Pune, India, Nov. 21, 2022 (GLOBE NEWSWIRE) -- The global Construction Equipment Rental Market was USD 111.6 billion in 2021. The global market size is expected to be USD 116.0 billion in 2022 and is projected to reach USD 164.6 billion by 2029, exhibiting a CAGR of 5.1% during the forecast period from 2022-2029. This information is provided by Fortune Business Insights, in its report, titled, “Construction Equipment Rental Market, 2022-2029.”
According to our analysts, the market growth can be credited to the escalating presence of local and regional businesses and their growing inclination toward the achievement of flexibility and revenue generation.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 5.1% |
| 2029 Value Projection | USD 164.6 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 111.6 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 120 |
| Segments covered | Equipment Type, Application, And Region |
| Growth Drivers | Technological Progression in Heavy Machinery to Accelerate the Market Growth |
| Increasing Adoption of Rental Equipment in Various Industries to Bolster the Market Growth |
COVID-19 Impacts:
Industry Growth Affected Due to Closure of Production Facilities
The COVID-19 pandemic led to the enforcement of lockdown restrictions, which prevented the fulfillment of contractual obligations. Owing to this, several market players led to a considerable drop in profit margins and the generation of revenues. The sales were further affected by the sudden closure of manufacturing facilities. These factors hindered the construction equipment rental market growth during the pandemic period.
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Drivers and Restraints:
Industry Value to Rise Driven by the Escalating Demand for Renting Equipment
Several construction companies and contractors are considering rental options owing to their broad range of benefits. Further, the cost of amortizing, device operating costs, and device financing force companies to make the most of the equipment procured by them. This elevates the need for equipment renting, contributing toward industry expansion over the forecast period.
However, the construction sector is likely to suffer from recession considering the declining consumer demand and the consequent fall in final production. Therefore, a decrease in construction activity is set to hamper industry expansion throughout the estimated period.
Industry Developments:
June 2021 - Loxam Group announced its takeover of JM Trykluft A/S from its ultimate owners. The deal focused on the reinforcement of Loxam’s setup in the western part of Denmark. Further, it complemented the company’s network of six specialized branches and 21 general plant branches for the setup of a best-in-class service network for its clientele.
List of Key Players Mentioned in the Report:
- United Rentals, Inc. (U.S.)
- Loxam (France)
- Sunbelt (U.S.)
- Taiyokenki Rental Co., Ltd. (Japan)
- AKTIO Corporation (Japan)
- Herc Rentals Inc. (U.S.)
- Ahern Rentals. (U.S.)
- H&E Equipment Services, Inc. (U.S.)
- Nikken Corporation (Japan)
- Nishio Rent All Co. Ltd. (Japan)
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Segments:
Earthmoving Equipment Segment to Record Appreciable Growth Owing to Rising Road Construction
On the basis of equipment type, the market is segmented into material handling equipment, earthmoving equipment, concrete & road equipment, and others. Of these, the earthmoving equipment segment is expected to record commendable growth driven by a considerable surge in road construction activities.
Commercial Segment to Register Due to Surging Equipment Demand for Commercial Properties
Based on application, the market for construction equipment rental is segregated into residential, commercial, and industrial. The commercial segment is estimated to expand at a commendable rate driven by the escalating demand for construction equipment. Commercial properties offer profitable opportunities for equipment manufacturers for the enhancement of their businesses in terms of rental services.
Based on region, the market is subdivided into Europe, North America, Latin America, Asia Pacific, and the Middle East & Africa.
Key Benefits for Construction Equipment Rental Market:
- The Construction Equipment Rental market analysis covers in-depth information of major industry participants.
- Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries have been mapped according to their individual revenue contribution to the regional market.
- The report provides an in-depth analysis of the Construction Equipment Rental market during the forecast period (2022–2029).
- The report outlines the current market trends and future scenario of the global Construction Equipment Rental market to understand the prevailing opportunities and potential investment pockets.
- The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.
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Regional Insights:
Asia Pacific to Lead Owing to Favorable Government Initiatives
The Asia Pacific construction equipment rental market share is slated to record commendable growth throughout the forecast period. The region is one of the largest markets to record a boom in infrastructure development. This is majorly fueled by a rise in favorable government initiatives.
The North America market is poised to register appreciable expansion considering the presence of major manufacturers. Additional factor impelling regional growth is the decreasing interest of industry players in investing for the achievement of economic conditions.
Competitive Landscape:
Asia Pacific to Lead Owing to Favorable Government Initiatives
The Asia Pacific construction equipment rental market share is slated to record commendable growth throughout the forecast period. The region is one of the largest markets to record a boom in infrastructure development. This is majorly fueled by a rise in favorable government initiatives.
The North America market is poised to register appreciable expansion considering the presence of major manufacturers. Additional factor impelling regional growth is the decreasing interest of industry players in investing for the achievement of economic conditions.
Global Construction Equipment Rental Market Size Segmentation:
By Equipment Type:
- Earthmoving Equipment
- Material Handling Equipment
- Concrete & Road Construction Equipment
- Others
By Application:
- Residential
- Commercial
- Industrial
Table of Contents
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Construction Equipment Rental Key Players Market Share Insights and Analysis, 2021
- Global Construction Equipment Rental Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
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- Key Findings
- By Equipment Type (USD Bn)
- Earthmoving Equipment
- Material Handling Equipment
- Concrete & Road Construction Equipment
- Others
- By Application (USD Bn)
- Residential
- Commercial
- Industrial
- By Region (USD Bn)
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
- Latin America
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- North America Construction Equipment Rental Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
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- Key Findings
- By Equipment Type (USD Bn)
- Earthmoving Equipment
- Material Handling Equipment
- Concrete & Road Construction Equipment
- Others
- By Application (USD Bn)
- Residential
- Commercial
- Industrial
- By Country (USD Bn)
- U.S.
- By Equipment Type
- Earthmoving Equipment
- Material Handling Equipment
- Concrete & Road Construction Equipment
- Others
- By Equipment Type
- Canada
- By Equipment Type
- Earthmoving Equipment
- Material Handling Equipment
- Concrete & Road Construction Equipment
- Others
- By Equipment Type
- U.S.
-
Continued…
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