The construction equipment rental market stood more than USD 34 billion in 2014. Increasing construction in residential, commercial, and industrial sectors is estimated to boost market demand. Moreover, infrastructural developments and governmental spending in emerging nations should raise demand.
New and high-tech machineries are provided by rental companies. Technological developments for monitoring fuel consumption also drive the market. Furthermore, market demand is propelled by advanced air-conditioning cabins & remote access devices for workers.
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Automatic controls & more effective engines for machine manoeuvring also drive demand. Novel features like ‘fuel consumption’ data, problem log distribution, and ‘key components’ data add demand. Escalating functional & financial benefits of hiring also contribute demand for the construction equipment rental market.
However, erratic fuel costs and expenditures involved in the supply & transportation of machineries are likely to hinder demand. ‘Internet of Things’ decreases product costs and positively affects market consumption. The market is bifurcated into equipments and regions.
Equipments of the market include material handling, earthmoving, and concrete & road construction. Material handling products could expand at over 12% CAGR during 2015 to 2022 (forecast period). This will be attributed to widespread production mechanization. Increasing use of cloud computing, data analytics, and ‘Internet of Things’ would also fuel the segment.
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Earthmoving equipments should grow at more than 10 % CAGR till the end of the forecast period. Disposable consumer earnings lead to adoption of rental products. Preference for ‘on-hire’ earthmoving products is predicted to raise volume revenues. Regional segments of the construction equipment rental market comprise Europe, the Middle East, Asia Pacific, and North America.
The Middle East would experience substantial expansion over the coming years. Regional green building projects & infrastructural innovations can be responsible for the same. Asia Pacific accounted for over 25% shares in 2014. Its rising population, financial conditions, industrialization, and supportive proposals add regional sales.
Key players in the worldwide construction equipment rental market are Hertz, Neff Rental, United Rentals, Loxam Group, and Sunbelt. Some of their expansion strategies comprise joint ventures, acquirements, and frequent alliances. The market is capital-intensive and also finds its companies maintaining fleets and securing amenities.
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