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DUBLIN, Sept. 21, 2022 The “US Used Construction Equipment Market- Strategic Assessment & Forecast 2022-2028” report has been added to ResearchAndMarkets.com’s offering.
The US used construction equipment market is expected to grow at a CAGR of 1.97% during 2022-2028.
The used construction equipment market in the US is expected to reach 45,766 units by 2028. The US government investment in the up-gradation of infrastructure & renewable energy projects is expected to support the demand for used equipment in the US during the forecast period (2022 -2028).
US USED CONSTRUCTION EQUIPMENT MARKET: KEY HIGHLIGHTS
The Earthmoving segment has the largest US used construction equipment market share. Other segments, including motor graders, skid loaders, bulldozers & trenchers, held the largest share in the earthmoving segment in 2021.
Infrastructure up-gradation projects such as the renovation of commercial buildings, railway stations, airports, repair of runways, and extension of roadways & bridges in rural parts drive high demand for used construction equipment in the US market.
The government aims to produce 95GW of power through renewable energy resources by 2025. For achieving this goal, the government is setting up windfarm & solar plants across the country, which is expected to support the demand for used equipment as the new equipment supply chain is still in the recovery phase, so used equipment caters to the need of the industry.
Less costly equipment having high operational requirements & low life expectancies, such as excavators, backhoe loaders, and forklifts, are expected to grow faster during the forecast period than costly equipment such as motor graders and cranes with low operational requirements and long-life expectancy.
Recovery in the supply chain of new construction equipment post-pandemic and rising rental markets are a major threat to the demand for used construction equipment in the US market. However, used equipment is expected to remain popular among small contractors for a short interval of projects due to diverse portfolios & low acquisition cost & good resell value.
Supply Chain Disruption of New Equipment During Pandemic Continues to Drive the Demand for Used Construction Equipment Market in the US
COVID-19 positively impacted the demand for used construction equipment in the US market. The supply of new equipment was disrupted due to supply chain interruption caused by lockdown measures taken by the US Government. Businesses were not in favor of making large investments. These factors triggered the demand for used equipment in various sectors such as construction, agriculture, mining & forestry.
In 2021, the US government investment in the transport industry, including redevelopment projects for economic recovery, was expected to support the demand for used construction equipment. However, the volume sales for used equipment reduced in 2021, and a sharp decline in used equipment sales were witnessed in the age group of 0-10 years. Companies reduced buying used equipment to avoid more aging machinery in their …
Full story available on Benzinga.com
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