Title: Construction Equipment Rental Market will grow at a CAGR of over 4% from 2018 to 2024.
1Construction Equipment Rental Market Growth,
Application Analysis from 2018 to 2024
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2Global Market Scenario of Construction Equipment
Rental Industry
- Increasing residential commercial construction
projects globally are anticipated to drive the
construction equipment rental market. - Improving standards of living and increasing
disposable income of people across the emerging
economies have led to increased investments in
malls amusement parks, generating demand for
the rental industry. - Rising reconstruction activities in the U.S.
followed by the aging infrastructures are
propelling the need to replace it with sturdy
structures is propelling the growth of around
3.5 CAGR in the U.S. construction equipment
rental market growth. - The demand for modernized structures has paved
way for smart buildings smart cities,
compelling various regional governments to
heavily invest in the infrastructure development.
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3Continue-
- Large construction projects by various regional
governments, such as Al Maktoum Airport in Dubai,
South-to-North Water Transfer Project in China,
Crossrail Project in the UK, and Rashtriya
Rajmarg Zila Sanjoyokta Pariyojna in India, are
expected to contribute to the construction
equipment rental market growth. - Owning heavy construction equipment leads to
increased maintenance and ownership expenses.
Businesses that have budgetary constraints prefer
renting equipment since it helps them to reduce
the overall project expenditure. - In addition, renting equipment saves the hassle
of transporting machinery to project sites. It
also provides the flexibility of renting
customized equipment for the suitable
construction projects under consideration.
Renting equipment cushions the company from
unpredictable financial downturns in the
industry. To reduce the overall project expenses,
renting is considered as a profitable approach,
contributing to the construction equipment rental
market growth. -
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4U.S. Construction Equipment Rental Market, By
Product, 2017 2024 (USD Million)
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5360 Industry Analysis
- The earthmoving road building equipment segment
dominated the construction equipment rental
market with a revenue share of over 65 in 2017
is continue grow due to the increasing
large-scale construction projects globally. Rapid
urbanization has led to the growth in the demand
for such equipment in commercial and residential
construction activities. Earthmoving equipment
such as backhoes, loaders, and excavators find
applications for residential and commercial
construction works. - Global financial crisis and economic fluctuations
are the key factors hampering the construction
equipment rental market growth. Lack of skilled
workforce to operate the machines coupled with
the fluctuations in fuel price is expected to
have a negative impact on the industry. Rental
companies incur increased maintenance costs owing
to the aging rental fleets, limiting the industry
demand. -
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6- Regional Analysis
- Europe construction equipment rental market is
expected to grow at a CAGR of over 4.5 owing to
the shifting trend among European construction
companies to rent rather than purchasing
equipment. Several countries in Europe including
Russia, Spain, and Italy are recovering from the
economic crisis, following which the construction
sector is gaining stability across these regions.
Countries including France and Spain are showing
a steady growth due to the increasing number of
construction projects in the region. - Competitive Analysis
- The construction equipment rental market is
highly competitive with the presence of key
players such as Cramo PLC, Ashtead Group,
Blueline Rental LLC, Nesco Rentals, Riwal, Herc
Holdings, Caterpillar, Inc., Shanghai Hongxin
Equipment Engineering Co., Ltd., Ahern Rentals,
Inc., Loxam Group, and United Rentals.
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