Global Construction Equipment Rental Market: Overview
The construction equipment rental is the renting of construction equipment for a given period through the signing of contracts with terms and conditions regarding the usage of the equipment. Construction equipment is mainly used at construction sites to facilitate heavy work. Many industries require such equipment seasonally, which makes them costly and unaffordable. Rental equipment is preferred by companies due to its flexibility and ability to meet customized needs without requiring maintenance or insurance. Therefore, construction equipment rental has been considered the most preferable and effective option for construction companies, predominantly to minimize or reduce the influence of unforeseen financial downturns.
|Historic Years||2016 - 2020|
|Forecast Years||2021 - 2028|
|Segments Covered||By Product Type, By Application, and By End Use|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2021 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||10 companies with scope for including additional 15 companies upon request|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
Global Construction Equipment Rental Market: Growth Factors
The global construction equipment rental market is growing at a lucrative rate as construction companies and contractors are shifting towards construction equipment rental owing to high initial purchase cost of new construction machines. Also, factors that are fueling the growth of the global market include large-scale infrastructure programs in the emerging market along with the presence of numerous established key players in countries such as China, Japan, and India. However, material-handling equipment's efficiency depends on constant technical support and maintenance. High depreciation & maintenance cost, high taxes, equipment insurance required for the new construction equipment leads to renting construction equipment by the numerous end-user industries. The need for skilled personnel to operate, repairs, and maintain forklifts further increases the cost of maintenance. All such factors are encouraging the construction companies to adopt construction equipment on rental basis which in turn is driving the market growth. Moreover, the leading service providers are now also focusing on providing onsite services and support for equipment, which further enhances customer experience. In addition, the rental companies are upgrading their fleet of equipment and types of machinery regularly, providing their customers with most advanced & upgraded equipment. However, an economic slump and recession in the construction industry will directly hinder the construction equipment rental market growth. On the other hand, favorable government funding for infrastructure development along with low rental penetration in emerging countries will offer lucrative opportunities for the growth of the global construction equipment rental market in the forecast period.
The current concern over the spread of coronavirus has put a number of challenges for the construction equipment rental market. Due to the sudden imposition of stringent regulations such as lockdown, temporary shutting down of work, slowdown of construction & mining activities, and social distancing in several countries, this COVID-19 pandemic has impacted major building and construction activities. However, construction equipment rental will gain major growth in the year 2021 owing to an upsurge in demand from end-users to complete pending operations and timely delivery of projects. Further, rising preferences for renting equipment over new investment in construction equipment will enhance the market growth. Governments are also increasing their spending on construction activities which will increase the demand during the forecast period.
Global Construction Equipment Rental Market: Segmentation
The global construction equipment rental market is divided based on product and region. Based on product, the global construction equipment rental market is split into earthmoving & road building equipment, material handling & cranes, and concrete equipment.
Global Construction Equipment Rental Market: Regional Analysis
Geographically, North America is estimated to hold the largest share in the global construction equipment rental market during the forecast period. Increasing infrastructure development and the rising need for cost-effective & customized equipment among end-users are improving the growth of the market in this region. Further, the presence of prominent service providers in the region boosts the market growth of renting construction equipment. However, Asia Pacific is anticipated to grow at a faster rate and is projected to offer lucrative opportunities for market growth. Some of the factors that are propelling the growth of the market in this region include technological advancements and effective service solutions offered by key players. Furthermore, the global market for construction equipment rental has largely benefitted from the numerous construction activities in emerging countries such as China and India.
Global Construction Equipment Rental Market: Competitive Players
The global construction equipment rental market is fragmented owing to the presence of domestic and multinational players. AKTIO Corporation, Caterpillar Inc., Mtandt Rentals Limited, Nesco Rentals, Boels Rentals, Unirent LLC, Loxam Group, United Rentals, Inc., Ahern Rentals, Inc., and The Hertz Corporation are some of the prominent players that are functioning in the global construction equipment rental market. These manufacturers are also focusing on improving their services along with diversifying their product portfolio. Further, strategic collaboration helps market players to expand the scale of business, advance logistic services, and strengthen their position in the market. Key players are majorly investing in strategic partnerships and joint ventures with equipment manufacturing companies to gain major market share.
Global Construction Equipment Rental Market: Regional Segment Analysis
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The global construction equipment rental market is growing at a lucrative rate as construction companies and contractors are shifting towards construction equipment rental owing to high initial purchase cost of new construction machines. Furthermore, favorable government funding for infrastructure development along with low rental penetration in emerging countries will offer lucrative opportunities for the growth of the construction equipment rental market in the forecast period.
AKTIO Corporation, Caterpillar Inc., Mtandt Rentals Limited, Nesco Rentals, Boels Rentals, Unirent LLC, Loxam Group, United Rentals, Inc., Ahern Rentals, Inc., and The Hertz Corporation are some of the prominent players that are functioning in the global construction equipment rental market.