Recently, Allied Market Research published a report, titled, "Pre-Owned Construction Equipment Market by Product: Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global pre-owned construction equipment market accrued a sum of $165.2 billion in 2021, and is estimated to reach $484.3 billion by 2031, witnessing a CAGR of 11.2% from 2022 to 2031.

Increase in construction and mining activity in developing countries such as Latin America and Africa, rise in governments' investments on construction of roads, airports, railway, and other infrastructural projects, and the benefit offered by pre-owned construction equipment of saving high operational and maintenance costs drive the growth of the global pre-owned construction equipment market. However, the lack of skilled workforce and saturation of construction & mining in developed countries hinder the market growth. On the other hand, manufacturers are developing advanced equipment, which are economical and sustainable. Moreover, integration of IoT is expected to help overcome shortage of skilled labors and provide enhanced safety to operators and end users. These factors are likely to present new opportunities for the market growth in the coming years.

Based on product, the earthmoving and roadbuilding equipment segment held the largest share in 2021, grabbing more than two-thirds of the global pre-owned construction equipment market, and is expected to maintain a noteworthy growth during the forecast period. This is owing to the growing requirement for earthmoving in the construction and mining industry. However, the others segment is projected to witness the fastest CAGR of 12.6% from 2022 to 2031, owing to an increase in construction in developing countries.

Moreover, Construction Equipment Rental Market is expected to reach $106,422.0 million by 2027. Tower crane market growing at a CAGR of 4.8% to 2028. Heavy construction equipment market is projected to reach $273.5 billion by 2030 at a CAGR of 4.4%. Cranes market is expected to reach $41,186.63 million in 2027 at a CAGR of 4.8%