Market Research Future’s study on global construction equipment rental market has provided the information that the market is to have a tremendous growth of around 4.7% CAGR over the forecast period. In the forecast period backing with many evolving factors that are leading the construction industry in the present time. The market has experienced momentous growth since the last few years with the gain in disposable income along with technological advancements in the construction projects in the construction industry globally.
Significant players functional in the global construction equipment rental market are listed as Ahern Rentals, Inc., Ashtead Group, Blueline Rental LLC, Caterpillar, Inc., Cramo PLC, Shanghai Hongxin Equipment Engineering Co., Ltd., Herc Holdings, Nesco Rentals, Riwal, United Rentals, Inc, and many more like them.
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Market Drivers & Trends
The mounting number of construction activities coupled with high demand for infrastructure investments across the globe has been anticipated to drive the growth of construction equipment rental market for the upcoming years. A substantial increase in trend of heavy rental construction equipment such as excavators, loaders, motor graders, and others are driving the market growth and has made an attractive option for business owners to invest on it. These factors also have paved ways for lucrative opportunities to enter the market that would lead it to gain high traction in the foreseeable years.
Nowadays, the consumers can rent new models with advanced technology feature, that saves not only time but also diminishes labor cost, maintenance cost, and operational costs involved in purchasing the same equipment. Such advancement is creating easy availability of rented tools and new models to start up the construction work soon. With this, the mounting labor costs in evolving countries have also propelled the demand for renting equipment for the next few years.
More to see, high demand for residential and infrastructure in emerging economies has further likely to generate extraordinary growth of the construction equipment rental market in the assessment period. There have been an exclusive rise in focus on innovation in new models of the equipment which is one of the trends in the construction equipment industry and now is anticipated to boost the demand for construction equipment rental over the estimated period.
On the flip side, factor such as lack of skilled labor to operate advanced technology equipment makes it hinder the growth of the construction equipment rental market.
- Raw Material Suppliers
- End Users
- Traders & Distributors
- Regulatory Bodies
The segmentation of global construction equipment rental market is done on the basis of equipment type, and application.
In terms of equipment type: It includes earthmoving, material handling, and concrete & road construction. The earthmoving segment is further split into an excavator, loader, backhoe, motor grader, and others. Material handling segment is also classified into crawler crane, trailer-mounted crane, and truck mounted crane.
In terms of equipment type: It includes an earthmoving segment that had the largest share in 2017 and is likely to retain this position till 2023 attributing to the rise in industrial and infrastructural construction projects that demands for excavators, loaders, and backhoe are increasing. However, the material handling segment is set to witness maximum growth over the forecast period with the surge in demand for machines such as crawler cranes, truck-mounted cranes, and trailer-mounted cranes for the construction of mega infrastructure projects primarily in the emerging countries. Truck-mounted cranes emerged as the largest segment owing to its application in the construction of dams, bridges, and other buildings.
In terms of application: It includes residential, non-residential, and infrastructure. The residential segment had the largest market share in 2017, which is now ready to retain its position until 2023. However, the infrastructure segment estimated to show maximum growth rate in this market with the extension of industrial construction activities in emerging economies across the world.
Regionally, the global construction equipment rental market study has been conducted in North America, Europe, Asia-Pacific, and Rest of the world (RoW).
Asia-Pacific recorded to have the largest market share of around 40% in 2017 and now is anticipated to witness the maximum growth over the forecast period after North America and Europe. China emerged as the most lucrative country, owing to the incidence of facilities like construction machinery manufacturing. China is one of the chief exporters of construction machineries and exports of most of the machines to Europe and another Asia-Pacific region.
North America also had a market share of around 32% in the global construction equipment rental market, and now is attributed to the surge in demand for construction machines such as excavators and motor graders.
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List of Tables
Table 1 Global Construction Equipment Rental Market, by Region, 2018–2023
Table 2 North America: Construction Equipment Rental Market, by Country, 2018–2023
Table 3 Europe: Construction Equipment Rental Market, by Country, 2018–2023
Table 4 Asia-pacific: Construction Equipment Rental Market, by Country, 2018–2023
Table 5 Row: Construction Equipment Rental Market, by Country, 2018–2023
Table 6 Global Construction Equipment Rental Market, by Equipment Type, by Region, 2018–2023
Table 7 North America: Construction Equipment Rental Market, by Equipment Type, by Country, 2018–2023
Table 8 Europe: Construction Equipment Rental Market, by Equipment Type, by Country, 2018–2023
Table 9 Asia-pacific: Construction Equipment Rental Market by Equipment Type, by Country, 2018–2023
Table 10 Row: Construction Equipment Rental Market by Equipment Type, by Country, 2018–2023
List of Figures
Figure 1 Research Process of Mrfr
Figure 2 Top Down & Bottom Up Approach
Figure 3 Market Dynamics
Figure 4 Impact Analysis: Market Drivers
Figure 5 Impact Analysis: Market Restraints
Figure 6 Porter’s Five Forces Analysis
Figure 7 Value Chain Analysis
Figure 8 Global Construction Equipment Rental Market Share, by Equipment Type, 2017 (%)
Figure 9 Global Construction Equipment Rental Market, by Equipment Type, 2018–2023 (Usd Million)
Figure 10 Global Construction Equipment Rental Market Share, by Application, 2017 (%)
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