Yahoo Finance U.S. Used Construction Equipment Market to Reach $3 Billion by 2028. Over 47k Units to be Sold in the Next 5 Years- Arizton
The U.S. used construction equipment market was valued at $2 billion in 2021.
Chicago, Aug. 17, 2022 (GLOBE NEWSWIRE) -- According to the latest research report by Arizton, the U.S. Used construction equipment market is expected to grow at a CAGR of over 5% during 2022-2028 due to the high demand for aerial platforms in material handling segment. Rising Government investment in redevelopment, repair, projects for road, public infrastructure such as airports, railways stations across the country is expected to drive the demand for used equipment market in US.
U.S. Used Construction Equipment Market Report Scope
Report Attributes | Details | |
MARKET SIZE (2028) | Around $3 Billion | |
MARKET SIZE (2021) | $2 Billion | |
CAGR (2022-2028) | 5% |
|
MARKET SIZE (VOLUME) | 45,766 Units (2028) | |
HISTORIC YEAR | 2019-2020 | |
BASE YEAR | 2021 |
|
FORECAST YEAR | 2022-2028 | |
SEGMENTS COVERED | Type and end-users | |
MARKET PARTICIPANT COVERAGE | Caterpillar, Volvo Construction Equipment, Liebherr, Komatsu, Hitachi Construction Machinery, Hyundai Construction Equipment, John & Deere, and Kobelco | |
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Trends & Drivers
The U.S. government is investing in the construction sector to strengthen economic activities & employment. The US department of transportation invested $906 million in redevelopment projects under the Infrastructure for Rebuilding America program in 2021. Used construction equipment is popular for redevelopment, repair, and small budget projects due to its lower cost when compared with new equipment.
The US government planned twenty projects in different states to improve major highways, bridges, ports & railroads across the country. The US department of Transportation’s Federal Transit administration announced $400 million in 2021 for transit in Arizona, Indiana, Missouri, and New Jersey.
In 2021, the country’s Aviation administration planned to invest $1.2 billion to upgrade 405 national airports that include repairing runways and taxiways.
The government approved $55 million in road repair projects in Arizona that is aimed at fixing nearly 127 miles of local road in 2021. Small development projects have also been planned for building libraries and renovation of historic courthouse in Arizona.
The road construction project at Howard County, Maryland is under progress in 2022, which aims to improve pedestrian access and safety. The project will also improve roadways along Oakland Mills Roads in Columbia. The project has been planned in two phases and is expected to be completed by September 2022.
Redevelopment, repair & multiple small budget projects across the country is expected to support the demand for used equipment that are cost efficient & available in short interval compared with new equipment.
Key Insights
In 2021, the US economy slight recovered due to the surge in government investment for upgrading the country’s infrastructure. The US government invested $2 trillion in various construction projects for upgrading infrastructure. This resulted in the growth of construction industry by 5.9% in 2021.
Various redevelopment & repair projects were also part of this investment such as repair of runways & upgradation of 405 national airport across the count Cost efficient & quick availability makes used equipment suitable for these projects which are in progress in 2022.
The US government also focuses on investing in renewable energy resources and aims to produce 95GW of power by renewable resources such as solar, wind, and geothermal by 2025. The use of used equipment will again benefit as supply chain of new equipment is still in recovery phase in the US. New orders are getting delayed, thus supporting the demand for used equipment in the US market.
Recovery of new equipment supply chain post pandemic and sharp rise in used equipment prices are major challenges in the US market for the growth of the used construction. However, high inflation & rising building material prices in 2022 can support the demand for used equipment due its cost-efficient quality.
Caterpillar, Komatsu & John Deere held combined market share of ~ 40% market share in US used equipment market in 2021.
Prominent vendors are Caterpillar, Komatsu, John Deere, Volvo Construction Equipment, SANY, XCMG, Hitachi Construction Machinery, Hyundai Construction Equipment Liebherr & Kobelco
Other prominent vendors are Terex Corporation, Case Construction Equipment, Tadano & LiuGong in US used construction equipment market.
Major Auctioneers are Ritchie Bros, Bidaboo, Proxibid, & Sandhill in the US market.
Rise in demand for used construction equipment in agriculture & forestry sectors
Construction equipment such as mini excavator and loaders are used in agriculture and forestry industries. Due to the increasing demand for ground leveling, loading crops, fence building, & land clearing activities in agriculture & forest industries, the demand for used equipment in the forestry & agriculture sectors increased in 2021. The cost-efficient quality of used construction equipment makes its popular for forestry & agriculture industries.
The COVID-19 pandemic adversely impacted the US economy. The country’s agriculture sector underperforms due to the reduction in demand & labor shortage. Farmer’s net income declined by 9% in 2020. The reduction in buying capacity of farmers triggers the demand for used equipment in the US market. The tools used for agriculture & forestry are excavators & backhoe loaders.
Market Segmentation
Earthmoving Equipment
Excavator
Backhoe Loaders
Motor Graders
Other Earthmoving Equipment (Other loaders, Bulldozers, Trenchers)
Road Construction Equipment
Road Rollers
Asphalt Pavers
Material Handling Equipment
Crane
Forklift & Telescopic Handlers
Aerial Platforms (Articulated Boom Lifts, Telescopic Boom lifts, Scissor lifts)
End Users
Construction
Manufacturing
Mining
Others
Key Vendors
Caterpillar
Volvo Construction Equipment
Liebherr
Komatsu
Hitachi Construction Machinery
Hyundai Construction Equipment
John & Deere
Other Prominent Vendors
Terex corporation
Tadano
Liu Gong
CASE Construction
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