The global construction equipment rental market size is expected to reach USD 136.5 billion by 2027, growing at a CAGR of 4.9% over the forecast period, according to a new report by Grand View Research, Inc. The key factor driving the market is the growing construction industry, particularly in developing countries, owing to various growth opportunities in infrastructure, residential, and non-residential sectors. Shifting trends towards renting construction equipment due to various cost-benefits is also expected to propel the growth of the market. Avoidance of initial purchasing cost, lower repair and maintenance cost, and shielding from market fluctuation are also some factors that promote the use of these heavy machines on rental basis. The dynamic nature of the construction industry leads to rising overall project costs, hence renting equipment would provide a cushion to the construction companies from any unpredictable financial downturns that may arise. Thus, augmenting market growth over the forecast period.
Based
on product, the construction equipment rental market is categorized into
material handling machinery, earthmoving machinery, and concrete and road
construction machinery. Earthmoving machinery emerged as the largest segment by
product. Widespread adoption, mobility and ease of operation, and the high cost
of excavators are the prominent factors that make rental of such equipment a
preferable option. The earthmoving machinery comprises of loaders and
excavators prominently used for application in the agriculture, construction,
and mining sectors. Material handling machinery such as trailer mounted crane,
truck mounted crane, and crawler crane is anticipated to gain market share by
2027. The growing popularity of these types of machines owing to features such
as high lifting capacity, high rigidity, and better transportability has
fostered market demand. Additionally, the growing trend of high-rise buildings
and mega infrastructure schemes is anticipated to give a boost to the demand
for these types of machinery on rental basis.
The
Asia Pacific region has robust growth opportunities owing to increase in
construction activities and growing adoption of machines on rental basis. In
India, the growth in labor cost and increasing stringency for completing
projects within stipulated timelines has compelled the contractors to procure
the required machines on rental basis. China is the major manufacturer of
construction equipment owing to high production capacity and availability of
advanced manufacturing facilities. Europe has also witnessed increased demand
for building machines on rental basis, due to the rise in mega projects related
to roadbuilding and transportation. For instance, the European Commission
launched its road project to link Ireland and Britain with Northern Europe in
2019.
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Further key
findings from the report suggest:
- The market
was valued at USD 92.9 billion in 2019 and is expected to exhibit a CAGR
of 4.9% from 2020 to 2027
- Earth moving
machinery emerged as the largest product segment in 2019 and is
anticipated to reach USD 75.9 billion by 2027
- The material
handling machinery segment is expected to register a CAGR of 5.2% over the
forecast period
- Key players
operating in the market include United Rental; Ashtead Group; Aggreko;
Herc Rentals Inc.; and Aktio Corp.
Grand View Research has
segmented the global construction equipment rental market on the basis of
product and region:
Construction
Equipment Rental Product Outlook (Revenue, USD Billion, 2016 - 2027)
- Earth Moving Machinery
- Material Handling Machinery
- Concrete & Road Construction Machinery
Construction
Equipment Rental Regional Outlook (Revenue, USD Billion, 2016 - 2027)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- Middle East & Africa
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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