Precedence Research, Recently Published Report on “Construction Equipment Rental Market Size, Share, Growth, Trends, Regional Outlook and Forecast 2020 to 2027”.
OTTAWA, Feb. 09, 2021 (GLOBE NEWSWIRE) -- The global construction equipment rental market size was accounted at US$ 91.34 billion in 2019 and expected to reach over US$ 136.1 billion by 2027, expanding at a compound annual growth rate (CAGR) of around 4.78% during period 2020 to 2027.
Construction equipment renting provides the utmost amount of flexibility. Different rental firms usually have an extensive assortment of makes and models to select from which offers the prospect to try out equipment from diverse manufacturers. Procuring construction equipment needs heavy down payments that distract a huge amount of capital from important operating expenditures. It also invites supplementary expenditure like licensing, tax, insurance, interest on storage cost, and loan amount among others.
With the help of renting construction equipment, firm scan avoid costs accompanying with inflation and depreciation at the time of replacing it. Rental houses improve their inventories on a systematic basis, hence forward presenting access to progressive and new construction equipment. This makes it easier for the leaser to perform in accord with standards set by EPA Environment Protection Agency.
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Growth Factors
Escalating rate of implementation construction equipment in the rental services on account of technological enrichments offered by the original equipment manufacturers is propelling the growth of global rental construction equipment market. At present, appearance of novel technologies such as digital services for equipment service tracking, automated service enhancements, and mapping features are gaining traction in the market. Escalating revenue of construction equipment rental suppliers is stimulated by foremost infrastructure projects in emergent markets and thriving in residential construction sector in the U.S. and Europe.
Report Highlights
- Upsurge in the mining and construction activities, predominantly in the emergent economies is the key influence motivating the growth of construction equipment rental market considerably.
- Market frontrunners are centering on intensifying their fleet size to address the growing consumer requirement for different construction equipment rental services.
- The earthmoving machinery led the global construction equipment rental market in 2019.
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Regional Snapshots
In 2019, North America dominated the global market with prevalent revenue share of over 46% and this growth is credited to existence of noticeable rental companies operating in the U.S. and Canada. Additionally, the vigorous development in the residential construction industry, plus upsurge in infrastructural sector on account of growing investment in Central and Eastern Europe are expected to stimulate the demand for construction equipment market during years to come. Moreover, high-value infrastructure projects in Britain, which comprise novel nuclear reactors, high-speed rail, road enhancements, and North America’s road infrastructure upgrading projects, are anticipated to produce a stable flow of rental incomes in construction equipment rental marketplace during nearby future.
Nations in the Middle East region such as Qatar and Saudi Arabia have an amplified demand for rental equipment including excavators and loaders owing to growth in foremost projects such as Jazan Economic City, FIFA World Cup 2022, King Abdullah Economic City, Jeddah Metro and Vision 2030 among others.
Key Players & Strategies
Numerous contractors, construction establishments, and extensive diversity of industries are progressively discovering rental options. There has been a noteworthy swing from acquiring new equipment to the rental model amongst the construction establishments and contractors that use the site. Several economists and business frontrunners anticipate economic recession to be on the horizon, which might further propel the sale for equipment rental and drive corporations even further away from ownership. Particular regional players operational in the market are Ashtead Group (Sunbelt Rentals), Herc Rentals Inc, H&E Equipment Services and Kanamoto Co. Ltd.
In order to sustain the market competition and improve the footprint in the global arena leading players are opting for merger and acquisition as a winning strategy. For example, United Rental Inc., the one of the dominant participants in North American, has acquired around 14 companies till now. In 2018, United Rentals acquired BlueLine that augmented its capacity in numerous principal metropolitan zones in North America, including US coasts, Ontario and the Gulf South.
Contractors throughout the world are selecting for rental services on account of their lower market price than procurement cost of newfangled equipment. Some of the business players functioning construction equipment rental market share are Cramo PLC., Loxam Group, United Rentals, Inc., Mtandt Rentals Limited, Nesco Rentals, The Hertz Corporation, Caterpillar Inc., Unirent LLC, Ahern Rentals Inc., Boels Rental, Aktio Corporation and others.
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Recent developments implanted by leading business participants are as follows:
In January 2019, Nationwide Platforms Limited, Loxam’s wholly-owned UK subsidiary, accomplished the acquirement of UK Platforms Limited from HSS Hire Group plc. UKP has nearly 120 employees and works a fleet of approximately 3,000 powered access units.
In March 2018, Ashtead Group acquired Equipment Rentals, LLC and Fairfield County, Inc. (A&B). A&B is has an aerial work platform rental business in U.S.
In August 2017, Kanamoto acquired Meigi Engineering Co., Ltd., and Toyu Engineering Co., Ltd. Both of these firms operate the leasing or renting of heavy construction equipment.
Market Segmentation
By Product
- Material Handling Machinery
- Shelves
- Bins
- Silos
- Conveyors
- Pallet trucks
- Fork lifts
- Frames
- Sliding racks
- Bulk containers
- Platform trucks
- Hand trucks
- Cranes
- Others
- Earth Moving Machinery Concrete
- Excavators
- Loading shovels
- Site dumpers
- Dump trucks
- Others
- Concrete and Road Construction Machinery
- Pavers
- Trenchers
- Planers
- Rollers
- Hot boxes
- Others
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Middle East & Africa
- Latin America
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