Portland,OR, Sept. 11, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “New, pre-owned, and rental construction equipment Market by Sales Type (New, Pre-owned, and Rental), and Application (Heavy, and Compact): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global new, pre-owned, and rental construction equipment market was valued at $ 4,45,292.4 million in 2020 and is projected to reach $ 8,71,401.5 million by 2032, registering a CAGR of 5.7% from 2023 to 2032.
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Prime determinants of growth
Surge in construction activities across developing nations of Asia, Africa, and Latin America is expected to drive the market. In addition, rental construction equipment is expected to drive the market. Construction equipment is expensive; hence, customers who do not require the equipment continuously or for the long term opt for rental equipment instead of purchasing it. In addition, not all customers can afford to buy such expensive equipment. Large cranes are easy to dismantle and relocate at new construction sites and are inexpensive. In addition, new technologies such as IoT installed in construction equipment have made it easy for rental companies to track locations and operations of equipment. Such innovations are expected to offer remunerative opportunities for the expansion of the new, pre-owned, and rental construction equipment market during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2020 | $ 4,45,292.4 million |
| Market Size in 2032 | $ 8,71,401.5 million |
| CAGR | 5.7% |
| No. of Pages in Report | 220 |
| Segments Covered | Sales Type, Application, and Region. |
| Drivers | Surge in construction activities in developing countries. |
| Reduction of expenses such as maintenance cost, labor cost, and operational costs. | |
| No high ownership cost & financial constraints. | |
| Opportunities | Ease of relocation and high efficiency with IoT technology |
| Restraints | Lack of skilled and qualified operators. Decrease in new construction activities in developed nations. |
Covid-19 Scenario
- Due to the COVID-19 pandemic and the subsequent global lockdowns, the new, pre-owned, and rental construction equipment market faced a downturn.
- However, as the global situation started to improve, the demand for construction equipment was restored back. This, in turn, presented various growth opportunities for companies operating in the new, pre-owned, and rental construction equipment market.
The new segment to maintain its leadership status throughout the forecast period.
Based on sales type, the new segment held the highest market share in 2020, accounting for around two-fifths of the global new, pre-owned, and rental construction equipment market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to a rise in the use of new, pre-owned, and rental construction equipment for the construction sector. However, the rental segment is projected to manifest the highest CAGR of 6.4% from 2020 to 2032, owing to increasing demand for rental equipment from customers having budget constraints.
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The heavy segment to maintain its leadership status throughout the forecast period.
Based on application, the heavy segment held the highest market share in 2020, accounting for more than two-thirds of the global new, pre-owned, and rental construction equipment market revenue and is estimated to maintain its leadership status throughout the forecast period owing to increasing demand for heavy construction equipment for farming application. In addition, the compact segment is expected to witness the fastest CAGR of 7.3% from 2020 to 2032, owing to increasing construction activity and ease of availability of the loan with low interest to purchase new equipment.
Asia-Pacific to maintain its dominance by 2032.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2020, accounting for more than two-fifths of the global new, pre-owned, and rental construction equipment market revenue, owing to technological advancements and increased government support in the region. However, Africa is also expected to witness the fastest CAGR of 7.2% from 2020 to 2032, owing to the urbanization and industrial growth in Nigeria, Algeria, and other countries across the region.
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Leading Market Players: -
- AB Volvo
- Boels Rentals
- H&E Equipment Services Inc.
- Haulotte Group
- Herc Rentals Inc.
- Hitachi Ltd.
- Loxam (Ramirent)
- Maxim Crane Works, L.P.
- Sumitomo Corporation (Sunstate Equipment Company)
- United Rentals, Inc.
The report provides a detailed analysis of these key players of the global new, pre-owned, and rental construction equipment market. These players have adopted different strategies such as new product launches, acquisitions, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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