US used construction equipment market to reach $3 billion
Chicago, Aug. 17, 2022 (GLOBE NEWSWIRE) — According to Arizton’s latest research report, the US used construction equipment market is expected to grow at a CAGR of over 5% during 2022-2028 in due to the high demand for aerial equipment. platforms in the material handling segment. Rising government investment in redevelopment, repair, road projects, public infrastructure such as airports, railway stations across the country is expected to drive the demand for the used equipment market in the United States.
Scope of the US Used Construction Equipment Market Report
|MARKET SIZE (2028)||About $3 billion|
|MARKET SIZE (2021)||$2 billion|
|MARKET SIZE (VOLUME)||45,766 Units (2028)|
|YEAR OF REFERENCE||2021|
|SECTORS 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 and Drivers
- The US government invests in the construction sector to strengthen economic activities and employment. The U.S. Department of Transportation invested $906 million in redevelopment projects through the Infrastructure for Rebuilding America program in 2021. Used construction equipment is popular for redevelopment, repair, and low-budget projects due to their lower cost compared to new equipment.
- The US government has planned twenty projects in different states to improve major highways, bridges, ports and railroads across the country. The U.S. Department of Transportation’s Federal Transit Administration announced $400 million in 2021 for public transit in Arizona, Indiana, Missouri, and New Jersey.
- In 2021, the country’s aviation administration planned to invest $1.2 billion to modernize 405 national airports, including repairing runways and taxiways.
- The government has approved $55 million road repair projects in Arizona that aim to repair nearly 127 miles of local roads in 2021. Small development projects have also been planned for building libraries and renovating the palace of historical justice in Arizona.
- The road construction project in Howard County, Maryland is underway in 2022, which aims to improve pedestrian access and safety. The project will also improve roads along Oakland Mills Roads in Colombia. The project has been planned in two phases and is expected to be completed by September 2022.
- Refurbishment, repair and multiple low-budget projects across the country are expected to support demand for cost-effective used equipment available at short notice versus new equipment.
- In 2021, the US economy recovered slightly due to the sharp increase in public investment for the modernization of the country’s infrastructure. The US government has invested $2 trillion in various construction projects to upgrade infrastructure. This translated into the construction industry growing by 5.9% in 2021.
- Various redevelopment and repair projects were also part of this investment, such as repairing runways and modernizing 405 national airports across the country. Economical and rapid availability makes used equipment suitable for those projects that are underway in 2022.
- The US government is also focusing on investing in renewable energy resources and aims to produce 95 GW of electricity from renewable resources such as solar, wind, and geothermal power by 2025. The use of used equipment will benefit again, as the supply chain for new equipment is still recovering. stage in the United States. New orders are delayed, supporting demand for used equipment in the US market.
- The recovery of the new equipment supply chain after the pandemic and the sharp rise in prices for used equipment are major challenges in the US market for the growth of used construction. However, high inflation and rising building material prices in 2022 may support the demand for used equipment due to its cost-effective quality.
- Caterpillar, Komatsu and John Deere had a combined market share of approximately 40% market share in the US used equipment market in 2021.
- Main suppliers are Caterpillar, Komatsu, John Deere, Volvo Construction Equipment, SANY, XCMG, Hitachi Construction Machinery, Hyundai Construction Equipment Liebherr & Kobelco
- Other important suppliers are Terex Corporation, Case Construction Equipment, Tadano and LiuGong in the US used construction equipment market.
- The main auctioneers are Ritchie Bros, Bidaboo, Proxibid and Sandhill in the US market.
Increase in demand for used construction equipment in the agricultural and forestry sectors
Construction equipment such as mini excavators and loaders are used in the agricultural and forestry industries. Due to the increasing demand for land leveling, crop loading, fencing and land clearing activities in the agricultural and forestry industries, the demand for used equipment in the forestry and l agriculture has increased in 2021. The cost-effective quality of used construction equipment makes its popular for the forestry and agricultural industries.
The COVID-19 pandemic has had a negative impact on the US economy. The country’s agricultural sector is underperforming due to reduced demand and labor shortages. Farmers’ net income decreased by 9% in 2020. Reduced purchasing ability of farmers triggers demand for used equipment in the US market. The tools used for agriculture and forestry are excavators and backhoe loaders.
- Backhoe loaders
- Other Earthmoving Equipment (Other Loaders, Bulldozers, Trenchers)
road construction equipment
- Asphalt pavers
- Forklifts and telehandlers
- Aerial platforms (articulated platforms, telescopic platforms, scissor lifts)
- Volvo construction equipment
- Hitachi construction machinery
- Hyundai construction equipment
- John Deere
Other Important Suppliers
- Terex Company
- Liu Gong
- CASE Building
Explore our industrial machinery profile to learn more about the industry.
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