Pre-Owned Construction Equipment Market to Reach $484.3 Billion, Globally, by 2031 at 11.2% CAGR: Allied Market Research
Recently, Allied Market Research published a report, titled,
"Pre-Owned Construction Equipment Market by Product: Global Opportunity
Analysis and Industry Forecast, 2021-2031." According to the report, the
global pre-owned construction equipment market accrued a sum of $165.2 billion
in 2021, and is estimated to reach $484.3 billion by 2031, witnessing a CAGR of
11.2% from 2022 to 2031.
Increase in construction and mining activity in developing countries
such as Latin America and Africa, rise in governments' investments on
construction of roads, airports, railway, and other infrastructural projects,
and the benefit offered by pre-owned construction equipment of saving high
operational and maintenance costs drive the growth of the global pre-owned
construction equipment market. However, the lack of skilled workforce and
saturation of construction & mining in developed countries hinder the
market growth. On the other hand, manufacturers are developing advanced
equipment, which are economical and sustainable. Moreover, integration of IoT
is expected to help overcome shortage of skilled labors and provide enhanced
safety to operators and end users. These factors are likely to present new
opportunities for the market growth in the coming years.
Based on product, the earthmoving and roadbuilding equipment segment
held the largest share in 2021, grabbing more than two-thirds of the global
pre-owned construction equipment market, and is expected to maintain a
noteworthy growth during the forecast period. This is owing to the growing
requirement for earthmoving in the construction and mining industry. However,
the others segment is projected to witness the fastest CAGR of 12.6% from 2022
to 2031, owing to an increase in construction in developing countries.
Moreover, Construction Equipment Rental Market is expected to reach
$106,422.0 million by 2027. Tower crane market growing at a CAGR of 4.8% to
2028. Heavy construction equipment market is projected to reach $273.5 billion
by 2030 at a CAGR of 4.4%. Cranes market is expected to reach $41,186.63
million in 2027 at a CAGR of 4.8%
