The used construction equipment market in the US is likely to reach 45, 766 units by 2028. The particular US government investment in the up-gradation of infrastructure & renewable energy projects is expected to support the demand for used gear in the US throughout the forecast period (2022-2028).
New York, Aug. 25, 2022 (GLOBE NEWSWIRE) — Reportlinker. com announces the release of the particular 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 utilized construction products in the US market.
3. The authorities aims in order to produce 95GW of power through alternative energy resources simply 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 tools supply chain is still within the recovery phase, so used devices caters 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 apparatus such as engine graders plus cranes with low functional requirements and long-life expectancy.
5. Recovery within the supply chain of new construction machines post-pandemic plus rising rental markets are a major threat to the particular demand with regard to used structure equipment in the US market. However, used equipment is anticipated 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 demand regarding used design equipment in america market. The supply associated with new equipment was disrupted because of 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 particular demand intended for used equipment in various sectors this kind of as construction, agriculture, mining & forestry.
b) In 2021, the ALL OF US government investment in the transport business, including redevelopment projects to get economic recuperation, was expected to support the need for utilized construction gear. However, the volume sales pertaining to used products reduced inside 2021, and a sharp decline in used equipment sales were witnessed in the particular age group of 0-10 years. Companies reduced buying utilized equipment in order to avoid more aging machinery in their fleet as the supply of new gear was low even in 2021. This resulted in the surge in prices & reduction in the volume associated with used tools in the particular US market.
c) Used equipment is an excellent choice by contractors meant for 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 inside demand designed for used motor graders in the US market within 2020 & 2021. The equipment operates for a short time at structure sites compared to other earthmoving devices such because excavators & backhoe loading machines. So , it is the popular choice for used equipment buyers due to aspects like the high price of new motor graders, low operating hours at the job site, & long-life expectations. Due 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 just for redevelopment projects across the country under the Infrastructure for the purpose of Rebuilding America program in 2021. Used heavy design equipment is an extremely popular choice for redevelopment, repair & small-budget projects due to its lower cost compared to new apparatus. 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 in order to invest $1. 2 billion to upgrade 405 national airports, which includes repairing runways & taxiways.
c) The federal government approved $55 million within road restoration projects in 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 within Arizona state.
d) The road construction project in Howard County, Maryland, will be under progress in 2022 and aims to enhance pedestrian access & safety. The particular project also improves the particular roadways along Oakland Mills Roads in Columbia. The 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 machines such since mini excavators and loaders are used inside agriculture and forestry industries. Equipment utilized for ground leveling, loading crops, fence building, & land clearing activities in agriculture & forestry. The particular demand intended for used equipment in forestry & agriculture sectors had increased inside 2021. The COVID-19 pandemic has adversely impacted the US economy. The particular country’s farming sector underperforms due 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 used equipment in america market.
The shift in Focus Towards Renewable Energy Resources Triggers The need for Utilized Mini Excavators & Crane in The US marketplace
a) The particular US govt focuses on renewable energy sources and is designed to produce 25GW of clean energy simply by 2025. In 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 expected to grow 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 utilized construction gear 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 in order to COVID-19 in 2020. The second wave of infection in 2021 across the US worsened the situation to get manufacturing new construction products. Therefore , the particular used building equipment demand is anticipated to develop for these short-term alternative energy projects. The demand for used cranes & mini excavators is likely 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 utilized construction tools 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 devices such as backhoe loader, mini-excavator & trenchers.
b) A similar trend is witnessed in Q1 2022; large earthmoving, moderate earthmoving, & aerial apparatus prices increased by 20%, 37% & 35%, respectively. There was a surge in demand pertaining to construction machines because of increased investment inside infrastructure projects across the country. Nevertheless, the provide of brand new equipment was not recovered in 2021, and volume sales of used equipment dropped. This mismatch of need & flow of used equipment pushes up the prices associated with used gear in the US market 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 anticipated to launch Tier 5 emission standard simply by 2024, which focuses on reducing the particular emission of nitrogen oxides and particulate matter. Therefore, the up-gradation of emission standards inside the US is expected to negatively impact the demand meant for larger utilized equipment, that is older used equipment structure in the particular market.
b) There is a surge within work accident cases in the US Construction market. According to the Bureau of Labour Statistics (BLS), nearly 10 million workers were employed in the 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 america. The report also revealed that 60% of all construction site death has been related to the crane.
COVID-19 triggers Online Bidding Process for Used Equipment Sales
a) COVID-19 has accelerated a new trend of online bidding in the utilized heavy-duty design equipment marketplace. In 2020, there was a 35% embrace website traffic & 71% increase in bidder registrations. This shift to an online process widens the particular reach for the used products 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
• Forklift & Telescopic Handlers
• Aerial Platforms (Articulated Boom Lifts, Telescopic Boom lifts, Scissor lifts)
SEGMENTATION BY END USERS
• Caterpillar is the particular market leader in the US used equipment market. The company excels within the sale of utilized earthmoving types of equipment inside 2021.
• John Deere was the second-largest player in the US used equipment market place in 2021. The company’s backhoe loader was sold maximum in 2021. Excavators & mini excavators were among the particular prominently utilized 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 used construction tools market in america?
second . Who are the key players in the US utilized construction equipment market?
3. How many units of used construction equipment are anticipated to be marketed by 2028 in the Oughout. S.?
4. What is the latest You. S. utilized construction devices market trends?
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