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pre-owned-construction-equipment-market-rapidly-growing-advancement-and-business-outlook-2031
Global report analyzes pre-owned construction equipment market (2021-2031): Size, Share, Trends by Product, Application, End-User Industry.
WILMINGTON, DELAWARE, February 20, 2024 /EINPresswire.com/ — Introduction of the Market:
The thriving pre-owned construction equipment market presents a dynamic segment within the construction industry, facilitating the buying and selling of previously owned machinery, tools, and vehicles utilized in construction endeavors. This market provides a cost-effective avenue for acquiring essential resources, offering construction companies the opportunity to procure necessary equipment at reduced costs compared to purchasing new. Excavators, bulldozers, loaders, cranes, and a diverse array of other products constitute the spectrum of pre-owned construction equipment available.
The pre-owned construction equipment market size was valued at $165.2 billion in 2021, and is estimated to reach $484.3 billion by 2031, growing at a CAGR of 11.2% from 2022 to 2031.
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Pre-owned construction equipment encompasses machinery that has undergone prior use and is subsequently acquired by another owner, typically at a more favorable price point. This allows businesses to access vital equipment without the financial burden associated with brand-new purchases.
The growth of the pre-owned construction equipment market is significantly influenced by mining activities, particularly in developing regions such as Latin America and Africa.
As these areas experience heightened mining operations, there arises a parallel demand for construction equipment, both new and pre-owned. The cost efficiencies offered by pre-owned equipment make it an attractive option for companies operating within these burgeoning markets, enabling them to optimize their resource allocation and bolster operational capabilities.
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The pre-owned construction equipment market report is segmented into product, application, end user industry, and region.
By product, the market is categorized into earthmoving & roadbuilding equipment, material handling & cranes, concrete equipment and others.
On the basis of application, the market is fragmented into excavation, earthmoving, transportation and others.
The end user industry segment is fragmented into construction, mining, oil & gas, defense and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Moreover, the robustness of the pre-owned construction equipment market underscores its resilience and adaptability within the construction industry ecosystem.
It serves as a vital component in the equipment lifecycle, extending the utility and value of machinery beyond its initial use. This not only contributes to sustainable resource utilization but also fosters a more economically viable landscape for construction enterprises worldwide.
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Top Players:
The key players profiled in the pre-owned construction equipment market analysis include, AB Volvo (Volvo CE Used Equipment), AIS Construction Equipment Service Corporation, Caterpillar, Inc., CEUK T/A Construction Equipment UK, Equippo AG, Hitachi, Ltd. (Hitachi Construction Machinery), Hooray Machinery Co.,Ltd, Kobe Steel, Ltd. (Kobelco Construction Machinery Co., Ltd.)
In essence, the pre-owned construction equipment market continues to thrive as a pivotal facilitator of cost-effective resource acquisition, driven by evolving industry dynamics and the burgeoning demand for construction machinery across diverse global markets
David Correa
Allied Market Research
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February 20, 2024
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