Markets & Reports
Used equipment market expected to grow substantially: report
December 15, 2022 By Don Horne
The global used construction equipment market size is slated to witness notable growth in the near future, with several major infrastructure development projects across the globe.
While development of sustainable infrastructure is a key challenge across emerging economies, developed economies are actively spending on refurbishment of existing infrastructure, with both emerging and developed countries anticipated to make active investments in smart city development.
These trends are likely to create a substantial demand for used construction equipment, also known as pre-owned equipment. Quality used equipment has and continues to be a viable option for builders for expanding their fleets to keep pace with new projects and deadlines. While growing urbanization and industrial expansion are fuelling new housing and commercial development, the need for utility work and road construction is also increasing.
The global used construction equipment market is classified into earthmoving and roadbuilding equipment, concrete equipment, and material handling equipment and cranes. Over the next few years, earthmoving and roadbuilding equipment are projected to witness a substantial demand.
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Robust growth in urbanization and industrialization has fuelled the need for new housing and road infrastructure. Increasing government investments in road construction and infrastructure development will certainly boost the demand for roadbuilding and earthmoving equipment which includes excavators, backhoes, compaction equipment, and loaders, among others.
Aging road networks and poor road infrastructure in many developing countries have created a massive demand for new road construction. With improved connectivity between small towns and cities, road transportation has increased considerably. Respective governments are making substantial investments in development of modern and robust road infrastructure solutions.
For example, according to IBEF, the government of India had announced plans to invest more than (US)$741 billion in construction of 65,000 km of national highways by 2022.
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