The global construction equipment rental market size is anticipated to grow at USD 136.5 billion by 2027 to expand at CAGR of 4.9%. The surge in the construction and mining activities, mostly in the developing countries is the key factor driving the market for construction equipment rental. The emergence of new technologies including digital services for automated service improvements, equipment service tracking, and mapping features has been an ongoing trend within the market.
Technological advancements in automotive and heavy machinery sectors have brought many new features to the market for construction equipment rental. Construction equipment manufacturers are not only focusing on incorporating advanced safety features such as lift assist, 360-degree camera visual, and additional work lights but are also focused towards providing systems that improve operational efficiency and require lesser maintenance.
Amid the Covid-19 pandemic and imposed restrictions such as lockdown and reduced number of staff at construction sites is more likely to result in delay for completion of projects. As many countries are witnessing second and third wave of coronavirus, restrictions are expected to get more severe for common public.
Construction Equipment Rental Market Report Highlights
• The market was valued at USD 92.9 billion in 2019 and is expected to exhibit a CAGR of 4.9% from 2020 to 2027
• Earth moving machinery emerged as the largest product segment in 2019 and is anticipated to reach USD 75.9 billion by 2027
• The material handling machinery segment is expected to register a CAGR of 5.2% during the forecast period
• The growing popularity of these types of machines owing to features such as high lifting capacity, high rigidity, and better transportability has fostered market demand.
Construction Equipment Rental Market Segmentation
Grand View Research has segmented the global construction equipment rental market on the basis of product and region:
Construction Equipment Rental Product Outlook (Revenue, USD Billion, 2016 – 2027)
• Earth Moving Machinery
• Material Handling Machinery
• Concrete & Road Construction Machinery
Construction Equipment Rental Regional Outlook (Revenue, USD Billion, 2016 – 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• Latin America
• Middle East & Africa
List of Key Players of Construction Equipment Rental Market
• United Rental
• Ashtead Group
• Aggreko Herc Rentals Inc
• Aktio Corp
Speak to Analyst @ https://www.grandviewresearch.com/inquiry/2727/ibb
Browse More Related Report:
Construction Equipment Market Size, Share & Trends Analysis Report By Product (Earth Moving Machinery, Material Handling Machinery, Concrete & Road Construction Machinery), By Region, And Segment Forecasts, 2020 – 2027
Heavy Construction Equipment Market Size, Share & Trend Analysis Report By Product (Earth Moving, Material Handling, Concrete & Road Construction), By Application, And Segment Forecasts, 2018 – 2025
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Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.
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