Earthmoving equipment segment, by equipment type accounted for the highest revenue share in the Kenya, Tanzania and Uganda Used Construction Equipment Market – 6Wresearch
Earth moving equipment by equipment type had a significant revenue share in 2020 in the used construction equipment market owing to the large-scale construction activities in the nation requiring equipment like excavators, motor graders, and loaders for digging foundations of buildings. Furthermore, globalization, urbanization, and population explosion are increasing the demand for construction projects in the country, thereby paving the way for the used construction equipment market to grow in the coming years.
Increase in infrastructure investments after the COVID-19 pandemic to stimulate economic growth is expected to fuel the demand for construction equipment. Construction is among the significantly impacted industries due to the COVID-19 pandemic. Sales of construction equipment have fallen globally. The major factor influencing construction equipment manufacturers includes halt in infrastructure, residential, commercial and industrial construction.
According to 6Wresearch, Kenya, Tanzania and Uganda used construction equipment market is projected to grow at a CAGR of 5.4% during 2021-27. Kenya, Tanzania and Uganda used equipment industry is expected to show growth due to the growing demand for affordable construction instrumentation and used construction equipment are considerably low prices compared to new instrumentation. Construction contractors are shifting toward the acquisition of used instrumentation for specific jobs like earthmoving, piling, and compacting.
According to Ravi Bhandari, Research Head, 6Wresearch, by earth moving equipment type, the excavators segment dominated the construction equipment market in 2020 owing to its ability to operate in diverse terrains for longer hours. Excavators allow construction contractors to carry out different sets of activities by mounting additional tools, boosting their adoption in the construction industry. Government initiatives in infrastructure development have further bolstered the demand for excavators under earth moving equipment segment.
“The Kenya, Tanzania and Uganda used construction equipment market (2021-2027)” report provides an in-depth analysis with 23 figures and 21 tables, covered in 130 pages. The report on The Used Construction Market in Kenya, Tanzania and Uganda comprehensively covers the industry by equipment type. The report provides a detailed and unbiased analysis of the on-going growth drivers, opportunities/high growth areas, as well as trends of the industry which are estimated to support the stakeholders to meet and devise their market strategies as per the latest and future market dynamics.