improving the adoption of used construction equipment in Asia Pacific.
Smart city development initiatives undertaken by government authorities in the MEA and North America are providing a positive outlook to the used construction equipment market in these regions. Construction of commercial establishments will further improve market share.
Used construction equipment market players are adopting several strategies, such as mergers, acquisitions, partnerships, and collaborations, to increase their competencies and cater to the changing customer demands. Companies are also expanding their online presence through the launch of new websites and social media platforms.
Companies operating in the used construction equipment market include Terex Corporation, Ritchie Bros., Komatsu Ltd., Hitachi Construction Machinery, Deere & Company, Machinery Trader, Equippo AG, Volvo CE, Ais Construction Equipment Service Corporation, and Shriram Automall India Limited (SAMIL).
Browse complete reports table of contents (ToC): https://www.gminsights.com/toc/detail/used-construction-equipment-market
Partial chapters of report table of contents (TOC):
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on used construction equipment industry landscape
3.2.1 Global outlook
3.2.2 Regional impact
220.127.116.11 North America
18.104.22.168 Asia Pacific
22.214.171.124 Latin America
3.2.3 Industry value chain
126.96.36.199 Research & development
3.2.4 Competitive landscape
188.8.131.52 Distribution network
184.108.40.206 Business growth
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.2 Technology providers
3.3.4 End use landscape
3.3.5 Distribution channel analysis
3.3.6 Vendor matrix
3.4 Technology & innovation landscape
3.5 Regulatory landscape
3.5.1 ISO standards
220.127.116.11 ISO 4310
18.104.22.168 ISO 8686
22.214.171.124 ISO 10245-1:2008
126.96.36.199 ISO 12480-1
188.8.131.52 ISO 23815-1
184.108.40.206 ISO 12482
220.127.116.11 ISO 23814
18.104.22.168 ISO 19432:2012
3.5.2 North America
3.5.4 Asia Pacific
3.5.5 Latin America
3.6 Industry impact forces
3.6.1 Growth drivers
22.214.171.124 High cost of new construction equipment
126.96.36.199 Increasing investments in public infrastructure development in North America
188.8.131.52 Growing worker safety concerns in Europe
184.108.40.206 Emergence of small construction companies in Asia Pacific
220.127.116.11 Growing urbanization in Latin America
18.104.22.168 Increasing investments in smart city development and mining projects in MEA
3.6.2 Industry pitfalls & challenges
22.214.171.124 High maintance cost of used construction equipment
126.96.36.199 Unorganized nature of used construction equipment industry
188.8.131.52 Cyclic nature of application industries
3.7 Growth potential analysis
3.8 Porter's analysis
3.8.1 Supplier power
3.8.2 Buyer power
3.8.3 Threat of new entrants
3.8.4 Threat of substitutes
3.8.5 Internal rivalry
3.9 PESTEL analysis
Browse related report:
Construction Equipment Rental 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
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