DUBLIN--(BUSINESS WIRE)--The "Netherlands Used Construction Equipment Market - Strategic Assessment & Forecast 2023-2029" report has been added to ResearchAndMarkets.com's offering.
The Netherlands used construction equipment market is expected to grow at a CAGR of 2.99% during 2023-2029. - The growing investment in public infrastructure projects, including the extension of railways tracks and airports & renovation of bridges & highways, is expected to drive market growth.
The Netherlands used construction equipment market is expected to reach 22,896 units by 2029, growing at a CAGR of 2.70%. In 2021, the government injected USD 3.6 billion to boost economic recovery post-pandemic.
The investment is directed toward developing public infrastructure, which includes the upgradation of railways and airports. Investment is also planned for energy transition projects to reduce carbon emissions by 2030. Various wind farm and solar projects are under progress in Flevoland & Groningen provinces in 2022.
The government also plans to build 10 GW of the national network for green hydrogen with an investment of ~USD 1.6 billion in 2022. The Netherlands manufacturing sector witnessed more than 2% growth in Q1 2022 due to the growing demand for goods in the European market.
However, the growing inflation and disruption of raw materials & labor are expected to hamper the growth of the manufacturing sector in the Netherlands in the latter part of 2022. Due to ongoing construction and renovation projects, the Netherlands used construction equipment market is expected to grow robustly in 2022.
However, the manufacturing industry's growth is expected to be hampered due to a reduced raw material supply and declining industrial production output. The production output of the manufacturing industry declined by 3.9% in Q1 2022, the most significant decline since April 2020.
Market Trends and Drivers
Renovation Of Old Infrastructure In The Netherlands Supports The Sales Of Used Construction Equipment
- The government increased its focus on renovating old infrastructure across the country in 2022. The government planned to invest ~USD 4.1 billion to maintain infrastructure across the country in 2023. The railway sector is one of the largest beneficiaries of government investment; nearly USD 2 million in funds are planned to be allocated in 2023. Investment is also planned for developing roadways (USD 1.1 billion) and waterways (USD 625.3 million) in 2023.
- For the development of roadways across the country, USD 729.5 million is planned to spend on the repair and maintenance of existing roads and national highways. A USD 521.3 million is also allocated for constructing new roadways to enhance connectivity across the country in 2023. In 2020, the Netherlands' government introduced the National Growth Fund of USD 20.8 billion for 2021-2025. A USD 2.6 billion fund is further allocated for extending Amsterdam's North-South metro & track between Delft and Schiedam regions. The rise in government investment in the renovation of old infrastructure & railways is expected to support the Netherlands used construction equipment market during the forecast period.
Netherlands Government investment in National Growth Fund
- In 2022, Netherlands' government planned to invest USD 5.1 billion, with an extra USD 1.3 billion in reserve for 28 projects to achieve sustainable growth in the country. The fund, allocated under National Growth Fund, will be used to invest in digitalization in higher education & secondary vocational education, the green hydrogen project, and healthcare system improvement.
- An additional USD 20.6 billion investment is directed toward knowledge development, infrastructure, research, and development. Government increased investment in the healthcare sector by 22% in 2021. In 2022, the government planned to invest USD 69.3 million to improve healthcare centers across the country. Government investment growth is expected under National Growth Fund in 2023, supporting the Netherlands used construction equipment market sales.
The Surge In Demand For Smaller Sized Electric Based Used Construction Equipment
- There is a surge in demand for mobile electric used construction equipment such as cranes, excavators, forklifts & loaders in the Netherlands used construction equipment market in 2022. Strict emission standards across European Union countries trigger the demand for electric construction equipment over fuel-based. Smaller-sized mobile electric used construction equipment such as mini excavators, forklifts & loaders are gaining a strong market share in the Netherlands market due to low maintenance cost compared to larger construction equipment. There is a rise in infrastructure investment across the country. And the government also focused on reducing carbon and nitrogen emissions across the country in 2022.
- Volvo Construction Equipment
- Hitachi Construction Machinery
- Hyundai Construction Machinery
Other Prominent Vendors
- CNH Industrial
- Takeuchi Manufacturing
- Ritchie Bros. Auctioneers
- Euro Auctions
- Holland Machinery
- Wilco Machinery
Key Questions Answered:
1. How big is the Netherlands used construction equipment market?
2. What is the expected number of construction equipment units sold by 2029 in the Netherlands used construction equipment market?
3. What is the growth rate of the Netherlands used construction equipment market?
4. What are the key trends in the Netherlands used construction equipment market?
5. Who are the key players in the Netherlands used construction equipment market?
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