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-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 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.

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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.

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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
  • Strategic Frameworks to boost the growth journey

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

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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