New York, Aug. 25, 2022 (GLOBE NEWSWIRE) — Reportlinker. com announces the release of the report “U. S. Used Construction Equipment Market- Strategic Assessment & Forecast 2022-2028” – https://www.reportlinker.com/p06316317/?utm_source=GNW
U. H. USED CONSTRUCTION EQUIPMENT MARKET: KEY HIGHLIGHTS
1. The Earthmoving segment has the largest U. T. used building equipment market share. Other segments, including motor graders, skid loaders, bulldozers & trenchers, held the largest share in the earthmoving segment in 2021.
2 . Infrastructure up-gradation projects such as the renovation of commercial buildings, railway stations, airports, repair of runways, and extension associated with roadways & bridges in rural parts drive high demand for used construction equipment in the particular US market.
3. 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 utilized equipment as the new gear supply chain is still within the recovery phase, so used products caters in order to the need of the industry.
4. Less costly equipment having high operational requirements & low life expectancies, such as excavators, backhoe loaders, and forklifts, are anticipated to grow faster during the forecast period than costly tools such as engine graders plus cranes with low functional requirements and long-life expectancy.
5. Recovery within the supply chain of new construction devices post-pandemic plus rising rental markets are a major threat to the demand for used structure equipment in the US market. However, used equipment is likely 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 Gear During Pandemic Continues to Drive the Demand for Utilized Construction Products Market within the U. S.
a) COVID-19 positively impacted the particular demand with regard to used design equipment in the US market. The particular supply associated with new equipment was disrupted because of provide 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 regarding used apparatus in various sectors this kind of as construction, agriculture, mining & forestry.
b) In 2021, the ALL OF US government investment in the particular transport business, including redevelopment projects intended for economic recuperation, was expected to assistance the need for used construction machines. However, the volume sales to get used equipment reduced in 2021, and a sharp decline in utilized equipment sales were witnessed in the age group of 0-10 years. Companies reduced buying used equipment to avoid more aging machinery in their fleet as the supply of new gear was low even within 2021. This resulted in the surge in prices & reduction in the particular volume associated with used gear in the US marketplace.
c) Used equipment is an excellent choice simply by contractors pertaining to short-term tasks. Various short-term projects of repair & redevelopment are allocated to companies who prefer to use used building equipment due to its quick availability, diverse portfolio & low cost of purchase to complete the project and re-sell the equipment then after.
d) Motor graders are usually one associated with the costliest equipment ranging from $200, 000 to $500, 00, with an average life expectancy of around 30 many years. There was a surge within demand meant for used electric motor graders in america market in 2020 & 2021. The equipment operates for a short time at structure sites compared to other earthmoving products such because excavators & backhoe loading machines. So , it is the popular choice for utilized equipment buyers due to aspects like the high price of new motor graders, low operating hours at the job site, & long-life expectations. Due in order to its long-life expectancy, the gear can be resold can happen multiple times.
Surge In Government Investment for Infrastructure Upgradation
a) US Department of Transportation invested $906 million designed for redevelopment projects across the particular country under the Infrastructure just for Rebuilding America program within 2021. Used heavy design equipment is an extremely popular choice for redevelopment, repair & small-budget projects due to its lower cost compared to new tools. The US government planned twenty tasks in different states to improve major highways, bridges, ports & railroads throughout the nation.
b) In 2021, the country’s Aviation administration planned to invest $1. 2 billion to upgrade 405 national airports, which includes repairing runways & taxiways.
c) The authorities approved $55 million in road restoration projects within Arizona, aiming to fix nearly 127 miles of a local road in 2021. In addition, small development projects are planned with regard to building libraries & renovation of the historic courthouse in Arizona state.
d) The road construction project within Howard County, Maryland, will be under progress in 2022 and aims to enhance pedestrian access & safety. The project also improves the roadways along Oakland Mills Roads in Columbia. The particular project is usually planned within two phases and is anticipated to total by September 2022.
Rise in demand regarding Used Tools across Agriculture & Forestry sectors Due to the low Buying Capacity of Farmers in the aftermath from the pandemic.
a) Construction devices such since mini excavators and loaders are used in agriculture and forestry industries. Equipment used for ground leveling, loading crops, fence building, & land clearing activities within agriculture & forestry. The demand intended for used apparatus in forestry & agriculture sectors had increased in 2021. The particular COVID-19 pandemic has adversely impacted the US economy. The country’s farming sector underperforms due in order to a reduction in requirement & labor shortage. Farmer’s net income declined by 9% in 2020. The reduction in buying capacity associated with farmers triggers the demand for utilized equipment in the US market.
The particular shift within Focus Towards Renewable Energy Resources Triggers The need for Utilized Mini Excavators & Crane in The US market
a) The US federal government focuses on renewable energy sources and is designed to produce 25GW of clean energy by 2025. Within Jan 2022, the government approved 18 onshore projects of 4. 17 GW plus 54 priority projects, adding 27. five GW associated with clean energy. According to Power Information Administration, US photo voltaic energy capacity is anticipated to grow simply by 21 GW in 2022 & 25GW in 2023. Various sun & windfarm energy projects are progressing in different locations across the country in 2022.
b) The requirement for used construction machines for these projects is expected to grow sharply because of its quick accessibility as in comparison to brand new equipment. The new equipment supply was damaged due to COVID-19 in 2020. The particular second wave of infection in 2021 across the particular US worsened the situation to get manufacturing new construction equipment. Therefore , the used building equipment demand is anticipated to develop for these short-term alternative energy projects. The demand for utilized cranes & mini excavators is expected to grow sharply for solar power & wind farm tasks.
Rise within Used Construction Equipment Prices to Devalue the Need for Used Equipment
a) There is a constant increase in used construction gear prices in the US market. According to Ritchie Bros, there was a 16% rise within prices of large earthmoving equipment such as excavators, dozers, & motor graders. A similar price surge was observed in aerial equipment this kind of as cranes, forklifts & aerial platforms & medium earthmoving products such as backhoe loader, mini-excavator & trenchers.
b) A similar trend is witnessed in Q1 2022; large earthmoving, moderate earthmoving, & aerial tools prices increased by 20%, 37% & 35%, respectively. There was a surge in demand pertaining to construction devices because of improved investment in infrastructure projects across the country. Nevertheless, the supply of brand new equipment was not recovered within 2021, and volume sales of utilized equipment dropped. This mismatch of need & flow of used apparatus pushes up the prices associated with used machines in the particular US marketplace in 2021.
New Emission Standard & Rising Accident Cases in Construction Sites Can Hamper the Requirement for Utilized Construction Devices
a) The US government’s concern for air pollution drives it towards taking necessary steps to control this. The country is now following Tier four emission standard in 2022. The US is likely to launch Tier 5 emission standard by 2024, which focuses on reducing the emission of nitrogen oxides and particulate matter. Therefore, the up-gradation of emission standards within the US is expected to negatively impact the particular demand meant for larger used equipment, that is older utilized equipment structure in the market.
b) There is a surge in work accident cases in america Construction market. According in order to the Bureau of Labour Statistics (BLS), nearly 10 million workers were employed in the ALL OF US construction sector in 2020. Bureau associated with Labour Statistics revealed that 1, 061 construction employees were killed in 2020, accounting designed for 20% of all work-related deaths in the US. The report also revealed that 60% of all construction site death has been related to the particular crane.
COVID-19 triggers Online Bidding Process for Used Equipment Sales
a) COVID-19 has accelerated a new trend of online bidding within the used heavy-duty design equipment market. In 2020, there had been a 35% embrace website traffic & 71% increase in bidder registrations. This shift to an online process widens the reach for the particular used equipment market plus creates new data insight opportunities just for selling companies. The gear product sales increased dramatically in 2020 due to on the internet bidding provided by main auction businesses such because Ritchie Bros & Sandhill.
b) The device owners could have good insights and help them understand the best time to sell or buy equipment according to machine type, hour usage, & machine age.
SEGMENTATION BY EARTHMOVING EQUIPMENT
• Backhoe Loaders
• Motor Graders
• Other Earthmoving Equipment (Other loaders, Bulldozers, Trenchers)
SEGMENTATION SIMPLY BY ROAD BUILDING EQUIPMENT
• Road Rollers
• Asphalt Pavers
SEGMENTATION BY MATERIAL HANDLING GEAR
• Motorised hoist
• Forklift & Telescopic Handlers
• Aerial Platforms (Articulated Boom Lifts, Telescopic Boom lifts, Scissor lifts)
SEGMENTATION BY END USERS
• Caterpillar is the market leader in america utilized equipment marketplace. The company excels within the sale of used earthmoving types of equipment in 2021.
• John Deere was the second-largest player in the particular US utilized equipment market in 2021. The company’s backhoe loader was sold maximum within 2021. Excavators & mini excavators were among the prominently used equipment offered by the company in 2021.
• Prominent vendors are Caterpillar, Volvo Structure Equipment, Liebherr, Komatsu, Hitachi Construction Machinery, Hyundai Design Equipment, Steve & Deere, and Kobelco.
• Other prominent vendors are usually Terex Corporation, Case Construction, LiuGong, & Tadano.
• Volvo Building Equipment
• Hitachi Construction Equipment
• Hyundai Structure Equipment
• David & Deere
Other Prominent Vendors
• Terex corporation
• Liu Gong
• CASE Design
KEY QUESTIONS ANSWERED
one. What is the growth rate associated with the utilized construction gear market in the US?
second . Who are the key players in america used construction equipment market?
3. How many units of utilized construction equipment are anticipated to be marketed by 2028 in the Oughout. S.?
4. What is the particular latest U. S. used construction products market trends?
Read the full report: https://www.reportlinker.com/p06316317/?utm_source=GNW
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