Construction Equipment Rental Market – Overview
The trend of rentals in terms of construction equipment in 2020 is not new but has gained popularity in recent times. The understandings into the industry of construction are developed by Market Research Future, which focusses on reports on industry verticals that review the opportunities for development. A 4.7% CAGR is expected to influence the market’s expansion in the forthcoming period.
The ability to use improved equipment on a particular project without significant investments is a key factor that may induce further development of the market. Moreover, the decreased labor and maintenance cost is expected to reinforce the market expansion in the upcoming period.
Segmental Analysis
The segmentation of the construction equipment rental market has been conducted on the basis of application, equipment type, and region. On the basis of equipment type, the construction equipment rental market is segmented into earthmoving, concrete & road construction and material handling. Based on the application, the construction equipment rental market is segmented into non-residential, residential, and infrastructure. Based on the regions, the construction equipment rental market is segmented into North America, Europe, Asia-Pacific, and other global regions.
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Detailed Regional Analysis
The assessment of the regions in the construction equipment rental market is conducted for regions such as North America, Europe, Asia-Pacific, and other global regions. The Asia Pacific region is anticipated to be responsible for the principal market portion in 2017, which is predicted to observe a maximum development over the forecast period, shadowed by the North American and European regions. China has developed as the most profitable national market in this region due to the incidence of construction machinery construction facilities. China is expected to assert its dominance further as it is one of the principal exporters of construction machinery and exports a huge portion of the machines to the European and Asia-Pacific region. The North American region was accountable for the second prime region in the construction equipment rental market, which is credited to the upsurge in demand for construction machines such as motor graders and excavators.
Competitive Analysis
The market forces are anticipated to motivate the expansion to a great extent in the coming period. The market opponents are encouraging the development of the product range to a great extent. The introduction of a new product is predicted to alter the overall market structure in the upcoming period. The financing level in the market is estimated to rise at a rapid rate in the coming period. The market is expected to increase its share in the forthcoming period, with the demand levels increasingly developing. The objectives for growth are predicted to be successfully achieved in the duration of the forecast period. The potential opportunities in the market are estimated to be utilized effectively in the course of the forecast period. The challenges in the market are projected to be neutralized, which will further induce favorable market growth in the market.
The eminent companies in the construction equipment rental market are Ashtead Group, Nesco Rentals, Caterpillar, Inc., United Rentals, Inc, Blueline Rental LLC, Ahern Rentals, Inc., Cramo PLC, Shanghai Hongxin Equipment Engineering Co., Ltd., Herc Holdings, Riwal, and many others.
Industry Updates:
Sep 2019 klarx, an online platform for construction equipment rental, has now raised €12.5 million in a funding round run by B&C Innovation Investments GmbH (BCII), together with current investor Target Global. The capital will be used for additional product development and the company’s development into new European markets. The startup strategizes to introduce new features onto its platform, such as a disposition tool that will oversee the equipment employed across any particular construction site, and track real-time telematics data from the machinery.
