The global construction equipment rental market is growing as a result of significant developments in the smart residential and commercial building sectors, as well as government rules that benefit the manufacturing industry. In the Asia-Pacific region, South America, and the Middle East, where significant investments are being undertaken, heavy construction equipment is in great demand. This increases the demand for rental services.
The growth of the global construction industry is predicted to experience a substantial increase in the coming years, owing to the enhanced prospects in the infrastructure, residential, and nonresidential domains. India boasts of having the second-largest road network in the world. In the upcoming years, the government intends to widen the roadways to keep pace with the growing number of vehicles and congestion. Moreover, the Narmada Valley Development Project, to be built on the Narmada River in central India, will further contribute to the industry. Furthermore, initiatives such as the Delhi-Mumbai Industrial Corridor and the National Highways Development Project are expected to bolster the demand for construction equipment rental.
Unlock the full potential of the market and make informed decisions. Explore our extensive collection of XX market data Figures spread across XX Pages and gain valuable insights with our in-depth TOC. Click now to access this valuable resource! "Global Construction Equipment Rental Market"
The demand for construction equipment is on the rise due to the development of projects such as the chip production facility in Shanghai and the 4500 MW LNG thermal power station in Vietnam. Furthermore, the USD 98 billion High-Speed Rail project in California, the USD 76 billion Dubailand project, and the USD 5 billion Grand Ethiopian Renaissance Dam in Ethiopia are contributing factors to the increased demand for construction equipment. The rental market for construction equipment is expected to grow in the coming years as a result of global development activities and the increasing trend towards rental services.
The escalating costs of new construction machinery have made construction companies and contractors more inclined towards renting construction equipment rather than purchasing it. Additionally, substantial down payments and a substantial investment from the business' operational expenses are needed for buying new construction equipment. Post-purchase overhead expenses for construction equipment encompass loans, interest, insurance, permits, warehousing, and taxes. Hence, many businesses opt for rental services to cut down on direct overhead costs and the cost of delivering equipment to job sites. Furthermore, rental services make it easier to manage time and labor costs associated with maintenance and repairs, as they are lower and more manageable.
Based on equipment type earth moving machinery has more market shares and it is anticipated to lead the market in coming years. Based on region Asia Pacific region is leading the market due to many developing counties are investing in major projects which is followed by North America and Europe. In Middle east and Africa region, rental companies have expanded their fleet size for heavy lifting, as well as small and medium lifting operations which further increases demand in upcoming years.
The global construction equipment rental market can be segmented by equipment type by product type, by application, by drive type, region and competitive landscape. Based on equipment type, the market is segmented into earth moving machinery, material handling machinery, general equipment. On the basis of product type, the market is segmented into excavator, cranes, backhoe, trucks, Others. On the basis of application, the market is divided into residential, road transport, energy infrastructure, mining, others. Based on drive type, the market is segmented into IC engine, hybrid drive. On the basis of region, the market is divided into Asia-Pacific, Europe & CIS, North America, South America, Middle East & Africa.
Some of the major companies operating in the Global Construction Equipment Rental Market include:
- United Rentals Inc.
- Caterpillar Inc.
- Kanamoto Co. Ltd.
- Liebherr International AG
- Byrne Equipment Rental
- Hitachi Group
- H&E Equipment Services
- Loxam Group
- Sumitomo Corporation
- Herc Rentals Inc.
Get a glimpse into the market with our Free Sample Report. Download now to experience the power of market insights at your fingertips! Download Free Sample Report
Customers can also request for 10% free customization on this report.
The maximum number development projects are in Asia-Pacific, which propelled the sales of construction equipment in the region leading the global construction equipment rental market. Also, increasing cost of construction equipment is expected to drive the construction equipment rental market in the upcoming years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Construction Equipment Rental Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Equipment Type (Earth Moving Machinery, Material Handling Machinery, General Equipment), By Product Type (Excavator, Cranes, Backhoe, Trucks, Others), By Application Type (Residential, Road Transport, Energy Infrastructure, Mining, Others), By Drive Type (IC Engine, Hybrid Drive), By Region” has evaluated the future growth potential of Global Construction Equipment Rental Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global construction equipment rental market.
Report Segmentations
Construction Equipment Rental Market, By Equipment Type:
· Earth Moving Machinery
· Material Handling Machinery
· General Equipment
Construction Equipment Rental Market, By Product Type:
· Excavator
· Cranes
· Backhoe
· Trucks
· Others
Construction Equipment Rental Market, By Application:
· Residential
· Road Transport
· Energy Infrastructure
· Mining
· Others
Construction Equipment Rental Market, By Drive Type:
· IC Engine
· Hybrid Drive
Get Free Sample - https://www.techsciresearch.com/sample-report.aspx?cid=14463
About TechSci Research:
TechSci Research is a research based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries.
TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com
