Portland, OR, Oct. 01, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global construction equipment rental market generated $90.99 billion in 2019, and is anticipated to reach $106.42 billion by 2027, registering a CAGR of 4.2% from 2020 to 2027.
Increasing the construction industry in developing countries, reduction of expenses including maintenance, operating, and labor costs, and no high ownership cost & financial constraints drive the growth of the global construction equipment rental market. However, dearth of skilled and qualified operation and reduction in new construction activities in developed countries hinder the market. On the contrary, easy relocation & fuel-efficiency along with new IoT technology would open new opportunities for the market players in the future.
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Covid-19 scenario:
- Shortage of labor, lockdown in various countries, and disrupted supply chain have hindered the demand for rental construction equipment.
- Moreover, demand for construction equipment has reduced owing to decrease in construction activities across the globe due to the Covid-19 outbreak.
The global construction equipment rental market is segmented on the basis of application, product, propulsion system, and region. Based on application, the market is divided into excavation & mining, material handling, earthmoving, and concrete. The excavation & mining segment is anticipated to register the highest CAGR of 5.1% during the study period. However, the earthmoving segment dominated the market in 2019, construction to nearly two-fifths of the market.
On the basis of product, the market is classified into backhoes & excavators, loaders, crawler dozers, cranes, forklift, and others. Based on propulsion system, the market is divided into electric & ICE. The ICE segment held the largest share in 2019, accounting for around 94% during the forecast period. However, the electric segment is expected to register the highest CAGR of 7.3% during the forecast period.
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The global construction equipment rental market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is expected to manifest the highest CAGR of 5.9% during the study period. However, the market across North America held the largest share in 2019, accounting for two-fifths of the market.
The global construction equipment rental market report includes an in-depth analysis of the major market players such as Boels Rentals, H&E Equipment Services, Herc Rentals Inc., Mtandt Group, Sarens n.v./s.a., Nesco Holdings, Inc., Kanamoto Co., Ltd., Maxim Crane Works, L.P., Ramirent, and United Rentals, Inc.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.