Construction Equipment Rental Market – Detailed Analysis of Current Industry Figures with Forecasts Growth By 2026

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Nov 20, 2020 (Market Insight Reports) — Selbyville, Delaware Market Study Report LLC adds new research on Construction Equipment Rental market, which is a detailed analysis of this business space inclusive of the trends, competitive landscape, and the market size. Encompassing one or more parameters among product analysis, application potential, and the regional growth landscape, Construction Equipment Rental market also includes an in-depth study of the industry competitive scenario.

Global construction equipment rental market size is slated to experience dramatic growth over the next few years. This can be mainly associated with shifting preference of building & construction companies towards renting construction equipment rather than purchasing. Renting is emerging to become a more viable option for many companies, allowing them to run a more financially stable infrastructure business.

Construction equipment rental helps them cut repair, maintenance, and transportation costs. Escalating building & construction as well as infrastructure development projects worldwide will augment construction equipment rental market share. Growing focus on smart city development will further bolster the industry outlook.

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Based on the product, construction equipment rental industry is segmented into earthmoving & roadbuilding equipment, material handling & cranes, and concrete equipment. The earthmoving & roadbuilding equipment product segment is further classified into backhoes, loaders, excavators, compaction equipment, and others. The segment accounts for more than 50% revenue share in global construction equipment market.

Backhoes, loaders, and excavators are extremely versatile when it comes to construction applications. These machines offer a range of different attachment options, making them capable for accomplishing a wide range of tasks. Additionally, earthmoving & roadbuilding equipment can be easily driven on roads which makes them a suitable choice for infrastructure projects with spread out worksites.

Major players operating in the construction equipment rental market include United Rentals, Ashtead Group, Cramo PLC, Ahern Rentals, Loxam Group, Nesco Rentals, Herc Holdings, Blueline Rentals, Caterpillar, Inc., and Shanghai Hongxin Equipment Engineering Co., Ltd.

The construction equipment rental market is highly fragmented and is witnessing increasing competition due to the presence of a large number of regional as well as international players. The industry players are increasing their focusing on integrating the latest technologies, such as RFID, GPS, IoT, and telematics, into the machinery to provide improvised rental solutions and enhance the fleet utilization.

Increasing number of aging infrastructures in countries including Japan and the U.S. led the regional governments to restore them with sturdy structures, which is expected to generate a significant demand for the construction equipment rental market. In addition, the industry is currently witnessing an increase in demand pertaining to the growing number of smart city projects undertaken by various regional governments.

The ever-increasing rate of accidents in work-sites is compelling construction firms worldwide to make use of advanced machinery, reducing the amount of manual labor. Several benefits offered by renting heavy construction machinery include the reduction in overhead expenses followed by the lowering of technical and other maintenance charges contributing to the construction equipment rental market growth. In addition, renting helps the construction companies to reduce overall project costs, transportation, and servicing-related costs.

Rising disposable income coupled with the enhancement in living standards of individuals across the emerging economies is leading to growing investments in shopping malls, recreation centers, and amusement parks. These infrastructure projects generally have stringent timelines, compelling the construction companies to rent machinery instead of purchasing, considering it as a more profitable approach. Factors such as economic fluctuations and global financial crisis are anticipated to hinder the construction equipment rental market growth over the forecast timeline.

In addition, the unavailability of skilled personnel coupled with the increase in fuel prices will negatively impact the industry demand. The preference of human labor over machinery for construction projects across various regions is also expected to limit the construction equipment rental market. Increasing demand for enhancing throughput is compelling the construction companies to focus on utilizing more technologically-advanced material handling equipment. The material handling segment is expected to grow at over 5 percent CAGR due to easy availability of renting the heavy machinery.

This equipment is capable of moving & storing more efficiently, enabling breakthrough lift heights, visibility, and energy savings, ensuring reliability and safety while working. Growing penetration of GPS, IoT, and RFID technologies in the material handling equipment is a major factor propelling the construction equipment rental market growth. In addition, the availability of semi- and fully-automated material handling machinery is contributing to the industry demand.

Asia Pacific construction equipment rental market is expected to reach over USD 40 billion by 2024. The emerging trend of the organizations toward renting of heavy construction machinery will have a positive impact toward the industry demand. Rising wage rates in China coupled with the changing consumption patterns are generating a huge demand for the rental machinery. Countries including India will witness a significant growth over the forecast timeline. The growth can be attributed to the rising number of high-scale infrastructure projects undertaken by the government such as Chardham Highway Project, Setu Bharatam Project, Bharatmala Project, and Gujarat-Gorakhpur Gas Pipeline.

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