Portland, OR, June 21, 2022 (GLOBE NEWSWIRE) -- As per the report, the global heavy construction equipment rental market generated $76.4 billion in 2020, and is expected to reach $117.8 billion by 2030, growing at a CAGR of 4.3% from 2021 to 2030.
Rise in mining activities in developing nations and increase in investment of government in construction of roads, railways, airports, and other infrastructural products drive the global heavy construction equipment rental market. However, lack of skilled labor hinders the market growth. On the contrary, surge in infrastructural construction projects that include broadband, construction, and electric grid is expected to unlock lucrative opportunities in the future.
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Covid-19 scenario:
- The Covid-19 pandemic negatively affected the market due to postponement of many construction projects and mining activities.
- Lack of workers and reduced demand for heavy construction equipment hampered the market across the globe.
The report segments the global heavy construction equipment rental market on the basis of equipment, end user, application, and region.
Based on equipment, the earthmoving equipment segment held the largest share in 2020, accounting for more than half of the market. However, the others segment is projected to register the highest CAGR of 5.7% during the forecast period.
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On the basis of application, the excavation & demolition segment held the largest share in 2020, contributing to more than one-fourth of the market. However, the material handling segment is estimated to manifest the highest CAGR of 5.4% from 2021 to 2030.
The global heavy construction equipment rental market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2020, accounting for more than two-fifths of the market. However, market across LAMEA is anticipated to portray the highest CAGR of 11.4% during the forecast period.
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Leading Players:
The global heavy construction equipment rental market includes an in-depth analysis of the prime market players such as Ashtead Group plc. (Sunbelt Rentals Ltd), Boels Rental, H&E Equipment Services, Haulotte Group, Herc Rentals Inc., Kanamoto Co., Ltd., Loxam (Ramirent), Sarens n.v./s.a., Sumitomo Corporation (Sunstate Equipment Company), and United Rentals, Inc.
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