The global construction equipment rental market size is expected to reach USD 230.0
billion by 2025 at a 4.8% CAGR during the forecast period, according to a new
report by Grand View Research, Inc. Increasing trend of renting heavy
construction equipment such as excavators and loaders is anticipated to boost
market growth. Moreover, customers can rent advanced technological equipment
and save on time and hidden costs such as labor cost, maintenance cost, and
operational costs involved in buying the same equipment. In addition, rental
companies perform appropriate tests and inspections on rental equipment, thus
improving the safety aspect.
Earth moving machinery emerged as the
largest segment by product. The segment comprises different types of heavy
construction machinery, such as excavators and loaders that have prominent
application in construction, mining, and agriculture sectors. Excavators alone
account for greater than 50% of the market among different earth moving
equipment. Growing mining and construction activities in developing countries
such as China, India, Brazil, and Africa are likely to boost demand for such
construction machinery.
Material handling machinery such as crawler
crane, trailer mounted crane, and truck mounted crane is anticipated to gain
market share by 2025. Growing construction of skyscrapers and mega township
projects are boosting segment growth. Most builders and construction companies
tend to rent this machinery owing to high purchase cost.
Better road connectivity and well-connected
transportation network contribute to the economic growth of a country. Thus,
countries such as China and India are focusing on developing better roads to
enhance connectivity among different parts of the country, which will amplify
business and trading opportunities. China, for instance, is working on a mega
road project “One Belt, One Road”, which focuses on connecting China to Europe.
Europe has also witnessed a rise in mega
projects related to road construction and transportation; approximately 30
different projects have been lined up over the next few years. For instance,
the European Commission has started its ambitious road project to connect
Britain and Ireland with Northern Europe in 2018.
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Further key findings from the report suggest:
· The global construction equipment rental
market was valued at USD 159.35 billion in 2016 and is expected to exhibit a
CAGR of 4.8% from 2017 to 2025
· Earth moving machinery emerged as the
largest product segment in 2016 and is anticipated to reach USD 133.78 billion
by 2025
· The material handling machinery segment is
expected to register a CAGR of 5.3% over the forecast period
· Middle East and Africa is anticipated to
emerge as the most promising market for construction equipment rental by 2025,
owing to increasing mining and construction activity in the region
· Key players including United Rental;
Ashtead Group; Aggreko; Herc Rentals Inc.; and Aktio Corp. dominated the global
construction equipment rental market in 2016
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, 2014 - 2025)
·
Earth Moving Machinery
·
Material Handling Machinery
·
Concrete & Road Construction Machinery
Construction Equipment Rental Regional
Outlook (Revenue, USD Billion, 2014 - 2025)
·
North America
o
U.S.
o
Canada
·
Europe
o
U.K.
o
Germany
o
France
o
Italy
o
Spain
o
Russia
·
Asia Pacific
o
China
o
India
o
Japan
·
Latin America
o
Brazil
o
Mexico
·
Middle East & Africa
o
South Africa
o
Algeria
o
Saudi Arabia
o
Kenya
Access Press Release of Construction Equipment Rental Market@ https://www.grandviewresearch.com/press-release/global-construction-equipment-rental-market
About
Grand View Research
Grand
View Research, Inc. is a 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. To help
clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
