The construction equipment rental market, in terms of value, is projected to grow at a healthy CAGR of 4.78% from 2020 to 2027. The market was accounted for US$ 91.34 billion in 2019 and is expected to reach a market size of US$ 136.1 Billion by the end of 2027. In this study, 2020 has been considered the base year, and 2020 to 2027 the forecast period for estimating the market size of the market.
The global construction equipment rental market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2020 to 2027. The study analyzes and forecasts the market size, in terms of volume (units) and value (USD million), of the market. The report segments the market and forecasts its size, by volume and value, on the basis of Product, and Regional Outlook.
The report discusses the market for construction equipment rental in terms of volume & value. The regions covered in the report are North America, Europe, Asia Pacific and the Rest of the Worlds.
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Construction equipment renting provides the utmost amount of flexibility. Different rental firms usually have an extensive assortment of makes and models to select from which offers the prospect to try out equipment from diverse manufacturers. Procuring construction equipment needs heavy down payments that distract a huge amount of capital from important operating expenditures. It also invites supplementary expenditure like licensing, tax, insurance, interest on storage cost, and loan amount among others.
With the help of renting construction equipment, firm scan avoid costs accompanying with inflation and depreciation at the time of replacing it. Rental houses improve their inventories on a systematic basis, hence forward presenting access to progressive and new construction equipment. This makes it easier for the leaser to perform in accord with standards set by EPA Environment Protection Agency.
- Upsurge in the mining and construction activities, predominantly in the emergent economies is the key influence motivating the growth of construction equipment rental market considerably.
- Market frontrunners are centering on intensifying their fleet size to address the growing consumer requirement for different construction equipment rental services.
- The earthmoving machinery led the global construction equipment rental market in 2019.
Escalating rate of implementation construction equipment in the rental services on account of technological enrichments offered by the original equipment manufacturers is propelling the growth of global rental construction equipment market. At present, appearance of novel technologies such as digital services for equipment service tracking, automated service enhancements, and mapping features are gaining traction in the market. Escalating revenue of construction equipment rental suppliers is stimulated by foremost infrastructure projects in emergent markets and thriving in residential construction sector in the U.S. and Europe.
The industrial report mentions the influence of the ongoing COVID-19 pandemic. The outbreak has caused disturbances in several industries and has hammered the logistics, resulting in delayed deliveries and cancellation of product demand. The construction equipment rental report proficiently explains the resulting factors and concerns of manufacturers. Researchers have also well-explained how the producers and providers will tackle the ongoing epidemic and the key strategies to be adopted post-pandemic for turning their businesses back to normal.
In 2019, North America dominated the global market with prevalent revenue share of over 46% and this growth is credited to existence of noticeable rental companies operating in the U.S. and Canada. Additionally, the vigorous development in the residential construction industry, plus upsurge in infrastructural sector on account of growing investment in Central and Eastern Europe are expected to stimulate the demand for construction equipment market during years to come. Moreover, high-value infrastructure projects in Britain, which comprise novel nuclear reactors, high-speed rail, road enhancements, and North America’s road infrastructure upgrading projects, are anticipated to produce a stable flow of rental incomes in construction equipment rental marketplace during nearby future.
Nations in the Middle East region such as Qatar and Saudi Arabia have an amplified demand for rental equipment including excavators and loaders owing to growth in foremost projects such as Jazan Economic City, FIFA World Cup 2022, King Abdullah Economic City, Jeddah Metro and Vision 2030 among others.
Key Players & Strategies
Numerous contractors, construction establishments, and extensive diversity of industries are progressively discovering rental options. There has been a noteworthy swing from acquiring new equipment to the rental model amongst the construction establishments and contractors that use the site. Several economists and business frontrunners anticipate economic recession to be on the horizon, which might further propel the sale for equipment rental and drive corporations even further away from ownership. Particular regional players operational in the market are Ashtead Group (Sunbelt Rentals), Herc Rentals Inc, H&E Equipment Services and Kanamoto Co. Ltd.
In order to sustain the market competition and improve the footprint in the global arena leading players are opting for merger and acquisition as a winning strategy. For example, United Rental Inc., the one of the dominant participants in North American, has acquired around 14 companies till now. In 2018, United Rentals acquired BlueLine that augmented its capacity in numerous principal metropolitan zones in North America, including US coasts, Ontario and the Gulf South.
Contractors throughout the world are selecting for rental services on account of their lower market price than procurement cost of newfangled equipment. Some of the business players functioning construction equipment rental market share are Cramo PLC., Loxam Group, United Rentals, Inc., Mtandt Rentals Limited, Nesco Rentals, The Hertz Corporation, Caterpillar Inc., Unirent LLC, Ahern Rentals Inc., Boels Rental, Aktio Corporation and others.
Recent developments implanted by leading business participants are as follows:
In January 2019, Nationwide Platforms Limited, Loxam’s wholly-owned UK subsidiary, accomplished the acquirement of UK Platforms Limited from HSS Hire Group plc. UKP has nearly 120 employees and works a fleet of approximately 3,000 powered access units.
In March 2018, Ashtead Group acquired Equipment Rentals, LLC and Fairfield County, Inc. (A&B). A&B is has an aerial work platform rental business in U.S.
In August 2017, Kanamoto acquired Meigi Engineering Co., Ltd., and Toyu Engineering Co., Ltd. Both of these firms operate the leasing or renting of heavy construction equipment.
- Material Handling Machinery
- Pallet trucks
- Fork lifts
- Sliding racks
- Bulk containers
- Platform trucks
- Hand trucks
- Earth Moving Machinery Concrete
- Loading shovels
- Site dumpers
- Dump trucks
- Concrete and Road Construction Machinery
- Hot boxes
By Regional Outlook
- North America
- Asia Pacific
- South Korea
- Middle East & Africa
- Latin America
Why should you invest in this report?
The company’s expert team has been always monitoring the construction equipment rental market for few years, which has assisted them to include actionable insights that can consult the regarded reader with the influence to grow their venture with a high CAGR and gain stellar Return on initial capital investment in the market.
If you are aiming to enter the global construction equipment rental market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for construction equipment rental are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2020-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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