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.
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.
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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-over-quarter 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 2024; however, the refurbished construction equipment market is expected to expand 2024 onward.
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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.
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.
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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
