Rising government investment in Affordable Housing & National Health Schemes expects to drive the UK’s used construction equipment sales during the forecast period. The United Kingdom used building equipment market by volume is expected to cross 20,918 units by 2028.
In 2021, the government prepared to invest USD 900 billion in infrastructure development projects across the UK for the next ten years. The government is also funding affordable housing schemes and the healthcare sector. An investment of USD 4.3 billion & USD 4.9 billion will be allocated, for the construction of hospitals & affordable housing schemes in 2022, respectively.
Investments also direct the upgradation of public infrastructure such as roads, railways, & airports. USD 171 billion will allocate to improve and redevelop roadways, bridges, and traffic signals across the UK in 2022. Such action projects are projected to boost the UK used construction equipment market growth.
The fabric handling segment has the largest share in the UK used construction equipment market. Forklifts & telehandlers held the most significant share in the material handling segment in 2021.
Forklifts packets equipment is used for material handling in confined spaces such as small warehouses & distribution centers. In 2021, the increase in the e-commerce & logistics industry in the UK prompted the demand for warehouses.
Government acquisition doubled to USD 7.9 billion in 2021 for developing warehouses in Northwest, East Midlands, & West Midlands. Growth in the logistics & e-commerce initiative expect to impact the market for used forklifts positively & telescopic handlers in the UK used construction equipment market. According to CEA (Construction Equipment Association) information, telehandlers witnessed a sharp increase of more than 100% in 2021.
Accustomed mini excavators are also gaining market share in the UK used construction equipment market. Small & medium contractors like to buy used mini excavators used for digging, stone plying, and handling medium size loads at construction sites. The UK is completing the challenge of rising labor costs, so contractors prefer to buy these machines to reduce dependency on construction laborers.
UK government also expanded its focus on upgrading public infrastructure, which includes the development of airports & railway stations. An investment of USD 3.9 million in planes for creating airports across the UK in 2022. In addition, the USD 491.6 million accounts allocate for building eco-friendly stations by installing solar panels & intelligent LED lighting.
The demand for young used tools is growing in the UK market due to the government’s strict environmental norms. UK government introduced the Stage V emission Measure, which expects to prompt the demand for young used equipment around 2-4 years old. Used building tools need to wish to remain steady in the UK market due to the rise in public infrastructure projects in 2022.
The UK is meeting a housing crisis due to low investment in the country’s housing sector in 2022. The mismatch of demand & supply of lodging units across the country resulted in a surge in the prices of houses. In 2022, the housing price rose by 11% compared to 2021.
Cities with the most significant housing need primarily concentrate in the Greater Southeast of England, such as London and Brighton. To crush the housing crisis, the government plans to build 300,000 new homes yearly to match demand and keep housing costs affordable from 2020. However, the state still needs to pay the yearly housing target, and 216,000 housing teams will be construct between 2020-2021.
In 2021, the government raised the affordable Housing Delivery Plan 2022-2025 in Bristol city. The project seeks to build 1,000 new affordable housing units in a year by 2024. This project is an edited version of the Housing Delivery Plan 2017-2020. The UK-used building equipment market will likely play a vital role in housing development projects.
In 2022, the government planned to increase the investment in transport infrastructure in the country’s Cornwall, Greater Manchester, Newcastle & Southampton areas to enhance the economic recovery post-pandemic. The government intended to invest USD 170 million in four significant road development & maintenance schemes across the country, which expect to reduce traffic congestion and improve connectivity.
Four primary road schemes announced by the UK government in 2022 are a 6.2-kilometer road connecting St Austell to A30 road in Cornwall (USD 83.4 million), care of Tyne Bridge & central motorways (USD 37.5 million), enhancing walking & cycling accessibility across A34 between Greater Manchester & Stockport (USD 35.7 million), & keeping of A35 Red bridge Causeway connecting New Forest, & Southampton (USD 14.2 million).
The pandemic exercised pressure on the Nation’s health sector with the surge in demand for upgraded treatment facilities across the UK. Responding to this need, the government developed the national healthcare plan to construct new hospitals and upgrade the existing ones.
The UK expects to invest USD 4.3 billion to construct 40 hospitals by 2030. The government is implementing new policies that will help to normalize the design of new hospitals and use modular construction methods to accelerate the building program. The government even reported USD 1 billion for upgrading its facilities in the existing 20 hospitals. Such healthcare schemes will propel the growth of the UK-used building equipment market.