- 20 November 2020 02:21
Construction Equipment Rental Market Register a Growth 4.78%
The global construction equipment rental market was valued at USD 91.34 billion in 2019 and to reach over USD 136.1 billion by 2027, predicted to register a compound annual growth rate (CAGR) of around 4.78% during period 2020 to 2027.
One of the major factors driving the growth of the market is the growing construction industry, especially in developing countries, owing to numerous growth opportunities in infrastructure, residential, and non-residential sectors.
The global construction equipment rental market is set to gain traction from the need to cut off the cost and achieve operational flexibility. Nowadays, contractors and dealers are opting for rentals to reduce the size of their fleet and lower the complexity in organizations that may otherwise affect activities, namely, asset disposals, logistics, maintenance, and procurement. The Construction Equipment Rental Association (CERA) stated that there is a substantial growth in the number of rental service consumers in the emerging economies, such as Mexico, India, and China. It is mainly occurring as small and medium enterprises (SMEs) are focusing on gaining more flexibility.
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Rising Infrastructure Development to Accelerate Growth
The governments of numerous countries are striving to develop infrastructure plans. It is, in turn, providing the construction equipment manufacturers with multiple opportunities to upsurge their revenue. This type of equipment plays a very crucial role in the construction sector. Besides, the increasing usage of loaders, excavators, and other similar equipment would contribute to the construction equipment rental market growth during the forthcoming period.
Earthmoving Equipment Segment to Grow Considerably Fueled by Rising Number of Construction Projects
In terms of equipment type, the market is segregated into concrete and road equipment, material handling equipment, earthmoving equipment, and others. The others segment consists of civil engineering equipment. The earthmoving equipment segment held 50.1% construction equipment rental market share in 2018. This growth is attributable to the increasing number of construction projects, such as roads, buildings, and bridges. Apart from that, high demand for construction equipment and rapid industrialization are anticipated to boost the growth of this segment.
Robust Economic Progress in Emerging Countries to Favor Growth in Asia Pacific
Geographically, the market is grouped into Asia Pacific, Europe, the Middle East and Africa, North America, and Latin America. North America generated USD 31.89 billion construction equipment rental market revenue in 2018. Also, Europe procured a considerable share owing to the ongoing development in around 15 countries, such as Switzerland, Netherlands, Spain, Italy, and the U.K. The expansion of fleet in these countries is likely to drive the growth of the market in this region.
Asia Pacific, on the other hand, is projected to showcase the highest growth backed by the robust economic progress of the developing countries, namely Japan, China, and India. The Middle East and Africa are anticipated to follow the footsteps of Asia Pacific and experience exponential growth stoked by increasing investment in infrastructure.
Key Benefits for Stakeholders
- The report provides an extensive analysis of the current and emerging construction equipment rental market trends and dynamics.
- In-depth construction equipment rental market analysis is conducted by estimations for the key segments between 2020 and 2027.
- Extensive analysis of the market is conducted by following key product positioning and monitoring of top competitors within the market framework.
- A comprehensive analysis of four major regions is provided to determine the prevailing opportunities.
- The construction equipment rental market forecast analysis from 2020 to 2027 is included in the report.
- Key market players operating in the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the construction equipment rental market industry.
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Some of the noteworthy players in the construction equipment rental market include:
- Zahid Group
- Industrial Supplies Development Co. Ltd
- Ahern Equipment Rentals
- John Deere
- Caterpillar Inc.
- Gemini Equipment and Rentals (GEAR)
- Hertz Equipment
- Komatsu Equipment
- Maxim Crane Works
- Neff Rental
- Pallet trucks
- Fork lifts
- Sliding racks
- Bulk containers
- Platform trucks
- Hand trucks
- Loading shovels
- Site dumpers
- Dump trucks
- Hot boxes
By Regional Outlook
- North America
- Asia Pacific
- South Korea
- Middle East & Africa
- Latin America