The report global construction equipment rental market by Product (Earthmoving & Road Building Equipment, Material Handling & Cranes, and Concrete Equipment) –by Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America) – is expected to reach US$ 232.22 Bn by 2026, at a CAGR of 4.58%.
Developments in the infrastructure sector, clubbed with a varied range of advanced construction equipment in rental fleets are anticipated to drive demand for the construction equipment rentals market. Safety and security features such as adaptive cruise control, lane departure warning, and automated break systems ensure driver safety. However, these safety features come at a high price, which is not affordable to many small builders and contractors. Thus, these professionals prefer to rent construction machinery.
Safety and security features such as adaptive cruise control, lane departure warning, and automated break systems ensure driver safety. However, these safety features come at a high price, which is not affordable to many small builders and contractors. Thus, these professionals prefer to rent construction machinery. Strict regulations, rising ownership cost and financial constraints are some of the key reasons fuelling the construction equipment rental market.
The earth moving machinery segment dominated the market in 2017
In terms of product, the earth moving machinery segment dominated the market in 2017. Moreover, the material handling machinery segment is expected to exhibit the highest CAGR of 6.1% from 2017 to 2026. Demand for concrete and road construction machinery is expected to grow over the forecast period. Construction pumps are estimated to gain significant market share, especially in Middle East and Africa, wherein the trend of building massive infrastructures is high.
Asia Pacific dominated the global construction equipment rental market
In terms of region, Asia Pacific dominated the global construction equipment rental market in 2017. The growth can be attributed to the escalating infrastructure reconstruction activities followed by heavy investments in the construction sector in regions such as China, India, and Japan. Also, the European market has less demand for new equipment, it is one of the prominent markets for used ones. Europe imports construction machinery from U.S. and China.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading manufacturers such as Ahern Rentals, Inc., Ashtead Group, Blueline Rental LLC, Cramo PLC, Loxam Group, Shanghai Hongxin Equipment Engineering Co., Ltd., Caterpillar, Inc., Herc Holdings, Riwal, Nesco Rentals, and United Rentals, Inc.
Maximize market research, a global market research firm with dedicated team of specialists and data has carried out extensive research about the global construction equipment rental market. Report encompasses the market by different segments and region, providing the in-depth analysis of overall industry ecosystem, useful for taking informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the global construction equipment rental market. The driving forces as well as considerable restraints have been explained in depth. In addition to this, competitive landscape describing about the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain global construction equipment rental market positioning of competitors.
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