Refurbished Construction Equipment: Introduction
After construction equipment is used for a period of time, refurbishing companies purchase used heavy duty construction products that require refurbishing and sell it at a competitive price. Numerous refurbishing companies operate in the global market.
Key Drivers of the Global Refurbished Construction Equipment Market
Small- and medium-sized construction companies face budget-related issues. It has been observed that the average cost of heavy construction equipment is on the higher side. Consequently, demand for refurbished construction equipment is increasing considerably in developing countries.
Increase in investment in the commercial real estate market is estimated to boost the sales of refurbished construction equipment. As per a research study by CBRE Group, Inc., investment in commercial real estate across the globe increased by 23% quarter-overquarter in Q3; however, it was still down by 48% year-over-year. Year-to-date global volume is down by 31% from 2019.
COVID-19 has caused a significant slowdown in the global supply chain. Consequently, the overall refurbished equipment market has contracted. This slowdown is expected to continue in 2021; however, the refurbished construction equipment market is expected to expand 2022 onward.
Rising Investment in Construction Sector to offer Market Opportunities
Governments of several developing countries are investing in the construction sector to develop rural and metro cities in their respective countries. This is estimated to offer significant opportunity for the overall refurbished construction equipment market.
For Right Perspective & Competitive Insights on Refurbished Construction Equipment Market, Request for a Sample High Bargaining Power of Buyers to Restrict Market Growth
A wide range of refurbished construction equipment is available in the market. Moreover, numerous small-scale manufacturers offer refurbished construction equipment at a lower price. Consequently, bargaining power of buyers is significantly high. This creates a market slowdown for large-scale refurbished construction equipment manufacturers.
Asia Pacific Dominated the Global Refurbished Construction Equipment Market
The refurbished construction equipment market in Asia Pacific expanded at a rapid pace in 2019. North America and Europe account for significant share of the refurbished construction equipment market, with major players having presence in these regions.
Several small and medium companies are present in North America, Asia Pacific, and Latin America; however, Germany and China are hubs for refurbished construction equipment manufacturers
Key Players Operating in the Global Refurbished Construction Equipment Market The global refurbished construction equipment market is fragmented in nature. Companies are working on product innovation and development to expand their customer base. Furthermore, key
companies are adopting the merger and acquisition strategy to enhance their market share globally. Some of the key players operating in the global refurbished construction equipment market are listed below:
AB Volvo
Caterpillar Inc.
CNH Industrial N.V.
Deere & Company
Doosan Infracore Co. Ltd.
Hitachi Ltd.
J C Bamford Excavators Ltd.
Komatsu Ltd.
Liebherr-International AG
Xuzhou Construction Machinery Group Co., Ltd.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report Global Refurbished Construction Equipment Market: Research Scope Global Refurbished Construction Equipment Market, by Equipment
Heavy construction equipment
Compact construction equipment
Global Refurbished Construction Equipment Market, by Type
Loader
Cranes
Forklift
Excavator
Dozers
Others
Global Refurbished Construction Equipment Market, by Application
Oil & gas
Construction & infrastructure
Manufacturing
Mining
Others
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions. Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
Customer Experience Maps
Insights and Tools based on data-driven research
Actionable Results to meet all the business priorities
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment. The following regional segments are covered comprehensively:
North America
Asia Pacific
Europe
Latin America
The Middle East and Africa
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