BANGALORE, India, April 5, 2021 /PRNewswire/ -- Construction Equipment Rental Market is Segmented by Propulsion System (Electric, ICE), by Application (Excavation & Mining, Material Handling, Earthmoving, and Concrete), by Product (Backhoes & Excavators, Loaders, Crawler Dozers, Cranes, Forklift): Global Opportunity Analysis and Industry Forecast, 2020 - 2027. This report is published on Valuates Reports in the Construction & Maintenance Category.
The global construction equipment rental market size was valued at USD 90,997.4 Million in 2019, and is expected to reach USD 106,422.0 Million by 2027, registering a CAGR of 4.2% from 2020 to 2027.
Major factors driving the growth of construction equipment rental market size are :
- Renting avoids expenses due to maintenance, immoderate operational costs, high wages of skilled operators, also high initial investment and financial constraints can be avoided.
- Renting also shields companies from locking their capital during economic uncertainty, global pandemic like COVID-19 by cancelling the equipment contracts when the demand drops.
- Major infrastructure projects in emerging markets and a boom in residential construction in the US and Europe during the forecasted year:
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TRENDS INFLUENCING THE CONSTRUCTION EQUIPMENT RENTAL MARKET SIZE
The shift in trends toward rental equipment is expected to drive the construction equipment rental market size. Construction companies are wary of these costs and, in addition to this cost factor, the cyclical nature of the construction industry and economic volatility will make it difficult for organizations to fully use and extract the most value from the equipment they have purchased, especially when the equipment is idle during slow business conditions. In such cases, rental is an attractive choice, particularly as some businesses are prepared for economic recession and the possible implications.
Low rental penetration in emerging nations is expected to increase the construction equipment rental market size. A relatively low level of rental penetration indicates that rental businesses have a major market opportunity to grow their business. A high level of rental penetration, on the other hand, suggests that the market is saturated and can grow only at the rate of overall fleet growth. Countries such as India and China have a marginal penetration of construction equipment rental relative to the global average among developing nations and even the BRICS nations.
Manufacturers are developing advanced equipment that can be controlled via internet connections. In addition, IoT integration would improve the safety of operators and end-users. During the forecast period, these trends are projected to provide lucrative growth opportunities for the growth of construction equipment rental market size.
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CONSTRUCTION EQUIPMENT RENTAL MARKET SHARE ANALYSIS
Based on application, the earthmoving segment held the largest construction equipment rental market share in 2019. This is due to an increase in the number of earthmoving activities carried out at construction and mining sites. On the other hand, the Excavation & Mining segment is projected to grow at a significant 5.1% CAGR.
Based on product, the loader segment dominated the market in 2019 and will continue to dominate during the forecast period. These machines have high load capacity and engine power, which enable them to work efficiently in harsh conditions.
In addition, by the propulsion system, the ICE segment dominated the market in 2019, as the engines are powerful. However, the electric segment is anticipated to exhibit the highest CAGR during the forecast period.
North America is expected to hold the largest construction equipment rental market share based on the region during the forecast period. This dominance of North America is attributed to the presence of prominent rental players operating in the US as well as Canada. On the other hand, the Asia-Pacific region is expected to witness the highest growth during the forecast period.
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
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CONSTRUCTION EQUIPMENT RENTAL MARKET SEGMENTATION
By Application
- Excavation & Mining
- Material Handling
- Earthmoving
- Concrete.
By Product
- Backhoes & Excavators
- Loaders
- Crawler Dozers
- Cranes
- Forklift
- Other.
By Propulsion System
- Electric
- ICE.
Key Companies
- Boels Rentals
- H&E Equipment Services
- Herc Rentals Inc.
- Kanamoto Co., Ltd.
- Nesco Holdings, Inc.
- Maxim Crane Works, L.P.
- Mtandt Group
- Ramirent
- Sarens n.v./s.a.
- United Rentals, Inc.
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SIMILAR REPORTS
-Tower Crane Rental market size is projected to reach USD 18310 Million by 2026, from USD 14930 Million in 2020, at a CAGR of 3.5% during 2021-2026. With the rise in infrastructural investments in the Asia Pacific, Middle East & Africa, and North America, the demand for tower crane rental is also expected to surge in the near future.
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-Full Service Long Term Material Handling Equipment Rental Market is segmented by Type Forklifts and Telehandlers, Cranes, Hoists, Others, by Application Industrial ,Commercial, Agriculture and by various regions.
-Construction Machinery Rental Market is segmented by Type Earth Moving Equipment, Material Handling and Cranes, Concrete Equipment, Road Building Equipment, by Application Commercial, Individual and by various regions.
-Electric Truck market size was valued at USD 422.5 Million in 2019 and is projected to reach USD 1,893.1 Million by 2027, registering a CAGR of 25.8% from 2020 to 2027. Asia-Pacific accounted for the highest share in the global electric truck market in 2019 in terms of revenue, and LAMEA is anticipated to exhibit a remarkable growth rate during the electric truck market forecast period.
-Automated Material Handling Equipment Market size was valued at USD 22,520 Million in 2014 and is expected to reach USD 39,060 Million by 2022.
-Generator Rental for Temporary Power Market is segmented by Type Diesel Generator, Gas Generation, Others, by Application Government & Utilities, Oil & Gas, Events, Construction, Industrial, Others, by and by various regions.
-IT Infrastructure Consulting Services Market is segmented by Type Online Service, Offline Service, by Application Large Enterprises, SME's and by various regions.
-Excavator Backhoe Market is segmented by Type Mini Excavator Backhoe, Small Excavator Backhoe, Medium Excavator Backhoe, Large Excavator Backhoe, by Application Road, Bridge, Building and by various regions.
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