Pune, India, May 03, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the North America construction equipment rental market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 55 billion by 2026.
Over the years, the preference for renting construction equipment by companies has increased in North America. This shift is attributed to high maintenance and purchase costs associated with this equipment.
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Governments across the region are establishing regulatory bodies to set emission norms on construction vehicles. Rental equipment contractors are emphasizing on improving their fleet with low-emission loaders, excavators and other equipment used for roadbuilding, paving and earthmoving activities. This will not only be beneficial for the rental companies but also for the conservation of the environment.
Following trends will have a significant influence on the growth of the construction equipment rental market in North America:
Increased usage of earthmoving & roadbuilding and material handling & cranes products
Backhoes, excavators, loaders and compaction machines are some of the frequently used earthmoving & roadbuilding equipment. Loaders are used to load materials in trucks and for clearing and digging out rubble. Its increased usage in moving and lifting heavy objects will majorly contribute to the North America construction equipment rental market growth.
Similarly, material handling & crane equipment are likely to witness substantial demand over the projected timespan. Most of the equipment are mainly used for mitigating human efforts and enhancing overall productivity.
Canada set to have a major impact on the industry
Increasing number of construction projects in Canada has boosted the growth potential of rental construction equipment sector. This is primarily due to increased immigration in the country. In addition, the regional government is also spending heavily on infrastructural development activities that can cater to the requirements of citizens as well as immigrants.
For instance, the Canadian government assigned USD 81.2 billion to the initiative ‘Invest in Canada’. This initiative will emphasize on developing public and commercial infrastructure to address the increasing demand, especially from immigrants. Such government initiatives will boost the requirement of rental construction equipment across the country.
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Key industry players devising merger & acquisition plans
Major construction rental equipment companies operating in North America are focusing on merger and acquisition activities to improve their market position and expand their business operations. For instance, In March 2019, Cooper Equipment Rentals Ltd. completed the acquisition of Prime Rentals Ltd, an independent renal equipment company based in Canada.
Also, Ahem Companies announced in June 2020 that Trackunit will be their partner for telematics platform. In addition, United Rentals acquired BakerCorp International Holdings Inc. in July 2018. Such business activities will open lucrative opportunities for the industry to register significant growth.
However, the construction sector was substantially impacted by the COVID-19 pandemic. The outbreak slowed down construction activities in North America. It also affected international trade and manufacturing, which reduced the availability of raw materials. These difficult times have seen massive workforce layoffs due to financial instability and cash crunch. Owing to this, a huge demand-supply gap has been created in the building & construction sector. But with the introduction of various vaccines across the world, the market is bound for economic revival in the near future.
Browse Related Report:
Europe Construction Equipment Rental Market Size By Product (Earthmoving & Road Building Equipment [Backhoes, Excavators, Loaders, Compaction Equipment], Material Handling & Cranes [Storage & Handling Equipment, Engineered Systems, Industrial Trucks, Bulk Material Handling Equipment], Concrete Equipment [Concrete Pumps, Crushers, Transit Mixers, Asphalt Pavers, Batching Plants]), Research Report, Country Outlook (U.K., Germany, France, Italy, Russia), Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2020 – 2026
https://www.graphicalresearch.com/industry-insights/1664/europe-construction-equipment-rental-market
Asia Pacific Construction Equipment Rental Market Size By Product (Earthmoving & Road Building Equipment [Backhoes, Excavators, Loaders, Compaction Equipment], Material Handling & Cranes [Storage & Handling Equipment, Engineered Systems, Industrial Trucks, Bulk Material Handling Equipment], Concrete Equipment [Concrete Pumps, Crushers, Transit Mixers, Asphalt Pavers, Batching Plants]), Research Report, Country Outlook (China, India, Japan, and South Korea), Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2020 – 2026
About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
