ID: MRFR/CO/6035-HCR | February 2021 | Region: Global | 100 pages
Construction equipment rental market is expected to witness a CAGR of around 4.85% over the forecast period.
Increasing number of construction activities coupled with high demand for infrastructure investments across the globe, is anticipated to drive the growth of market for the upcoming years. The market has experiences tremendous growth from the last few years due to the rise in disposable income coupled with technological advancements in the construction projects in the overall construction industry. Increase in trend of heavy rental construction equipment such as excavators, loaders, motor graders, and many others are driving the market growth, which has made an attractive option for business owners to invest on it. Nowadays, consumers can rent new models with advanced technology feature, that not only saves time but also reduces labor cost, maintenance cost and operational costs involved in purchasing the same equipment. Companies inspects those machines on the regular basis in order to make it reliable and for maintenance aspect. Furthermore, rising labor costs in emerging countries such as China and India have also propelled the demand for renting equipment for the next few years. High demand for residential and infrastructure in emerging economies such as China, India and other South Asian countries, has further expected to generate impressive growth of the market in the next few years. Increase in focus on innovation in new models of the equipment is one of the trends in the construction equipment industry, which is expected to fuel the demand for construction equipment rental over the forecast period. However, lack of skilled labor to operate advanced technology equipment, hinders the growth of the construction equipment rental market.
Geographically, the global Construction Equipment Rental Market is segmented on the basis of region into North America, Europe, Asia-Pacific, and Rest of the world (RoW). Asia-Pacific accounted for the largest market share of around 40% in 2017, which is anticipated to witness maximum growth over the forecast period, followed by North America and Europe. China emerged as the most lucrative country in this region owing to the presence of construction machinery manufacturing facilities. China is one of the largest exporters of construction machineries and exports its most of the machines to Europe and another Asia-Pacific region. North America accounted for a market share of around 32% in the global market, which is attributed to the increase in demand for construction machines such as excavators and motor graders.
Key players operating in the global construction equipment rental market includes 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 others.
The companies adopted various strategies to expand their global presence and increase their foothold in the overal market. Some of the key strategies adopted by the companies include expansions & investments, acquisitions, and securing contracts.The global construction equipment rental market is highly competitive with many companies, across the globe
Source: MRFR Analysis
The global construction equipment rental market has been segmented on the basis of equipment type, application, and region. The equipment type segment is classified into earthmoving, material handling, and concrete & road construction. Earthmoving segment is further bifurcated into excavator, loader, backhoe, motor grader, and others. Material handling segment is further classified into crawler crane, trailer mounted crane, and truck mounted crane.
On the basis of equipment type, earthmoving segment accounted for the largest share in 2017 and is expected to retain this position till 2023. This is attributed to rise in industrial and infrastural construction projects where the demand for excavators, loaders, and backhoe are increasing. Earthmoving equipment has a huge demand in the construction and mining sectors and also provides lucrative market potential to the equipment manufacturers across the globe. However, the material handling segment is projected to witness maximum growth over the forecast period. This is attributed to the increase in demand for machines such as crawler cranes, truck-mounted cranes, and trailer-mounted cranes for the construction of mega infrastructure projects especially in the emerging countries such as China, India, and UAE. Truck-mounted cranes emerged as the largest segment due to its application in the construction of dams, bridges and other buildings.
On the basis of application, the market is divided into residential, non-residential, and infrastructure. The residental segment accounted for the largest market share in 2017 which is expected to retain this position till 2023. However, the infrastructure segment anticipated to exhibit maximum growth rate in this market. This is attributed to the expansion of industrial construction activities in emerging economies such as China and India.
|Market Size||2027: Significant Value|
|CAGR||4.85% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Equipment Type, Application, Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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 others.|
|Key Market Opportunities||Increase in demand for machines such as crawler cranes, truck-mounted cranes, and trailer-mounted cranes for the construction|
|Key Market Drivers||Rise in industrial and infrastural construction projects|
Frequently Asked Questions (FAQ) :
Construction equipment rental market would achieve a CAGR of 4.85% during the forecast period of 2020-2027.
Lack of skilled worker would hold back construction equipment rental market.
The APAC region would dominate construction equipment rental market.
China would lead the APAC construction equipment rental market.
North America has a 32% construction equipment rental market share.