Pune, Feb. 25, 2020 (GLOBE NEWSWIRE) -- The global construction equipment rental market is set to gain traction from the need to cut off the cost and achieve operational flexibility. Nowadays, contractors and dealers are opting for rentals to reduce the size of their fleet and lower the complexity in organizations that may otherwise affect activities, namely, asset disposals, logistics, maintenance, and procurement. The Construction Equipment Rental Association (CERA) stated that there is a substantial growth in the number of rental service consumers in the emerging economies, such as Mexico, India, and China. It is mainly occurring as small and medium enterprises (SMEs) are focusing on gaining more flexibility.
The information mentioned above is published by Fortune Business Insights™ in a recent study, titled, “Construction Equipment Rental Market Size, Share & Industry Analysis, By Equipment Type (Earthmoving Equipment, Material Handling Equipment, Concrete & Road Building Equipment, and Others), By Application (Residential, Commercial and Industrial) and Regional Forecast, 2019-2026.” The study further mentions that the construction equipment rental market size stood at USD 98.21 billion in 2018. However, it is projected to reach USD 145.22 billion by 2026, exhibiting a CAGR of 5.0% during the forecast period.
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Highlights of This Report
- Information about future revenue pockets in the market.
- Extensive analysis of the construction equipment rental market trends, opportunities, challenges, growth drivers, and barriers.
- Competitive landscape, such as mergers and acquisitions, contracts, agreements, novel product launches, partnerships, and investments.
- Impact of the present regulatory framework on the market.
Driver-
Rising Infrastructure Development to Accelerate Growth
The governments of numerous countries are striving to develop infrastructure plans. It is, in turn, providing the construction equipment manufacturers with multiple opportunities to upsurge their revenue. This type of equipment plays a very crucial role in the construction sector. Besides, the increasing usage of loaders, excavators, and other similar equipment would contribute to the construction equipment rental market growth during the forthcoming period.
Segment-
Earthmoving Equipment Segment to Grow Considerably Fueled by Rising Number of Construction Projects
In terms of equipment type, the market is segregated into concrete and road equipment, material handling equipment, earthmoving equipment, and others. The others segment consists of civil engineering equipment. The earthmoving equipment segment held 50.1% construction equipment rental market share in 2018. This growth is attributable to the increasing number of construction projects, such as roads, buildings, and bridges. Apart from that, high demand for construction equipment and rapid industrialization are anticipated to boost the growth of this segment.
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Regional Analysis-
Robust Economic Progress in Emerging Countries to Favor Growth in Asia Pacific
Geographically, the market is grouped into Asia Pacific, Europe, the Middle East and Africa, North America, and Latin America. North America generated USD 31.89 billion construction equipment rental market revenue in 2018. Also, Europe procured a considerable share owing to the ongoing development in around 15 countries, such as Switzerland, Netherlands, Spain, Italy, and the U.K. The expansion of fleet in these countries is likely to drive the growth of the market in this region.
Asia Pacific, on the other hand, is projected to showcase the highest growth backed by the robust economic progress of the developing countries, namely Japan, China, and India. The Middle East and Africa are anticipated to follow the footsteps of Asia Pacific and experience exponential growth stoked by increasing investment in infrastructure.
Competitive Landscape-
Sunstate Collaborates with Built Robotics; United Rentals Acquires Neff Corporation
The market consists of numerous enterprises that are striving persistently to broaden their geographic presence by adopting the strategy of mergers and acquisitions. Below are a couple of the key industry developments:
- April 2019: Sunstate Equipment Co., a provider of innovative equipment and tool rentals headquartered in Phoenix, teamed up with Built Robotics, an industrial automation company based in California. The main aim of this partnership is to provide autonomous construction equipment on rent to contractors. As per the company officials, Built’s autonomous upgrade kits are capable of making Sunstate’s consumers more productive than ever.
- August 2017: United Rentals, Inc., the world's largest equipment rental company based in the U.S., successfully acquired Neff Corporation, a leading regional equipment rental company headquartered in Miami. The total deal is worth USD 1.3 billion. It will help the former in expanding its presence in the market with complementary customer mix, fleet, and locations.
Fortune Business Insights™ profiles some of the most renowned companies operating in the construction equipment rental market. They are as follows:
- Sunbelt
- United Rentals, Inc.
- Herc Rentals, Inc.
- Loxam
- Nishio Rent All Co. Ltd.
- AKTIO Corporation
- Nikken Corporation
- mateco Group
- H&E Equipment Services, Inc.
- Ahern Rentals
- Other prominent key players
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Table of Content:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Key Technological Developments
- Consolidated SWOT Analysis of Key Players
- Global Construction Equipment Rental Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Equipment Type (Value)
- Earthmoving Equipment
- Material Handling Equipment
- Concrete & Road Construction Equipment
- Others (Civil Engineering Equipment, etc.)
- Market Sizing Estimations and Forecasts – By Application (Value)
- Residential
- Commercial
- Industrial
- Market Analysis, Insights and Forecast – By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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